The Hong Kong police dismantled a money laundering group that used a virtual asset exchange store, involving an amount of up to HKD 118 million.

On May 17, according to the "Hong Kong Commercial Daily", the Hong Kong police in Hong Kong, China, carried out an operation codenamed "Night Crackdown" to dismantle a money laundering border crime group active in the mainland and Hong Kong, and the money laundering syndicate involved in the case recruited mainlanders to open bank accounts in Hong Kong to receive the proceeds of fraud, and was then arranged to withdraw money from the bank, and took the cash to the virtual asset exchange shop to exchange it for cryptocurrency money laundering, and arrested 12 men and women in the operation, involving 118 million Hong Kong dollars in crime proceeds. Inspector Law Yuen-shan, Chief Inspector of the Fraud Investigation Unit of the Commercial Crime Bureau of Hong Kong, said that between July 2024 and May 2025, the syndicate recruited Mainlanders to come to Hong Kong as puppet account holders, and the accounts were mainly used to receive crime proceeds from different types of fraud cases. During this period, more than 500 bank accounts were used to launder HK$118 million. Of these, HK$10 million has been confirmed to be part of the proceeds of crime in 58 reported fraud cases, in which the victims lost about HK$43.2 million.