ChainThink report, March 5: According to Hong Kong 01, Hong Kong police have cracked down on a money laundering case involving dummy accounts and cryptocurrency exchange shops. Two mainland Chinese nationals traveled to Hong Kong to open dummy bank accounts, using 43 local bank accounts to receive funds from 34 separate fraud incidents, then purchased cryptocurrencies via virtual asset exchange shops, laundering an estimated HK$17.3 million in illicit proceeds.

Funds flow analysis revealed that the criminal syndicate conducted cryptocurrency transactions through local bank accounts, laundering illicit funds totaling up to HK$230 million. Hong Kong police charged the two suspects with three and ten counts of money laundering, respectively. After reviewing the case, the court approved enhanced sentences, sentencing them to prison for 28 months and 43 months, respectively.