Osaka police arrest 3 off exchange traders suspected of using stablecoins for money laundering

According to Kyodo News, the Osaka Prefectural Police have arrested three men on suspicion of violating the Organized Crime Punishment Act, who were involved in the laundering of funds obtained from investment fraud gangs. These three individuals exchanged approximately 14 million yen in funds from 6 prefectures and 10 victims into cryptocurrency assets such as stablecoins, and participated in money laundering activities worth billions of yen.