According to Hong Kong media outlet Hong Kong 01, Hong Kong police have busted a money laundering case involving sham accounts and cryptocurrency exchange shops. Two mainland Chinese men and women opened sham accounts in Hong Kong and used 43 local bank accounts to receive funds from 34 different fraud cases. They then used these accounts to purchase cryptocurrency at cryptocurrency exchange shops, laundering approximately HK$17.3 million in proceeds. Analysis of the fund flows revealed that the criminal group used local bank accounts for cryptocurrency transactions, laundering up to HK$230 million in illicit funds. Hong Kong police charged the two men with three and ten counts of money laundering respectively. After reviewing the case, the court approved aggravated sentences of 28 months and 43 months imprisonment respectively.