Hong Kong arrests 15 after $6.4 million crypto-linked daylight robbery

Hong Kong authorities have arrested 15 people in connection with a daylight robbery in which thieves made off with 1 billion yen (approximately $6.4 million) in cash from employees of a Japanese cryptocurrency company, though the stolen funds remain at large.

Seven suspects have been charged with conspiracy to commit robbery following what the authorities call a meticulously planned theft where they snatched four suitcases containing cash. The operation lasted under thirty seconds last Thursday in the Sheung Wan financial district.

The remaining eight suspects have been released on bail and are required to report to the police in late January.

Crypto robbers operated in broad daylight

According to local reports, the incident occurred at around 9 am on December 18 when two employees of a Japanese company specializing in cryptocurrency and luxury goods arrived at a currency exchange shop on Wing Lok Street.

The pair had reportedly traveled from Japan to convert the substantial cash sum into cryptocurrency and Hong Kong dollars.

Three assailants jumped out of a private car as the employees arrived, with one brandishing a butcher knife before seizing the four suitcases and fleeing the scene. 

The robbers abandoned their initial getaway vehicle on a nearby street and transferred the stolen cash to a second seven-seater vehicle, which was later discovered as well. Neither of the victims was injured in the assault.

Hong Kong credits AI system for arrests after manhunt

Police arrested 11 men and four women, aged between 24 and 69, all Hong Kong residents.

Hong Kong police authorities believe that they have captured the mastermind behind the operation, along with those who carried out the heist directly. It also appears that others who conducted surveillance before and during the heist and provided vehicles for the getaway have been apprehended. 

Most of the suspects claimed to be unemployed or casual construction workers, with some having known ties to organized crime groups.

The pace of arrests was credited to the government’s SmartView closed-circuit television program. Police said they were able to arrest 15 people within four days thanks to the AI-enabled system, which now encompasses 4,500 cameras across the city, with an additional 5,000 cameras from other departments integrated into the network.

The police have reportedly recovered clothing worn during the robbery, masks, and the butcher knife used in the attack.

Heists are getting more sophisticated 

The robbery echoes another audacious theft in September when 13 people were arrested after 10 robbers stormed a gold workshop in Hung Hom, making off with HK$59 million worth of gold bars, bricks, and powder, all of which was worth around $7.6 million as of the time of the incident. 

In that case, police managed to recover all of the stolen gold.

The latest incident has prompted questions about how the robbers obtained advance intelligence about the cash exchange. Investigators are examining whether there was an information leak that enabled the gang to position themselves precisely when the victims arrived with the substantial sum.

Hong Kong’s position as a major financial center with no foreign exchange controls makes it an attractive location for currency exchange businesses, especially for cryptocurrency operations requiring large cash conversions.

This year, the special administrative region passed a stablecoin law, called the Stablecoin Ordinance, which came into effect on August 1.

The city’s Sheung Wan district, where the robbery occurred, is home to numerous money exchangers serving both local and international clients. Authorities have not ruled out further arrests as the investigation continues.

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