Artur Widak/NurPhoto is pictured.
Two siblings were arrested in Hong Kong on Tuesday on suspicion of money-laundering through various platforms.
Customs officers in Hong Kong arrested a woman and her brother for dealing with property known or reasonably believed to represent proceeds of an indictable offense.
The duo opened personal accounts and dealt with money from unknown sources through bank transfers, cash deposits, and virtual currency.
According to the South China Morning Post, the siblings received around $12.8 million from over 400 different personal bank accounts.
Yu Yiu-wing, senior investigator at Hong Kong Customs' syndicate crimes investigation bureau, told the newspaper that one of the cryptocurrencies was pegged to US dollars. The money was diverted to different accounts.
They have been released on bail. The maximum penalty is $650,000 and 14 years of imprisonment.
Regulators are concerned about crimes involving digital assets and advocates are frustrated that they can't bring investments in digital assets into the mainstream. The digital asset was criticized by the Bank for International Settlement for its role in illegal activities.
Business Insider has an original article.
