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
FBI and Europol jointly shut down the hacker forum LeakBase; law enforcement actions in 14 countries target 140,000 user data
The FBI in the United States and Europol, along with multiple law enforcement agencies, shut down the cybercrime forum LeakBase, a platform used for trading stolen data, which had 142,000 registered members. During the operation, servers were seized, a large amount of evidence was collected, and the sensitive data trading channels of cybercriminals were cut off. The collaboration among law enforcement agencies demonstrates that the international response to cybercrime is strengthening.
GateNews15m ago
Polymarket nuclear explosion contract attracts $650,000 in trading! Sparks ethical and insider controversy, official removal in emergency.
Polymarket has sparked public controversy for listing nuclear explosion prediction contracts, being accused of exploiting human survival crises for speculation. The platform removed the contracts on March 4 and is facing regulatory pressure. Analysts point out that the platform may become a channel for insider trading, threatening the reputation of prediction markets. U.S. regulatory agencies plan to further regulate prediction markets, emphasizing the need to strike a balance between ethics and legality.
CryptoCity15m ago
Europol and the FBI jointly shut down the cybercrime forum LeakBase
The FBI and law enforcement agencies from multiple countries jointly conducted operations, successfully seizing the cybercrime forum LeakBase, confiscating user accounts and information, with searches and arrests in 8 countries. LeakBase is a platform for hacker trading stolen data and has experienced major data breaches.
GateNews32m ago
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.
MarketWhisper1h 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.
MarketWhisper2h 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.
MarketWhisper3h ago
