Hong Kong police have arrested 682 individuals in a sweeping anti-fraud operation named "Mou Geng," targeting 580 fraud and cybercrime cases with a total value of HK$620 million. Among those arrested, a virtual currency money laundering group was dismantled, which had laundered approximately HK$44 million. The operation, led by the Police Cybersecurity and Technology Crime Investigation Unit under the codename "WarNet," uncovered a criminal gang that used over 200 bank mule accounts and fake identities on overseas virtual currency platforms to convert illicit funds into virtual currencies. These were then cashed out through over-the-counter exchanges. Eleven individuals, including three masterminds, were apprehended. The police highlighted the sophisticated nature of this laundering method, which complicates the tracking of fund flows.