Osaka police arrest 3 for laundering billions of yen via stablecoins

Police in Osaka, Japan, have arrested three men on suspicion of laundering criminal proceeds for an investment fraud ring, Kyodo News reported. The suspects are accused of converting approximately 14 million yen, stolen from 10 victims across six prefectures, into stablecoins and other virtual assets to conceal the funds' origin. An investigation revealed the men were over-the-counter (OTC) dealers who brokered private transactions without using exchanges. Police believe the group has laundered a total of several billion yen in the black market in connection with fraud syndicates and are expanding their investigation.