Hong Kong joins forces with multiple countries to crack down on cross-border fraud, freezing 102000 accounts According to the Hong Kong Special Administrative Region News Release, the Hong Kong police, together with law enforcement agencies from 9 countries and regions including Singapore, South Korea, and Thailand, cracked down on cross-border fraud and money laundering from March 10 to May 7, arresting a total of 3018 people and involving 138000 fraud cases, resulting in a total loss of approximately USD 752 million (approximately HKD 5.89 billion). The operation froze 102000 bank accounts and intercepted approximately 161 million US dollars (approximately 1.26 billion Hong Kong dollars) in fraudulent funds. The Hong Kong police arrested 870 people and intercepted approximately 539 million Hong Kong dollars in funds. The largest case involved a Singaporean company being defrauded of 360 million US dollars (approximately 280 million Hong Kong dollars), with some funds being converted into stablecoins, and the police successfully freezing 20 million US dollars.