{"id":15832,"date":"2021-12-30T22:29:01","date_gmt":"2021-12-30T21:29:01","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=15832"},"modified":"2021-12-30T22:29:12","modified_gmt":"2021-12-30T21:29:12","slug":"hong-kong-authorities-arrest-siblings-over-an-alleged-crypto-money-laundering-scheme","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hong-kong-authorities-arrest-siblings-over-an-alleged-crypto-money-laundering-scheme\/","title":{"rendered":"Hong Kong authorities arrest siblings over an alleged crypto money-laundering scheme"},"content":{"rendered":"\n
Hong Kong Customs<\/a> has arrested a brother and sister for allegedly laundering over HK$380 million ($50 million USD) through bank accounts and cryptocurrency exchange.<\/h5>\n\n\n\n
\"Hong<\/figure><\/div>\n\n\n\n

A 21-year-old man and a 28-year-old woman were arrested on suspicion of money laundering under the Organized and Serious Crimes Ordinance (OSCO)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, according to a Hong Kong Customs announcement, with further investigations revealing that the pair had opened accounts at a number of banks and a “cryptocurrency exchange trading platform.”<\/p>\n\n\n\n

The siblings are accused of “dealing with money from unknown sources through bank transfers, cash deposits, and cryptocurrency” as part of a suspected money-laundering scheme.<\/p>\n\n\n\n

According to the South China Morning Post, the couple received more than HK$100 million ($12.8 million USD) in roughly 2,500 transactions from 380 separate personal bank accounts.<\/p>\n\n\n\n

Yu Yiu-wing, a senior investigator with Hong Kong Customs' syndicate crimes investigation office<\/a>, told SCMP that the brother's cryptocurrency exchange account included HK$38 million ($4.8 million USD), including some stablecoins.<\/p>\n\n\n\n

Yu explained, “One cryptocurrency was pegged to US dollars.” “On the site, it was converted to US dollars and transferred to the brother's bank account. The funds were then transferred to other personal and corporate accounts.”<\/p>\n\n\n\n

Yu went on to say that the suspects are thought to have used cryptocurrencies to hide their transactions. “We believe the [suspects] took advantage of the platform's mystery to assist others in converting the unknown [revenue] to fiat money<\/a> via cryptocurrencies,” he told SCMP.<\/p>\n\n\n\n

The two have been released on bail pending the outcome of the inquiry; if found guilty, they could face a maximum penalty of HK$5 million ($640,000 USD) and up to 14 years in prison.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hong Kong Customs has arrested a brother and sister for allegedly laundering over HK$380 million ($50 million USD) through bank accounts and cryptocurrency exchange. A 21-year-old man and a 28-year-old woman were arrested on suspicion of money laundering under the Organized and Serious Crimes Ordinance (OSCO) , according to a Hong Kong Customs announcement, with […]<\/p>\n","protected":false},"author":12,"featured_media":15833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5392,5671,6251,6252,6253],"class_list":["post-15832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency-2","tag-cryptocurrency-exchange-2","tag-hong-kong-2","tag-money-laundering-scheme","tag-siblings"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/image-221.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=15832"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/15833"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=15832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=15832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=15832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}