Hong Kong Siblings Arrested Over $50 Million Crypto Money Laundering Scheme

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A brother and sister have been arrested by Hong Kong Customs on suspicion of laundering over HK$380 million through banks and a crypto exchange.

By Stephen Graves

3 min read

Dec 30, 2021

hong kong siblings arrested over 50 million crypto money laundering scheme grafika numer 1

CRYPTO IN HONG KONG. IMAGE: SHUTTERSTOCK

A pair of siblings have been arrested by Hong Kong Customs on suspicion of laundering over HK$380 million ($50 million USD) through bank accounts and a cryptocurrency exchange.

According to an announcement by Hong Kong Customs, a 21-year-old man and a 28-year-old woman were arrested on suspicion of money laundering offenses under the Organized and Serious Crimes Ordinance (OSCO), with further investigations revealing that the pair had opened accounts at a number of banks and a "cryptocurrency exchange trading platform."

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