TechFlow news, on September 27, according to the *Sing Tao Daily*, Hong Kong's Wong Tai Sin Police District Crime Division arrested 25 men and women in connection with a cryptocurrency-related fraud and money laundering operation. The law enforcement operation, codenamed "Operation United Fight," took place from September 19 to 26, successfully dismantling a local syndicate that used cryptocurrencies for money laundering. Police investigations revealed that the group was involved in at least 39 fraud cases, with total defrauded amounts exceeding HK$7 million.
According to police statements, among the 25 arrested individuals were one ringleader, three key members, and 21 people holding puppet accounts. They have been charged with obtaining property by deception and money laundering. During the operation, police also seized over 20 electronic devices and cold wallets containing cryptocurrencies linked to the case.
Police stated that the syndicate has been operating since May 2023, using forged identities to open bank and cryptocurrency trading accounts, and acquiring victims' funds through various fraudulent schemes. Victims ranged in age from 19 to 72, including clerks, students, and housewives, suffering losses ranging from HK$3,000 to HK$1.6 million.
