Crypto-Related Cash Robbery Sparks Wave of Arrests in Hong Kong

Hong Kong police have dismantled much of an organized robbery ring following a brazen daytime heist that targeted employees of a Japanese cryptocurrency-related firm.

While authorities have arrested 15 people in connection with the operation, the stolen cash — totaling 1 billion yen, or roughly $6.4 million — has yet to be recovered.

According the information, seven suspects have now been formally charged with conspiracy to commit robbery, while eight others were released on bail and are expected to report back to investigators in late January. The crime itself unfolded in less than half a minute, underscoring the level of planning involved.

A Carefully Timed Daylight Heist

The robbery took place around 9 a.m. on December 18 in the Sheung Wan district, a hub known for its concentration of currency exchange businesses. Two employees of a Japanese company dealing in cryptocurrency and luxury goods had arrived at a money exchange on Wing Lok Street, reportedly intending to convert a large sum of cash into cryptocurrency and Hong Kong dollars.

As the pair arrived, three assailants emerged from a private vehicle. One brandished a butcher knife while the group seized four suitcases filled with cash before fleeing the scene. The attackers abandoned their first getaway car nearby, transferring the suitcases into a second seven-seat vehicle that was also later found by police. No injuries were reported.

Arrests Accelerated by AI Surveillance

Police say 11 men and four women, aged between 24 and 69, have been detained, all of them Hong Kong residents. Investigators believe they have identified not only the individuals who carried out the robbery, but also the alleged organizer and others who provided surveillance and logistics, including transportation.

Many of the suspects reportedly claimed to be unemployed or working irregular construction jobs, with some believed to have connections to organized crime groups.

Authorities credited the speed of the arrests to Hong Kong’s SmartView surveillance program, an AI-assisted closed-circuit television system. According to police, footage from roughly 4,500 city-operated cameras — supplemented by an additional 5,000 cameras from other government departments — allowed officers to identify and apprehend all suspects within four days. Clothing worn during the robbery, face coverings, and the knife used in the attack have since been recovered.

A Pattern of High-Value Thefts

The case follows a series of high-profile robberies in Hong Kong involving large sums of cash or valuables. In September, police arrested 13 people after a group of robbers stormed a gold workshop in Hung Hom, stealing HK$59 million worth of gold bars, bricks, and powder. In that instance, authorities were able to recover the stolen assets in full.

The latest robbery has raised concerns over how the perpetrators obtained precise information about the timing and location of the cash exchange. Investigators are examining whether an internal leak or external surveillance tipped off the suspects, enabling them to strike at the exact moment the victims arrived.

Hong Kong’s status as a global financial center — with no foreign exchange controls — continues to make it an attractive location for large currency conversions, particularly for cryptocurrency-related operations. The city recently reinforced its regulatory framework with the introduction of the Stablecoin Ordinance, which came into force on August 1, adding further attention to the intersection of traditional finance and digital assets.

Sheung Wan, where the robbery occurred, remains a focal point for money changers serving both local and international clients. Police have not ruled out further arrests as the investigation continues, and the search for the missing cash remains ongoing.

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