Osaka Police Arrest 3 Men for Converting 14 Million Yen Into Stablecoins to Launder Investment Fraud Proceeds

According to Japan's Kyodo News, Osaka police arrested 3 men on June 20 for allegedly violating the Organized Crime Punishment Law by laundering criminal proceeds for investment fraud rings. The suspects converted approximately 14 million yen from 10 victims across 6 prefectures into stablecoins and other crypto assets to obscure the fund source.

The three men operated as over-the-counter crypto traders conducting peer-to-peer transactions outside official exchanges. Authorities estimated their involvement in money laundering activities totaling billions of yen.

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