According to Golden Finance, Hong Kong Customs successfully cracked down on a large-scale virtual currency money laundering syndicate. The group received substantial overseas cross-border remittances through the use of multiple shell companies and utilized virtual currency transactions to clean up a total of HK$1.5 billion in black money. Currently, the four arrested individuals have been granted bail for further investigation, and approximately HK$2.7 million worth of their assets have been seized by the customs. The investigation revealed that the syndicate was operated by a three-person family and a local man, with the mastermind being the Asian father and son duo. From 2020 to 2022, the group illegally obtained vast sums of funds from overseas, with some involving activities related to criminal offenses outside the country. During their time in Hong Kong, they established several shell companies and dispersed the funds to over 30 accounts in more than seven banks. The largest single transfer amounted to HK$23 million. To obscure the traces of money laundering, the group subsequently divided the funds into smaller transfers and transferred them to over 180 third-party accounts. In order to handle the HK$300 million in black money, they hired a 31-year-old local man as an assistant at a monthly salary of HK$70,000, handling related matters through virtual currency methods.