Hong Kong Customs uncovered a Money Laundering case involving virtual assets worth 1.15 billion yuan, and two men were arrested.

[Chain News] PANews, July 22 - According to reports, Hong Kong customs today cracked a case suspected of using smuggled cash and virtual assets for Money Laundering, with an amount involved of approximately 1.15 billion. A local man and a non-local man were arrested. It is reported that Hong Kong customs personnel identified a 37-year-old local man and a 50-year-old non-local man and began a wealth investigation, discovering that the two had smuggled cash out of the country and frequently and rapidly conducted large transactions of stablecoin and fiat currency with funds of unknown origin, which were highly inconsistent with their backgrounds and financial situations, suspected of engaging in Money Laundering activities. During the operation, customs personnel seized a batch of suspected items involved in the case, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently out on bail pending further inquiries, with the possibility of more arrests not ruled out.