<ul><li>A joint operation in Hong Kong led to the arrest of 12 individuals, including two ringleaders and ten accomplices, for their involvement in a $15M crypto laundering network.</li><li>The suspects, aged between 20 and 42, allegedly used hundreds of fraudulent bank and crypto accounts to obscure the source of illicit funds by creating shell accounts and converting cash into cryptocurrency.</li><li>Participants in the operation were directed to use multiple bank cards to withdraw and move funds, which were then laundered through virtual asset outlets across the city.</li><li>At least $1.3 million of the seized funds has been linked to 58 scams as authorities in Hong Kong continue to combat fraud-related activities amid the city's push to become a global digital asset hub.</li></ul>

Hong Kong Busts $15M Crypto Laundering Network in Cross-Border Operation

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