Customs specialists say the supposed illegal tax avoidance organization charged criminal customers a commission of 3% to 5%.
Hong Kong specialists captured four men associated with contribution in a tax evasion partner that elaborate HK$1.2 billion (US$155 million), the South China Morning Post investigated Thursday.
The men, matured 24-36, were captured last week during activity "Coin Breaker," SCMP refered to a Hong Kong Customs official as saying.
It is asserted the organization worked from February 2020 to May this year, with shell organizations utilizing e-wallet accounts and a neighborhood stage to exchange "security coins" gave by Tether Ltd.
Stuart Hoegner, General Counsel for Tether told CoinDesk by means of Telegram on Thursday his organization didn't issue purported "protection coins."
It is the main tax evasion case including digital money distinguished by the city's Customs specialists, as per the report.
Illegal tax avoidance in Hong Kong conveys a greatest punishment of 14 years in jail and a fine of up to HK$5 million (US$643,000).
Source : Greg Ahlstrand/coindesk.com
