Hong Kong syndicate caught for laundering $155M through cryptos

According to The South China Morning Post, Hong Kong customs shut down a syndicate which used Tether (USDT) for money laundering. The damage is estimated to be $155 million (~£112 million).

How it all went down

The syndicate operated from February 2020 to May 2021. Fraudsters charged clients a fee of up to 5% of the transaction amount. The leader of the syndicate is known to own three shell companies. Their actions were deemed suspicious and attracted the attention of the authorities, resulting in a lengthy probe. Four of the leader’s accomplices were arrested, but later released on bail.

It is still unclear which crypto exchanges were involved in the money-laundering ring and processed the illegal transactions. However, more than 40 crypto wallets used for the fraud have already been discovered.

After 15 months of money laundering through Tether, a criminal syndicate from Hong Kong was finally shut down by the authorities, with the overall damage estimated at $155 million. The probe continues, as the identity of some parties engaged in the ring remains to be found.

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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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