Hong Kong Siblings Caught in Crypto-Related Money Laundering

Two Hong Kong siblings have been arrested in a money-laundering case involving cryptocurrency.

Cryptocurrency has become a global phenomenon in the past few years. It has made it easier to transfer money across borders, regardless of location and country. However, with this convenience comes a dark side of human greed that can be exploited by anyone.

With the use of cryptocurrency, two Hong Kong siblings have laundered millions of dollars.

Two siblings were apprehended by Hong Kong authorities earlier this week after laundering $384 million.

They made 617 ATM transactions in which they deposited huge sums of money late at night.

Aside from that, it was discovered that the duo transferred HK$38 million with the assistance of an unnamed cryptocurrency exchange for trading fiat money for stablecoins and then converting them into US dollars.

Several months after being questioned by authorities, the siblings could not give any information on where or how their massive payments in 2020 came from. Their official revenue did not even come close to the amount mentioned above. The two of them transacted 143 times in a single day.

Crypto-related money laundering has become very comon in recent years. Criminals have been using digital currencies such as Bitcoin to launder money from fraud activities and other illegal activities such as drug trafficking and arms trafficking.

In July, the Hong Kong police broke up a huge money-laundering ring that used the Tether stablecoin to move HK$1.2 billion ($155 million) worth of money from black markets to white markets.

While the cryptocurrency market is booming, many people are getting into this new form of digital currency. However, cryptos are not without their risks, and citizens need to be aware of staying safe.

Read Also: The WazirX CEO Claims Crypto Has Topped All Key Metrics This Year

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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