# China, Hong Kong Police Dismantle Crypto-Linked Money Network

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/25384
Published: 2026-09-29T14:31:05.000Z
Updated: 2026-09-29T14:31:05.000Z
Section: Regulation

> More than 170 suspects were detained, while authorities froze or seized assets worth millions of dollars in a cross-border operation.

Mainland Chinese police and Hong Kong police dismantled a cross-border underground banking network that used cryptocurrency trading and other channels to move funds linked to gambling and fraud.

More than 170 suspects were detained. Investigators found that the network established shell companies in mainland China and Hong Kong to create illegal transfer routes across the border.

The group allegedly moved money through paired transactions between domestic and overseas accounts, fabricated trade deals, cash and gold smuggling, and cryptocurrency transactions. The operation provided cross-border fund-transfer services for criminal activity involving gambling and fraud.

Authorities froze more than 15 million yuan, worth about $2.2 million, in mainland China. Hong Kong police seized assets valued at about 170 million Hong Kong dollars, or roughly $21.7 million.

The case highlights the use of digital assets alongside traditional underground banking methods in cross-border financial crime investigations.