Hong Kong customs have dismantled a money laundering case involving stablecoin.

According to Sing Tao Daily, today the Hong Kong Customs has cracked a case suspected of money laundering involving illicit cash and virtual assets, related to an amount of approximately 1.15 billion yuan, and has arrested a local man and a foreign man.

There is information indicating that Hong Kong customs officers targeted a 37-year-old local man and a 50-year-old foreign man and conducted an investigation into their assets, discovering that these two individuals had smuggled cash out of the country and frequently and rapidly executed massive transactions of stablecoins and legal currencies with unclear sources of funds, which is extremely inconsistent with their backgrounds and financial situations, and they are suspected of money laundering. During the operation, customs officers seized a range of items suspected to be related to the case, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently on bail awaiting investigation, and the possibility of further arrests cannot be ruled out.