Authorities say the syndicate laundered about HK$880 million through cryptocurrency between February 2020 and May 2021. Photo: Shutterstock
Authorities say the syndicate laundered about HK$880 million through cryptocurrency between February 2020 and May 2021. Photo: Shutterstock

Hong Kong customs racks up first bust of cryptocurrency money launderers, smashing HK$1.2 billion racket

  • Authorities say syndicate used anonymity afforded by cryptocurrency to conceal its operations
  • More than 60 per cent of funds had been funnelled through accounts in Singapore, prompting customs to seek help from authorities there

Authorities say the syndicate laundered about HK$880 million through cryptocurrency between February 2020 and May 2021. Photo: Shutterstock
Authorities say the syndicate laundered about HK$880 million through cryptocurrency between February 2020 and May 2021. Photo: Shutterstock