ChainCatcher reports that, according to Hong Kong media Hong Kong 01, Hong Kong police have uncovered a money laundering case involving the use of puppet accounts and virtual currency exchange shops. It is understood that two mainland Chinese individuals opened puppet accounts in Hong Kong, using 43 local bank accounts to receive 34 fraudulent payments from different scams, and purchased cryptocurrencies at virtual asset exchange shops, laundering approximately HKD 17.3 million in criminal proceeds.
Analysis of the fund flow shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering up to HKD 230 million. Hong Kong police charged the two individuals with 3 and 10 counts of money laundering respectively. After reviewing the case, the court approved increased sentences, sentencing them to 28 months and 43 months in prison respectively.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Prince Group Money Laundering 10.7 Billion Exposed, Leader Chen Zhi and 61 Others Prosecuted by Taipei District Prosecutors Office
Taipei District Prosecutors Office has indicted 62 members of the Cambodian Prince Group, involving money laundering and organized crime totaling 10.7 billion yuan. After four months of investigation, prosecutors are seeking heavy sentences for core members and have seized assets such as luxury homes, supercars, and yachts. The group used "pig-butchering" scams to accumulate illegal proceeds and then concealed funds through a multi-layered money laundering system. This case has prompted judicial cooperation between Taiwan and the United States, demonstrating a close international law enforcement partnership.
MarketWhisper27m ago
Kalshi refuses $54 million payout, insider trading controversy heats up in prediction markets
The prediction market platform Kalshi refused to pay users' expected $54 million payout, citing that its contract "exit" definition does not include assassination scenarios. The incident has sparked insider trading allegations against competitor Polymarket. U.S. senators plan to introduce legislation to ban prediction contracts related to government actions, arguing that such markets distort public judgment.
MarketWhisper1h ago
U.S. banking industry strongly opposes Kraken's access to the Federal Reserve, Trump angrily accuses of obstructing crypto agenda
Cryptocurrency exchange Kraken becomes the first company to hold a main account with the U.S. Federal Reserve, allowing direct settlement of USD transactions. However, this has sparked strong opposition from the banking industry, which is concerned about potential threats to financial stability. Stablecoins could lead to a $6.6 trillion outflow of deposits, affecting lending costs. Trump supports the crypto agenda, accusing banks of obstructing legislation, indicating his political stance and vested interests.
MarketWhisper2h ago
Spain seizes illegal Bitcoin mining farm, suspected of electricity fraud exceeding 860,000 euros
Catalonia police in Spain have seized an illegal Bitcoin mining operation suspected of stealing electricity worth €860,643. The mining farm operated 88 mining machines through illegal access to the high-voltage power grid, posing safety risks. One suspect has been detained, and the case is under investigation.
GateNews2h ago
Prince Group case closed! Taipei District Prosecutors Office seeks the maximum penalty for Chen Zhi, seizes 5.5 billion luxury homes and luxury cars
Taipei District Prosecutors Office concludes the Prince Group money laundering case, indicts 62 people, and seizes assets worth over 5.5 billion NT dollars, revealing a cross-border financial network. The group has established multiple companies in Taiwan since 2016 and has laundered 10.7 billion NT dollars through gambling platforms and overseas companies. The prosecution is seeking the maximum penalty for the mastermind, Chen Zhiqiu, and several other members also face severe charges. The case is still under investigation.
CryptoCity2h ago
South Korea's "Revenge" organization appears on Telegram, paid with crypto
A rise in cybercrime is noted in South Korea as individuals seek revenge through crypto payments and apps like Telegram. Authorities investigate vandalism and threats linked to this trend, revealing a network facilitating these acts under the guise of “private revenge organizations.”
TapChiBitcoin3h ago
