Hong Kong dismantles $ 150 million crypto money laundering ring • The Register


The Hong Kong Customs and Excise Department yesterday arrested four men for alleged money laundering using cryptocurrency.

The department says it has detected multiple transactions in a coin named “Tether,” with a value bouncing between a crypto exchange, local banks, another crypto exchange, and banks in Singapore.

HK $ 1.2 billion (US $ 155 million) was reportedly laundered by the four suspects, which authorities said was the first case of crypto-money laundering detected in the Special Administrative Region (SAR). The launderers were busy: Several daily HK $ 20 million transactions were occasionally detected during their plan, which ran from early 2020 to May 2021.

Mark Woo, the head of the department’s Bureau of Crime Investigation, told local media that the investigation faced “enormous challenges” because “cryptocurrency is anonymous. Its concealment is very high.

The agency was, however, able to decipher the ownership of around 40 crypto wallets and link them to the four defendants – but released them on bail rather than immediately press charges.

Also Thursday, Hong Kong announcement he plans to release his controversial anti-doxxing laws today.

The laws make posting personal information a criminal offense – a change deemed worthy after doxxing became widespread during pro-democracy protests in the SAR. The law will also create an obligation for social media companies and other web publishers to remove doxxed content.

The bill will become law without the changes suggested by Big Tech’s Asian lobby, the Asia Internet Coalition, which said the law was not necessary because its own content removal procedures are adequate and litigation on doxxing has been suggested outside of Hong Kong.

The announcement by the RAD of the Gazette publication of the bill indicates that the administration and the Coalition have since had discussions and “have agreed to continue to strengthen communication in the future, in order to enable the industry to better understand the purpose and content of the bill in order to allay all concern. ”®