The Osaka Police in Japan Arrest 3 Suspects in a Multi-Billion Yen Money Laundering Case Involving Stablecoins

BlockBeats News, June 20th, according to Kyodo News, the Osaka Prefectural Police arrested three men on suspicion of violating the Organized Crime Punishment Law. The reason was that they were involved in laundering criminal proceeds on behalf of an investment fraud group. It is reported that these three individuals converted approximately 14 million yen from 10 victims in 6 prefectures into stablecoins and other cryptocurrencies to obfuscate the original source of the funds.

According to the Osaka Prefectural Police, these three men are considered to be over-the-counter traders who facilitate peer-to-peer cryptocurrency transactions outside of exchanges, and they are believed to have participated in a money laundering scheme totaling billions of yen.