[Hong Kong Police Uncover Virtual Currency Money Laundering Case Involving HK$230 Million] BlockBeats news, March 5, according to Hong Kong 01, Hong Kong police have uncovered a money laundering case involving puppet accounts and virtual currency exchange shops. Two mainland Chinese individuals traveled to Hong Kong to open puppet accounts, using 43 local bank accounts to receive funds from 34 different fraud cases. They then purchased cryptocurrency at virtual asset exchange shops, laundering approximately HK$17.3 million in criminal proceeds. An analysis of the fund flow revealed that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering up to HK$230 million. Hong Kong police charged the two individuals with 3 and 10 counts of money laundering, respectively. After reviewing the case, the court approved heavier sentences, sentencing the two to 28 months and 43 months in prison, respectively.