Hong Kong police arrested 12 individuals involved in a $15 million money laundering scheme utilizing cryptocurrency and over 500 stooge bank accounts. The crackdown resulted in seizing approximately HK$1.05 million in cash and various bank and crypto transaction records.

The operation followed surveillance when two suspects attempted to convert cash into crypto, leading to prompt arrests. Senior Inspector Tse Ka-lun highlighted the use of friends' and family members' bank accounts to launder money. This bust highlights Hong Kong's ongoing efforts to regulate the crypto industry amid rising fraud cases.

Authorities emphasize enhancing consumer protection while positioning Hong Kong as a crypto hub, aligning regulatory frameworks to support innovation.