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Hong Kong fraud crackdown detains 3,018 as illicit funds moved into stablecoins

2026-05-21 23:48:18

Abstract generation in progress

Hong Kong police joined agencies from nine countries and regions in an anti-fraud operation that detained 3,018 people. The operation covered more than 138,000 fraud cases with about $752 million in losses. Police said about half of the funds in the largest case were converted into stablecoins and sent to virtual asset wallets.

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