A 29-year-old former employee of a Singapore fintech firm was sent to prison in Hong Kong for stealing virtual currency. He took 3.2 million Tether, worth about 26 million yuan, from his company’s account between November 2021 and July 2022.
Police in the Cyber Security and Technology Crime Bureau arrested him and two others in September 2022 after tracing the stolen funds.
In a separate April operation, Hong Kong officers swept up 503 people in a major raid on crypto crime, uncovering losses of more than 1.56 billion Hong Kong dollars (about $199 million).
Employee’s Theft and Laundering Scheme
Police received a tip in September 2022 that a male staffer in the fintech company’s Hong Kong arm had tapped into the firm’s virtual currency account. Over nine months, he moved funds out 64 times.
Investigators tracked transfers into e-wallets on various trading platforms. Some wallets belonged to a couple aged 29, and others to the woman’s 26-year-old brother.
On September 9, 2022, officers raided several locations. They seized virtual coins valued at about NT$8.6 million and cash and assets adding up to NT$4.65 million.
The 29-year-old man faced one count of theft and three counts of money laundering. He admitted his guilt in the High Court and received a total prison term of 78 months today.
Also Read: Hong Kongs’ Futu Securities International Launches Bitcoin, Ethereum, and USDT Deposit Services
Citywide Crypto Crime Sweep
In an unprecedented law enforcement push last April, Hong Kong police rounded up 503 suspects linked to crypto offences. The Cyber Security and Technology Crime Bureau led the sweep.
They uncovered 404 cases of fraud and technology crimes tied to digital currencies. The total losses reported topped 1.56 billion Hong Kong dollars.
Authorities said the operation targeted organised rings that used fake investment schemes and hacking to steal funds. The arrests covered traders, consultants, and service providers who helped move or conceal illicit gains.
Stronger Measures and Public Warning
Officials stressed that virtual currency crimes harm both investors and the city’s reputation as a financial hub. They called on firms to tighten security on trading platforms and wallets.
Individuals were urged to use two-factor authentication and choose reputable services. Police also warned the public to report any suspicious online schemes.
The two cases show how digital assets can be misused and how technology helps police fight crime. Hong Kong’s Cyber Security and Technology Crime Bureau plans more operations to disrupt theft and money laundering networks.
With tougher laws and better tools, authorities aim to keep pace with evolving schemes. Investors and businesses must stay vigilant to protect their assets and support law enforcement efforts.
Also Read: Hong Kong’s SFC Allows Staking Services, Sets New Risk Management Rules for Platforms