ChainCatcher news, the Chengdu court released the top ten typical cases for 2024, which disclosed a fundraising fraud and money laundering case involving the "GUCS" virtual currency and the associated software "Wa11et Pro" APP. The defendants, including Wang, vigorously promoted the economic value and investment prospects of GUCS coin in Chengdu, Deyang, Meishan, and other places, developing downlines in a pyramid scheme manner, resulting in losses of over 1.7 billion yuan for more than 29,000 fundraising participants. Wang was sentenced to life imprisonment, deprived of political rights for life, and ordered to forfeit all personal property.In addition, the Chengdu court also disclosed a case involving a Singapore company suing a Sichuan real estate company over a "mining machine" sales contract dispute, ruling that the Sichuan real estate company must refund the Singapore company the already paid amount of 836,000 USD for the goods, along with shipping and insurance fees of 22,534 USD, while dismissing other claims from the Singapore company.

ChainCatcher news, according to official information, the Hong Kong Securities and Futures Commission (SFC) warns the public to be cautious of an unlicensed virtual asset trading platform named International Standard Carbon Assets Technology Co., Limited, also known as "iSCAT" or "iSCAT Exchange."The Hong Kong SFC stated that "iSCAT" and/or "iSCAT Exchange" claims to be a virtual asset trading platform that once operated in Hong Kong, offering cryptocurrency trading services and using social media platforms to promote investors to its website and app for investing in cryptocurrencies. According to the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, conducting regulated activities and providing virtual asset services (i.e., operating a virtual asset exchange) in Hong Kong without a license and/or actively promoting such services to Hong Kong investors is a criminal offense.In addition, the Hong Kong SFC also announced that the licensed virtual asset trading platform Hash Blockchain Limited reported 11 websites as fraudulent sites.

ChainCatcher news, according to Beijing Business Daily, on January 10, the Ministry of Public Security held a press conference where spokesperson Zhang Ming introduced the telecom network fraud issues related to Myanmar that have garnered attention from various sectors. Since the deployment of a special operation to combat telecom network fraud crimes related to Myanmar in July 2023, the Ministry of Public Security has relied on the China-Myanmar law enforcement security cooperation mechanism, directing police forces in Yunnan, Zhejiang, and other regions to conduct joint operations, fully engaging in case investigations. By the end of 2024, over 53,000 Chinese nationals involved in fraud have been arrested, completely dismantling the notorious "Four Families" criminal group in Kokang, Myanmar. The large-scale telecom fraud parks near our border in northern Myanmar have been eradicated, and the special operation has achieved significant interim results, leading to a substantial decrease in the number of telecom network fraud cases and losses nationwide. Currently, cases involving the "Four Families" criminal group have begun to enter the litigation phase.Despite the significant achievements in combating and managing these issues, the current crime situation remains severe and complex. This includes: an escalating offensive and defensive confrontation, with fraud groups continuously updating and upgrading their criminal tools using new technologies such as blockchain, virtual currency, and AI intelligence.

ChainCatcher news, according to Beijing Business Daily, the Ministry of Public Security announced at a press conference on January 10 that as of the end of 2024, more than 53,000 Chinese criminal suspects involved in telecom fraud from northern Myanmar have been arrested, successfully dismantling the "Four Great Families" criminal group in northern Myanmar's Kokang.The Ministry of Public Security pointed out that although the crackdown has been effective, the crime situation remains severe. Fraud groups are continuously upgrading their criminal tools using new technologies such as blockchain, virtual currency, and AI intelligence. These gangs are well-organized and engage in illegal activities such as app development, traffic promotion, and money laundering through cross-border collaboration.Fraudsters customize scam scripts targeting different age groups, professions, and educational backgrounds, resulting in a wide range of victims. Although the telecom fraud parks near the Chinese border in northern Myanmar have been cleared, there are still numerous fraud dens abroad disguised as "technology parks" and "development zones."

ChainCatcher news, at the preliminary hearing held in Manhattan, Chief Prosecutor Jared Leno told the court that Terraform Labs co-founder and former CEO Do Kwon's criminal fraud trial in the U.S. is tentatively scheduled for January 2026, to allow prosecutors and Kwon's defense attorneys ample time to review the "massive" 6TB of data expected to be generated during the investigation.Prosecutors indicated that the government is also expected to face further delays, as when Do Kwon was extradited to the U.S. on December 31, Montenegrin authorities provided four mobile phones from which they could not retrieve encrypted information or unlock the devices, thus the government will face additional delays.Additionally, the government must translate materials extracted from Do Kwon's native Korean into English. The next status conference for the case is scheduled for March 6 at 11 AM Eastern Time.

ChainCatcher news, according to Protos, a 24-year-old Dutch law student was arrested this week on suspicion of being involved in a cryptocurrency scam worth millions of euros. The man, who called himself a "crypto banker," disappeared last year after his crypto trading scheme failed, resulting in losses of up to 4.5 million euros (approximately 4.6 million dollars) for about 300 investors, including friends and family. After hiding for a period of time, he was arrested by the police due to further evidence submitted by a foundation set up by the victims.According to one victim, despite the fact that the alleged scammer's plan was on the verge of failure, he continued to attract new investors. Investors in the Dutch cryptocurrency scam were asked to pay an investment fee of at least 5,000 euros (5,146 dollars), while he would take 50% of the profits as his reward. Lawyers pointed out that this behavior is similar to a crypto Ponzi scheme, using funds from new investors to pay back old investors.

ChainCatcher news, according to Cointelegraph, a federal court in Texas has ordered a Bitcoin investor to hand over cryptocurrency keys in a tax fraud case involving unreported sales of $3.7 million in BTC.Reportedly, these keys can unlock approximately $124 million in cryptocurrency. The scope of the order is not limited to wallet access; it also stipulates that the investor and any accomplices are prohibited from transferring or hiding any digital assets without court approval, although they may use the funds for "normal monthly living expenses."Previous news reported that the U.S. Department of Justice has initiated a criminal prosecution solely for crypto tax evasion for the first time, sentencing a man who failed to report $3.7 million in Bitcoin gains to two years in prison.

ChainCatcher news, ai16z partner Shaw responded to a community member on the X platform, stating that the founder of swarms does not know how to code and mentioned that he tried to warn the public, which resulted in hatred. People like this 19-year-old high school dropout, even though a Google search of his name reveals a long history of fraud, but no one cares.At the same time, he stated that perhaps others cannot see through it, but he can tell that swarms is faking code and stealing others' achievements.

ChainCatcher news, a California resident has sued three Asia-based banks, accusing them of failing to perform basic checks that led to his loss of nearly $1 million in a cryptocurrency scam.According to a complaint filed on December 31, 2024, Ken Liem's attorney claims that his client was contacted about a cryptocurrency investment opportunity via LinkedIn in June 2023 and was persuaded to transfer funds to the scammers. The funds were then deposited into the three Asian banks and ultimately transferred to a third-party account.The attorney alleges that these banks failed to conduct compliance checks such as "know your customer" (KYC) and anti-money laundering, failing to identify the fraudulent activity, thereby allowing the scammers to open accounts and carry out the scam.

ChainCatcher news, recently, the Yangpu police in Shanghai successfully solved a virtual currency contract trading fraud case after meticulous investigation, dismantling a fraud gang of 16 people, with an involved amount of over 300,000 yuan.During the interrogation, the suspects confessed to their criminal activities without hesitation. Based on the preliminary investigation, the special investigation team fully grasped the modus operandi of the criminal gang, which involved three individuals, Yang and Yu, posing as "investment masters" to infiltrate various virtual currency investment group chats, directing those interested in investing to a fabricated trading platform they set up. They exploited the victims' psychology of wanting to "make quick money" by inducing them to conduct multiple transactions to earn high fees. Subsequently, they misled the victims into raising their investment "profit and loss ratio," making them mistakenly believe that their investment failures were due to their own misjudgment of the market, thereby defrauding them of their money.Currently, Yang and Yu, along with 16 other suspects, have been subjected to criminal coercive measures by the Yangpu police for suspected fraud, and the case is under further investigation. (Xinmin Evening News)

ChainCatcher message, according to a post by Cointelegraph on the X platform, due to Elon Musk changing the avatar and name of Kekius Maximus on the X platform, the market may see a surge of fraudulent tokens related to Kekius Maximus, reminding the community to stay vigilant.

According to ChainCatcher news and the official WeChat account of the Yuzhou Court, the Yuzhou People's Court publicly pronounced a verdict in a telecommunications network fraud case yesterday (December 27). The court found that the defendant, Wen, along with several accomplices, used fictitious identities to chat with foreign individuals. After gaining their trust, they induced them to purchase virtual currency to commit fraud. During this period, a total of 54,360 fraudulent messages were sent, and Wen illegally profited 2,400 yuan.After comprehensively considering the facts, nature, circumstances, and social harm of Wen's crime, the court sentenced the defendant Wen to three years of imprisonment for fraud, along with a fine of 20,000 yuan. After the verdict was announced, Wen expressed his intention to appeal in court.

ChainCatcher news, PeckShieldAlert posted a warning about the fraudulent SquidGame tokens circulating online. It detected a fraudulent SquidGame token deployed on Base 3 hours ago, with the deployer being the largest holder. The token has dropped by 99%.

ChainCatcher news, according to Cryptonews, the French Financial Markets Authority (AMF) reports that cryptocurrency-related scams are the main cause of approximately 500 million euros in losses for victims each year. French authorities are strengthening cooperation with the Paris Public Prosecutor's Office, the Financial Regulatory Authority (ACPR), and the Directorate General for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) to address this issue.The AMF points out that the scale of scams remains enormous. In particular, scams triggered by social media, influencers, and identity theft, where scammers deceive the public through deepfake videos, fake news, and impersonation of government agencies.

ChainCatcher news, blockchain security monitoring company Cyvers Alerts posted on the X platform that the total losses from hacking and fraud in the crypto space have exceeded $6 billion. Compared to last year, overall exploitations have increased by 40%, with access control vulnerabilities being predominant, causing 81% of the losses.

ChainCatcher news, citing the local English news media "The International," reports that earlier this year, with the help of Europol, a 39-year-old suspect with a series of prior convictions was arrested in Milan, Italy. The suspect is reported to have been involved in a new variant of a "scam" scheme that traditionally uses counterfeit money to purchase luxury goods, such as expensive watches or gold. In this case, the victims gave the scammers cryptocurrency in exchange for counterfeit cash. The Vienna police refer to this variant as "Rip-Deal 2.0."The suspect was also found to be in possession of €200,000 in counterfeit cash. Gerald Goldnagl, the chief inspector of the Vienna division, stated, "These crimes are typically carried out by organized gangs from the Western Balkans."Detective Mario Kaintz noted that the gang's scamming tactics are "sophisticated." In some cases, "they make victims input passwords or 'seed phrases' for their cryptocurrency wallets, and sometimes they even use hidden cameras in the ceiling to spy on the victims' phone screens."

ChainCatcher news, according to Coindesk, financial technology giant Revolut plans to launch Revolut Pay for cryptocurrency customers starting in 2025 to enhance protection against fraud attacks.Revolut stated in a release that a 12-month pilot conducted with companies using the enhanced due diligence of Revolut Pay, direct API integration, and end-to-end payment process control showed that fraud attempts against cryptocurrency customers were reduced by approximately 50%.These enhancements include Know Your Customer (KYC) name matching, fraud warning screens, proof of cryptocurrency delivery, and the ability for cryptocurrency merchants to receive transaction risk scores.

ChainCatcher news, as Bitcoin reaches an all-time high, FBI Baltimore Division agent David Paniwozik has noticed an increasing number of criminals attempting to profit from cryptocurrency scams. A major issue is that investors are still unfamiliar with the technology, making them more susceptible to fraud.SA Paniwozik warns, "Whether you want to transfer $1, hundreds of millions, or billions, there is no limit. You can seamlessly transfer it from a wallet controlled in the U.S. to a wallet controlled overseas in just seconds. Scammers have set up their own cryptocurrency exchanges, convincing you that your investment is growing exponentially, or they say you must pay cryptocurrency to 'unlock' jobs that offer high returns."SA Paniwozik has recently observed a surge in reports of employment scams involving cryptocurrency. Losses reported in Maryland increased from $32,033 in 2023 to $3.8 million from January to October this year. "Thus, in Maryland alone, the average person has lost about $15,000 to $20,000 due to these scams," SA Paniwozik added.According to the FBI's 2023 Cryptocurrency Fraud Report, complaints related to cryptocurrency account for only about 10% of total financial fraud complaints, but the amount stolen accounts for nearly 50% of total losses.

ChainCatcher news, according to Cointelegraph, a California court has ordered five individuals involved in the IcomTech "Ponzi scheme" to pay over $5 million for fraud and misappropriation of stolen funds through a fake Bitcoin trading scheme.The U.S. Commodity Futures Trading Commission (CFTC) stated in a press release on December 11 that a default judgment found David Carmona, Juan Arellano Parra, Moses Valdez, and David Brend liable for all violations of the Commodity Exchange Act and CFTC regulations alleged in the complaint, while Marco A. Ruiz Ochoa received a consent order.

ChainCatcher News, U.S. securities regulators have charged a fraud ring, accusing them of impersonating U.S. securities brokers and investment advisors, and defrauding at least $2.9 million through fake websites and phone scams.Since 2019, the group has posed as employees of well-known U.S. securities firms, promising monthly investment returns of 15%-25%. The group instructed investors to open accounts with brokerage firms and cryptocurrency trading platforms to purchase crypto assets, which they then misappropriated. The defendants also directed investors to fake online investment platforms they created, displaying fictitious high returns on these platforms.The victims of this case are primarily U.S. residents, with at least 28 victims and total losses amounting to $2.9 million.