ChainCatcher report, according to Japan’s Jiji Press and TBS, Japanese police have arrested six individuals suspected of laundering money for a fraud syndicate through cryptocurrency. Police investigations revealed that the group allegedly processed approximately 91 million yen (about $580,000) in fraud proceeds between February and March 2024, involving around 30 victims. The funds first entered corporate bank accounts, were then converted into BTC, transferred overseas and exchanged into USDT before being returned to the fraud syndicate; the suspects allegedly received a commission of about 1%.
Japanese police arrest six in $580,000 cryptocurrency money laundering case
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Summary
Japanese police have arrested six individuals in a cryptocurrency-related case involving money laundering. The suspects are accused of transferring approximately 910 million yen (about $580,000) for a fraud group between February and March 2024. The funds were first deposited into corporate accounts, converted into BTC, and then routed through overseas platforms to USDT. The suspects earned a 1% commission. Authorities are investigating how cryptocurrency regulations were circumvented during the process.
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