Hong Kong arrests four in alleged RM650m crypto scheme

Head of Syndicate Crimes Investigation Bureau of Customs Mark Woo confirmed the virtual currency involved was the stablecoin Tether, in a briefing with reporters.

HONG KONG: Hong Kong authorities arrested four men for a suspected money-laundering syndicate involving HK$1.2 billion ($155 million or RM650mil) with virtual currency.

Operation "Coin Breaker” was launched on July 8, and the men aged between 24 and 33 have been arrested, according to a statement from Hong Kong Customs. The men opened various local bank accounts and made transactions through a virtual currency exchange trading platform, the statement said. The suspicious funds were processed via bank remittances and virtual currency from February 2020 through this May, according to officials.