Hong Kong police arrest four over alleged $155 million Tether money laundering scheme
Hong Kongauthorities arrested four men over an alleged $155 million money launderingscheme, according to reports.
- The men, aged between 24 and 33, had made transactions in
Tetheron a trading platform, officials said.
- Cryptocurrencies have long been used in crime, as they can provide anonymity and be hard to trace.
Hong Kong customs authorities have arrested four people in connection with a suspected $155 million money laundering scheme using the cryptocurrency Tether.
Hong Kong customs officials told the media that the men had opened various bank accounts and then made transactions in Tether - the biggest stablecoin - through a
The officials said it was the first time they had detected a suspected money laundering scheme that used digital currency. They did not name the crypto trading platform involved. Insider has contacted the Hong Kong customs office.
Cryptocurrencies have long been used in crime, thanks to the fact that they can be used anonymously and are hard to trace.
On Friday, the US District Court in Seattle said a 33-year old identity thief who used bitcoin to avoid detection was sentenced to three years in prison.
And on Tuesday, London's Metropolitan Police said it had seized $249 million worth of cryptocurrency in a suspected money laundering case.
Top lawmakers have repeatedly raised concerns about crypto crime. US Treasury Secretary Janet Yellen in January suggested "curtailing" cryptocurrencies saying: "Many are used - at least in a transaction sense - mainly for illicit financing."
In Hong Kong, as in the UK, crypto companies have to register with the financial watchdog for anti-money laundering purposes.
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