Hong Kong's Commercial Crime Bureau has exposed a cross-border money laundering operation involving two individuals from mainland China. According to NS3.AI, these individuals utilized fake accounts in digital banks in Hong Kong to launder approximately HKD 230 million. The scheme involved transferring funds obtained from fraudulent activities into traditional bank accounts and subsequently converting them into cryptocurrencies through virtual asset exchanges to obscure the money trail. In late 2024, the individuals received prison sentences of 28 and 43 months, respectively.