Carding
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A simple student helped a criminal gang launder $12.7 million through cryptocurrencies, Hong Kong police said.
Chief Inspector Chu Ming-man said that the money was transferred to e-wallet accounts abroad to avoid detection.:
"The investigation revealed that the syndicate processed more than 1 million Hong Kong dollars ($128,000) per day."
In total, the Hong Kong police arrested six people. The group of suspects, who range in age from 22 to 36, includes the alleged ringleader, two key participants, the same cryptocurrency-savvy student, and a certain watch store employee.
"It was a well — organized syndicate with a clear division of work and the use of multi-level approaches to complicate the police investigation," added Chu Minman.
In Hong Kong, money laundering is punishable by up to 14 years in prison and a fine of HK $ 5 million ($640,000).
Recently, four teenagers from the UK capital received a total of 23 years in prison for stealing $150,000 worth of cryptocurrencies. Young men threatened victims with knives, took their phones and passwords to crypto wallets.
And recently, two 17-year-olds from Canada stole $4 million in bitcoins and ether from a US citizen, posing as employees of the support service of the Coinbase cryptocurrency exchange.
Chief Inspector Chu Ming-man said that the money was transferred to e-wallet accounts abroad to avoid detection.:
"The investigation revealed that the syndicate processed more than 1 million Hong Kong dollars ($128,000) per day."
In total, the Hong Kong police arrested six people. The group of suspects, who range in age from 22 to 36, includes the alleged ringleader, two key participants, the same cryptocurrency-savvy student, and a certain watch store employee.
"It was a well — organized syndicate with a clear division of work and the use of multi-level approaches to complicate the police investigation," added Chu Minman.
In Hong Kong, money laundering is punishable by up to 14 years in prison and a fine of HK $ 5 million ($640,000).
Recently, four teenagers from the UK capital received a total of 23 years in prison for stealing $150,000 worth of cryptocurrencies. Young men threatened victims with knives, took their phones and passwords to crypto wallets.
And recently, two 17-year-olds from Canada stole $4 million in bitcoins and ether from a US citizen, posing as employees of the support service of the Coinbase cryptocurrency exchange.
