Hong Kong raid uncovers suspected US$155M crypto laundering scheme

Hong Kong officials have swooped on what appears to be a cryptocurrency money laundering scheme that may involve as much as HK$1.2 billion (US$155 million), in what could be the city's first virtual currency money laundering case. The Hong Kong Customs and Excise Department said today in a statement that it had mounted an operation on July 8 codenamed "Coin Breaker" to raid a suspected money laundering syndicate it had identified earlier this year. Officers arrested four men aged between 24 and 33 who were suspected of involvement in the case and conspiring to "deal with property known or reasonably…