Hong Kong customs officers arrested three individuals involved in a HK$1.8 billion ($228 million) money laundering operation that utilized a cryptocurrency platform and bank accounts of shell companies, with investigations revealing suspicious activities such as abnormally frequent large transactions in accounts with no clear financial backgrounds. The suspects, who did not know each other, allegedly orchestrated over 1,000 dubious transactions through 18 bank accounts and five companies they set up, with a significant portion of the laundered money being transacted in Tether on a cryptocurrency platform. The operation, named “Racer”, led to the seizure of various items and the arrest of the trio on money laundering charges.
Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation
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