In September 2024, the Hong Kong Commercial Crime Bureau launched Operation "Sinking," uncovering a cross-border money laundering syndicate. Two mainland Chinese individuals, a man and a woman, opened multiple dummy accounts at local digital banks after arriving in Hong Kong to receive proceeds from fraud. They then transferred the funds to traditional bank accounts to withdraw cash and purchased cryptocurrency at virtual asset exchange shops to conceal the source and destination of the funds. Between August and September 2024, the two laundered approximately HK$17.3 million in proceeds from crime. During the same period, the syndicate also conducted cryptocurrency transactions through Hong Kong bank accounts, laundering a total of HK$230 million. The two were found guilty of money laundering in the District Court today, with their sentences increased by approximately 20%, to 28 months and 43 months imprisonment respectively.