Asia Express

Chinese public servant jailed for for selling state secrets for crypto, and Korean YouTuber accused of fleecing $230M from 15,304 followers.

A former Chinese government employee, identified as Wang Moumou (a placeholder name that translates to “so-and-so” used in China to anonymize individuals) has been sentenced to life imprisonment for selling state secrets to foreign intelligence agencies in exchange for 1 million yuan (about $138,000) in cryptocurrency payments.

Chinas Ministry of State Security said in a WeChat post that Wang racked up big losses and debts from his crypto trading.

Desperate for additional income, he sought part-time work on an online forum, revealing he was a government employment in the process. This post attracted the attention of a foreign intelligence agent, who offered crypto payments for classified information.

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Asian investors trade overnight to catch the Trump-fueled Bitcoin surge, China accelerates digital yuan push: Asia Express

The cryptocurrency industry celebrated Donald Trump’s victory in the 2024 United States presidential election, as Bitcoin surged to new all-time highs. Asian markets joined in the rally, local sources tell Magazine.

A lot of Asian traders were working overnight to catch this surge and are taking profit in a buy the rumor sell the news dynamic, especially with the Polymarket bets that were settled already, Hong Kong-based market analyst Justin dAnethan tells Magazine.

Trump’s victory sparked optimism in Singapore’s crypto sector as well, a city-state in the race with Hong Kong to attract digital asset firms.

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Victims of ‘Hong Kong’s FTX’ take aim at $29M seized by police, central bankers bash stablecoins, crypto scammers busted over luxury condo.

A Hong Kong court has ruled in favor of two investors who filed a civil suit against defunct Dubai-based cryptocurrency exchange JPEX and its affiliate Web 3.0 Technical Support.

With the judges ruling, 1.85 million Hong Kong dollars (around $238,000) will be recovered on behalf of the plaintiffs.

What this newest judgment [shows] is that victims of virtual currency-related cases do have judicial recourse and set a precedent for all those victims who are in similar positions longing to recover their cryptos, but might be at a loss as to what options they have other than waiting for results from criminal investigation,” Joshua Chu, co-chair of the Hong Kong Web3 Association and the lawyer representing the plaintiffs, tells Magazine.

‘They can take their own steps and police will need victims to have a court order to vest frozen assets in any event,

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India considers new ban on crypto to support the digital rupee, and North Korean hackers are suspected to be behind two recent attacks.

Indian regulators are reportedly considering a ban on cryptocurrencies again.

According to local outlet Hindustan Times, the government has been consulting experts who support banning cryptocurrencies in favor of a central bank digital currency (CBDC).

The news outlet cited two anonymous sources familiar with the matter, reporting that the consensus opinion is that the risks of cryptocurrencies outweigh their benefits. 

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New analysis suggests $1.3B of ETH from Plus Token Ponzi could be headed to exchanges; Upbit monopoly sparks bank run fears. Asia Express.

Around $16 million in Ether from the Plus Token scam started moving to exchanges this week, suggesting intent to sell, according to on-chain analyst ErgoBTC. 

The Plus Token Ponzi scheme, which defrauded investors between 2018 and 2019, led to the reported seizure of $4.2 billion in crypto by Chinese authorities, including 833,083 ETH.

ErgoBTCs latest analyst states that around a third of the seized Ether was sold at now-defunct crypto exchange Bidesk in 2021. The remainder, approximately 542,000 Ether in thousands of wallets, started moving in August and was consolidated into 294 addresses.

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Global outcry as Cambodia arrests crypto scam investigator, Japan’s new Prime Minister supports crypto, and more: Asia Express.

Renowned Cambodian journalist Mech Dara has been arrested and charged with incitement to cause public disorder after sharing photos in a now-deleted Facebook post that reportedly depicted the destruction of stairs leading to a religious site by a quarry operation.

But human rights organizations suspect he may have been targeted over his investigative reporting on criminal crypto syndicates in Cambodia, where victims are allegedly kidnapped, detained, and coerced into working as crypto scammers targeting individuals worldwide.

These compounds reportedly function as hubs for “pig butchering” scams, where perpetrators gradually build trust with their victims, often manipulating romantic emotions in a process akin to “fattening” their targets before persuading them to invest in fraudulent cryptocurrency schemes.

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Tether launderers sentenced as Bhutan’s Bitcoin hodling places it as the fourth largest among governments: Asia Express.

Our weekly roundup of news from Asia curates the industrys most important developments.

A Chinese court in the northwestern Gansu province has reportedly sentenced ten individuals involved in a Tether (USDT) laundering service scheme.

The defendants received prison sentences ranging from 10 months to one year, with authorities recovering over $168,000 (1.2 million yuan) in illicit gains, according to state-owned online news outlet The Paper.

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Chinese crypto noobs are being tricked into laundering funds for ‘rewards’ — and pig butchering scammers are kidnapping kids: Asia Express.

Our weekly roundup of news from Asia curates the industrys most important developments.

A new type of cryptocurrency scam is rising in China, with locals losing money to a scheme known as point running, according to a warning posted by the Public Security Bureau on Sept. 10.

The term “point running” refers to the practice of moving crypto through various accounts. Often new to digital assets, victims are told that by transferring these cryptocurrencies, they are processing transactions and earning rewards or commissions.

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China buys military secrets from Taiwanese soldiers with Tether; Asia’s crypto license barrage; scam victim under suspicion: Asia Express

Two Taiwanese military officers have been indicted on charges of selling sensitive government information to mainland Chinese contacts in exchange for cryptocurrency payments, the Caiotou District Prosecutors Office said in a statement on Sept. 3.

According to the prosecutors, the two officers identified as Lieutenant Han and Captain Lin received 8,151 Tether (USDT) in exchange for at least seven classified military documents.

Han allegedly established online contact with individuals from mainland China and transmitted photographed documents through Telegram between December 2022 and February 2024. 

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A brand new facial reconstruction can’t hide crypto scammer, crypto scam boiler rooms in Malaysia and the Philippines busted: Asia Express

Our weekly roundup of news from Asia curates the industrys most important developments.

South Korean police have apprehended 14 individuals involved in a fraudulent crypto mining scheme that pocketed 16 billion Korean won (about $12.1 million), according to reports citing an Aug. 29 press conference.

Police identified the scheme’s mastermind only as “Mr. A,” (a common practice for suspects before official conviction.) From November 2021 to June 2022, Mr. A allegedly deceived victims by promising an 18% monthly return on investments in the fake crypto mining business.

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