ChainCatcher reports that, according to Hong Kong media Hong Kong 01, Hong Kong police have uncovered a money laundering case involving the use of puppet accounts and virtual currency exchange shops. It is understood that two mainland Chinese individuals opened puppet accounts in Hong Kong, using 43 local bank accounts to receive 34 fraudulent payments from different scams, and purchased cryptocurrencies at virtual asset exchange shops, laundering approximately HKD 17.3 million in criminal proceeds.
Analysis of the fund flow shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering up to HKD 230 million. Hong Kong police charged the two individuals with 3 and 10 counts of money laundering respectively. After reviewing the case, the court approved increased sentences, sentencing them to 28 months and 43 months in prison respectively.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Appeals court blocks New Jersey from shutting down Kalshi's sports markets
An appeals court ruled Monday that New Jersey could not temporarily ban prediction market provider Kalshi, giving the platform a much-needed win against an onslaught of state enforcement actions.
A Third Circuit Court of Appeals panel ruled in a 2-1 vote that the state could not bring an enforcemen
CoinDesk6h ago
Drift says $270 million exploit was a six-month North Korean intelligence operation
A six-month intelligence operation preceded the $270 million exploit of Drift Protocol and was carried out by a North Korean state-affiliated group, according to a detailed incident update published by the team earlier on Sunday.
The attackers first made contact around fall 2025 at a major crypto c
CoinDesk9h ago
Polymarket and Kalshi Face Setbacks as Prediction Markets Confront Legitimacy Questions - Unchained
This week, major prediction market platforms Polymarket and Kalshi faced significant backlash, highlighting the divide between regulatory approval and public acceptance. Polymarket withdrew controversial betting markets after public outcry, while Kalshi's contract offerings were banned in Nevada, stressing the industry's legitimacy challenges.
UnchainedCrypto10h ago
China orders Apple to pull Dorsey's Bitchat, the messaging app used during Iran protests
Apple removed Bitchat, a decentralized messaging app by Jack Dorsey, from its China App Store at China's request, citing regulatory violations. Despite this, the app remains available globally and has seen over three million downloads.
CoinDesk14h ago
The lawyer says the $280 million attack on Drift Protocol may constitute civil negligence
Attorney Ariel Givner said that the 280M-dollar attack incident involving the Drift Protocol, which resulted from failing to follow basic security procedures, could amount to civil negligence. The attacker, after 6 months of planning, used a trusting relationship to steal the developers’ devices; there is already a class-action lawsuit advertisement targeting Drift circulating.
GateNews21h ago
Polymarket pulls controversial Iran rescue markets after intense backlash
Polymarket removed a betting market on U.S. military rescues in Iran after backlash from lawmakers, who criticized it for trivializing such efforts. This reflects growing scrutiny and regulation of prediction markets amid concerns over ethics and integrity.
CoinDesk04-05 20:21
