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Hong Kong police have busted a $15 million money laundering ring that used cryptocurrency and over 500 stooge bank accounts. Twelve individuals, nine men and three women, were arrested on May 15 in connection with the scheme. The syndicate allegedly recruited people to open bank accounts to receive proceeds from fraud cases, which were then converted into cryptocurrency at exchange shops to launder the funds. *Key Details:* - *Amount Laundered:* $15 million (HK$118 million) - *Number of Bank Accounts:* Over 500 stooge bank accounts - *Arrests:* 12 individuals (9 men, 3 women) - *Fraud Cases Linked:* 58 reported cases, with over $1.2 million linked to the laundered funds - *Seized Assets:* Approximately $134,370 in cash, over 560 ATM cards, multiple mobile phones, and records related to crypto transactions The crackdown comes as Hong Kong rolls out its crypto regulatory framework to support innovation, protect consumers, and establish itself as a crypto hub. The city's Securities and Futures Commission introduced new rules for crypto exchanges offering staking services in April. Hong Kong reported a 12% year-on-year increase in fraud reports in 2024, with over 10,000 fraud-related arrests, and 73% of those arrests involved individuals holding stooge bank accounts ¹.$BTC $SUNDOG $SWELL $SWELL

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