ChainCatcher news, according to the "Hunan Internet Police" WeChat official account, recently, Fuzhou police discovered a case clue during their work that provided fund transfer and payment settlement for online fraud and other gray industry platforms, involving a huge amount of money. The police quickly established a special investigation team to carry out case investigations. After analysis, the police successfully clarified the criminal context and found that the criminal gang operated a fourth-party payment platform, using virtual currency stablecoins to provide fund transfer payments for illegal futures platforms in the gray industry, earning commissions from it. In July 2024, Fuzhou police organized elite forces to carry out a unified net collection operation across various locations, capturing 11 criminal suspects led by a person named Pan. Currently, Pan and the other 11 individuals have been subjected to criminal coercive measures by the public security organs, and the case is under further investigation.

ChainCatcher news, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, urged investors to participate in virtual currency trading preferably through licensed exchanges.Chen Haolian stated that the Hong Kong government is working hard to build the entire ecosystem. Currently, the Invest Hong Kong is actively promoting relevant enterprises to expand their business in Hong Kong. The virtual asset ecosystem is not limited to exchanges; it also includes virtual asset exchange-traded funds and central bank digital currencies (CBDC) among other products. The consultation on the regulation of stablecoins has been completed, and preparations for the relevant legislation are underway to submit to the Legislative Council for review.

ChainCatcher news, the Jiangsu High Court's official WeChat account published "2023 Typical Cases of Foreign-related Commercial Trials in Jiangsu Courts," which disclosed that Tian XX, Pan XX, and a third party signed a "Cooperation Agreement" to jointly operate the "MFA Blockchain Project." Pan XX transferred a total of 15.74 million yuan to Tian XX and the third party for the purchase of the MFA virtual currency as stipulated in the agreement; Tian XX subsequently transferred 10.6 million yuan to Pan XX. Tian XX claimed that MEXC (a Singapore trading platform) delisted the MFA/USDT spot trading in September 2020, and the virtual account involved in the case was locked and could not be traded, resulting in a total loss of investment. Pan XX filed a lawsuit, requesting the return of the remaining funds and payment of interest.The Yancheng Intermediate People's Court ruled that the virtual currency trading behavior was invalid, thus dismissing Pan XX's lawsuit. Pan XX was dissatisfied with the ruling and appealed. The Jiangsu Provincial High Court, in its second instance, held that foreign virtual currency exchanges providing services to residents in China via the internet also constitute illegal financial activities, and the relevant civil legal acts are invalid, with the resulting losses to be borne by the parties themselves. The court thus dismissed the appeal and upheld the original ruling.

According to ChainCatcher news, as reported by Yunnan Legal Daily, in February 2023, seven defendants jointly discussed building an online platform for investing in virtual currency. After reaching an agreement, they contacted a company in Sichuan, where technicians developed the "3M platform" to issue the token "Mavro Coin," enticing investors to join the project with the promise of high profits from virtual currency investments. Once the platform was established and operational, the seven defendants actively promoted the investment platform's potential for high returns and conducted offline promotions to recruit subordinates, who in turn recruited others. According to the assessment, there were a total of 375 users whose subordinate levels were three or more (including three levels), and the total number of subordinates was 30 or more (including 30). The seven defendants profited between 4,300 yuan and 20,000 yuan.After hearing the case, the Xichou County People's Court found that the seven defendants used the "3M platform" to issue virtual currency, enticing investors to join the platform with the promise of high profits from virtual currency investments, and organized hierarchical structures in a certain order, developing personnel numbers as a means of profit. Their actions constituted the crime of organizing and leading pyramid selling activities. Based on the defendants' roles in the crime, the levels of development, their confessions and acceptance of punishment, and the return of embezzled funds, they were sentenced to fixed-term imprisonment ranging from two years and six months to one year and six months, with probation applied, and were fined.

ChainCatcher news, according to China News Network, the Yunlin District Prosecutor's Office in Taiwan recently cracked a fraud case, with the victims losing more than 134 million New Taiwan dollars (approximately 4.2 million US dollars). It is reported that last July, the police arrested a 30-year-old "runner" (referring to someone who specifically helps fraudsters withdraw scam funds) named Chen, who was suspected of committing fraud using virtual currency. Subsequently, another 28-year-old "runner" named Chen was arrested, and the local court approved a request for detention.The prosecution stated that it was discovered that the involved "runner" named Yu was a member of the Bamboo Union's Mingren Society, and his superior, Wu, led dozens of Taiwanese "runner" groups, having managed more than 40 virtual currency wallets. The prosecution indicated that more than 20 searches were conducted throughout the case, seizing over 90 million dollars in cash and virtual currency worth more than 50 million dollars. A total of 33 individuals involved in the case were prosecuted for crimes including fraud, leaking secrets, forgery, and money laundering.

ChainCatcher News, the Japanese company Ceres operates the points website "Moppy" and a cryptocurrency exchange, with its stock price rising by 300 yen (22.7%) to close at the limit price of 1623 yen on the previous trading day.Ceres announced that starting from the end of December 2024, it will gift cryptocurrency worth 10,000 yen (approximately $69.29) to shareholders holding more than 100 shares at the end of December each year. It has not yet been clarified whether the gifted cryptocurrency will be Bitcoin (BTC) or another type.In addition, Ceres's collaboration with bitbank is also progressing, and bitbank is preparing for an IPO.

ChainCatcher news, according to the report from the Linyi Hedong public account, in early 2023, the Linyi Public Security Bureau Yihe New District Branch discovered an APP suspected of gambling during their work, with a huge flow of funds.Upon investigation, this APP was developed by Zhao at the behest of the criminal suspect Shi. Shi used his and his family's identities to open multiple fund pool accounts, allowing members to exchange virtual currency for chips within the APP, engaging in online gambling by predicting the rise and fall of virtual currency exchange rates over different time periods. At the same time, Shi recruited people like Cao and Wu with high commissions as bait, promoting the APP everywhere, actively developing agents at all levels, and attracting a large number of members to participate in gambling.Since 2023, the public security organs of Yihe New District have successively arrested 13 suspects involved in the case, including Shi, and seized over 10 million yuan in related funds. In May 2024, Shi and others were sentenced to fixed-term imprisonment by the people's court in accordance with the law.

ChainCatcher news, according to Xinhua News Agency, the Chongqing Public Security Bureau's Liangjiang New Area Branch successfully solved a virtual currency theft case involving approximately 400,000 yuan, arresting three criminal suspects. The case began at the end of June 2024 when the Tian Gong Dian Police Station of the Liangjiang New Area Branch received a report from a technology company in the jurisdiction, stating that over 2.6 million BLAST tokens (a type of virtual currency) had been stolen from the company's account. The police quickly identified and arrested the suspects Yang, Wu, and Sheng by analyzing the transaction paths and the flow of funds.Upon investigation, it was found that all three suspects were former employees of the technology company. They took advantage of their positions to implant malicious code into the company's computers, stealing the company's virtual wallet address and private key passwords. On the evening of June 26, after the company's virtual wallet received BLAST tokens distributed by the game officials, the suspects immediately transferred the tokens to a pre-prepared wallet, and then proceeded to cash out and divide the spoils. Currently, the three suspects have been lawfully approved for arrest by the procuratorial authorities on suspicion of theft, and the case is under further investigation.

ChainCatcher news reports that, according to Jimu News, the People's Procuratorate of Zhongxiang City, Hubei Province recently made a ruling on a major virtual currency pyramid scheme case. The main offenders Chen, Ding, and Fu were sentenced to three years in prison, with a five-year probation, and each fined 350,000 yuan for organizing and leading a pyramid scheme.In February 2022, the three main offenders developed and launched a virtual currency trading APP, using investment in virtual currency as a pretext to establish a pyramid scheme organization called "Certain Community." The organization extensively promoted through internet platforms and offline training sessions, enticing members to purchase virtual currency and recruit downlines. The organization was divided into five major battle zones and 16 vanguard groups, implementing strict hierarchical management.As of December 2022, when the case broke, the organization had developed over 10,000 member accounts, with the highest level reaching 17 tiers, involving an amount exceeding 57 million yuan. The three main offenders have voluntarily returned all illegal gains of over 22.59 million yuan. Prosecutors emphasized that virtual currency does not have the same legal status as legal tender, and related business activities are illegal financial activities that will be strictly prohibited. The public should remain vigilant against false promises of "guaranteed profits" and reject high-interest temptations like "recruiting others" to avoid falling into similar pyramid scheme traps.

ChainCatcher news, according to Legal Network reports, the People's Court of Yuanjiang City, Hunan Province recently heard a dispute case arising from the buying and selling of virtual currency.In this case, Zhou approached his friend Dai, hoping to help him purchase the encrypted virtual currency BZZ for investment. Consequently, Dai, entrusted by Zhou, purchased BZZ virtual currency from Zheng and sent the virtual currency to Zhou's imtoken wallet. However, after some time, Zhou sued Zheng in court, demanding the return of the funds he used to purchase BZZ virtual currency, amounting to 76,518 yuan, and payment for the funds' occupation fee.After hearing the case, the court held that civil subjects engaging in civil activities must not violate legal provisions and must not go against public order and good customs. BZZ is a type of network virtual currency similar to Bitcoin, which does not have legal tender status and should not and cannot be circulated as currency in the market. Activities related to virtual currency are considered illegal financial activities, and citizens participating in virtual currency transactions must bear their own investment risks. The entrusted transactions, management, and related refund actions concerning BZZ among Zhou, Zheng, and Dai are currently not protected by law in our country, and the consequences of such actions should be borne by themselves. Zhou's request for Zheng to return the funds used to purchase BZZ virtual currency, amounting to 76,518 yuan, and to pay the funds' occupation fee lacks factual and legal basis, thus the court ultimately ruled to dismiss Zhou's lawsuit.

ChainCatcher news, according to a report from Reference News Network, the Changhua police announced on the 10th that they have cracked a fraud group led by a man with the surname Lin. This group conducted scams using virtual currency, and after investigation, it was found that 68 people were defrauded, with a total amount of approximately 100 million New Taiwan dollars (1 New Taiwan dollar is about 0.22 Chinese yuan). Nine members of the fraud group have been transferred to the Changhua District Prosecutor's Office for investigation, and two individuals, including Lin, have been approved by the prosecutor to be detained and prohibited from meeting.Zhang Anjin, the deputy captain of the Criminal Investigation Brigade of the Changhua County Police Bureau, stated during a media interview that in September 2023, a man with the surname Zhan went to the police station to report that he had been lured by an online acquaintance to join a social media investment group, where he was required to meet in person to purchase virtual currency with cash, and then transfer the virtual currency to a wallet address provided by customer service personnel of the investment platform. When Mr. Zhan was about to withdraw cash, he was told that he needed to reinvest 10% of the profits as a "tax" in order to withdraw the cash. He realized he had been scammed after losing 3.4 million New Taiwan dollars and reported it to the police.

ChainCatcher news, the Beijing Municipal Public Security Bureau has dismantled an underground money laundering gang that conducted money laundering crimes through virtual currency transactions. Currently, four main suspects involved in the case have been approved for arrest by the procuratorial authorities on suspicion of illegal business operations.According to investigations, the main member of the gang, Lv, obtained foreign nationality years ago. During his time abroad, he discovered that virtual currency transactions could transfer domestic RMB to overseas and exchange it for foreign currency. Later, Lv, along with Chen and others, used virtual currency trading platforms to assist domestic individuals intending to transfer funds in purchasing virtual currencies on a large scale, thereby transferring funds overseas, with the amount involved being approximately 800 million yuan. At the same time, the police found that this gang had provided funding channels and transferred illicit funds for multiple telecom fraud cases and embezzlement cases.

ChainCatcher news, the Public Security Bureau of Wuhua County, Anhui Province, made precise judgments and took swift actions, successfully cutting off a chain that used virtual currency trading platforms as a cover while actually engaging in money laundering activities through score running. Three suspects have been brought to justice. This score running gang took advantage of the public's vague understanding of virtual currency investment, using virtual currency trading platforms as a cover to seemingly engage in legitimate investment speculation while actually participating in illegal score running and money laundering activities. The amount involved in this gang reached tens of millions, posing an immeasurable threat to financial order and social security.The score running gang manipulated highly concealed score running software, utilizing bank accounts or third-party payment platforms, and through fictitious transactions and dispersed transfers, "laundered" the illegally obtained funds, making them appear as legitimate income. Currently, the three suspects have been subjected to compulsory measures in accordance with the law.

ChainCatcher news, according to Coinpost, the Financial Services Agency of Japan has released the tax reform requirements for the fiscal year 2025, which include regulations related to crypto assets (virtual currencies). The section of the reform plan titled "Asset Yield Doubling Plan and Realization of Asset Management Nation" for the first time addresses the tax treatment of virtual currency transactions, discussing whether virtual currencies should be treated as financial assets.This tax reform request was proposed by various government agencies and will be reviewed by the ruling party's tax system investigation committee and the National Diet after submission. Although the amendment request has been submitted, a final decision has not yet been made. Over the past two years, there has been a persistent call for tax system reform for virtual currency businesses, and while this specific amendment does not provide detailed explanations, it is the first time that virtual currency transactions have been mentioned.

ChainCatcher news: Ms. Zhang from Tianjin was scammed out of over 260,000 yuan this month, with the fraudulently obtained money withdrawn in Xingguo County. The Xingguo police acted quickly, arresting 8 criminal suspects and dismantling a virtual currency money laundering "water room" operation, seizing 200,000 yuan in related funds.It is reported that the suspect Li Mouyuan provided bank accounts to the money laundering gang to assist in their laundering activities and withdrew over 260,000 yuan while knowing that the funds were involved in online illegal activities. After receiving the cash withdrawn by Li Mouyuan, the money laundering gang fled back to Yuzhou, Henan, and handed the involved funds to the virtual currency money laundering "water room" suspect Hou Moupeng. Hou Moupeng then exchanged the over 260,000 yuan in cash obtained from the fraud into virtual currency U offline, transferring it to a designated virtual currency address, ultimately achieving the laundering and whitening of the involved funds.The police successfully dismantled the money laundering den, arrested multiple suspects, and recovered part of the involved funds.

ChainCatcher news reports that the Xuhui District People's Procuratorate of Shanghai has released a notice regarding crimes related to virtual currencies. Since 2022, the procuratorate has handled 23 criminal cases involving virtual currencies, affecting 45 individuals, with the number of cases accepted showing an upward trend for three consecutive years. At the same time, related cases exhibit characteristics such as complex methods of operation, technical specialization, concealment, and high amounts of crime. In the cases handled, the average illegal gains of the criminals exceeded 1 million yuan, with some cases involving illegal gains of over 5 million yuan.In addition, according to Xinmin Evening News, in response to the increasing number and significant amounts of crimes related to virtual currencies in recent years, the Xuhui District Procuratorate and the Xuhui District Public Security Bureau have jointly signed the "Guidelines for the Disposal of Virtual Currencies in Criminal Proceedings," which provides more detailed and clear regulations for the entire process and various aspects involved in handling virtual currency cases, including evidence collection, seizure and custody, and transfer for disposal, offering specific guidance for the lawful disposal of virtual currencies involved in cases.

ChainCatcher news, according to East Net reports, Hong Kong law enforcement agencies launched anti-money laundering operations codenamed "Micro Song," "Black Brain," and "Ghost Hero" this month based on tips and analysis, dismantling three money laundering groups and arresting 27 people, with a total amount involved exceeding 300 million Hong Kong dollars.Investigating officers stated that in March this year, Hong Kong law enforcement received a request for investigation from Singapore authorities, indicating that over 30 fraud cases had occurred locally, with approximately 30 million dollars in fraudulent funds flowing into puppet accounts in Hong Kong after multiple transfers. The investigating officers pointed out that a certain group used a large number of accounts for transfers and repeatedly withdrew cash to purchase virtual currency on local virtual asset trading platforms to evade detection. The Hong Kong police also disclosed data showing that in the first half of this year, law enforcement agencies arrested 5,693 people for money laundering-related crimes, a 40% increase compared to the same period last year; among them, 4,465 were puppet account holders, accounting for 78% of those arrested.

ChainCatcher news reports that the Public Security Bureau of Lengshuijiang has cracked a case of organized and premeditated impersonation of "telecom fraud victims." They exploited the victims' fear of reporting to the police to engage in a black-on-black robbery scheme, repeatedly committing theft in a virtual currency "case within a case," recovering over one million yuan.According to confessions, the suspects learned that many virtual currency merchants were involved in laundering money for fraudsters. They believed that this group would not dare to alert the police if something went wrong, so they devised a risky plan to "earn quick money" by setting a trap to "eat" the virtual currency from the merchants. The female members of the gang typically pretended to be victims of fraud to gain the trust of the virtual currency merchants and complete transactions on the spot, while others posed as family members of the victims, rushing into the transaction site to intimidate and threaten once the virtual currency was received. Each member had clear roles and responsibilities, all waiting for the opportunity to seize the virtual currency.Upon investigation, it was found that the gang exchanged the stolen virtual currency for RMB to dispose of the loot, involving a significant amount of money. The Public Security Bureau of Lengshuijiang has arrested several suspects involved in robbery and illegal operation of virtual currency merchants, seizing over one million yuan in funds. The case is currently under further investigation.

ChainCatcher news, according to a report from the People's Political Consultative Conference website, China News Service disclosed through Taiwanese media that a couple with the surname Li in Taichung is suspected of laundering money for multiple gambling groups, with the amount involved exceeding 1.6 billion New Taiwan dollars. The entire case has recently been prosecuted for money laundering and other crimes.Last September, the police uncovered a gambling operation disguised as an advertising company. An analysis of the seized evidence revealed that a 30-year-old man with the surname Li and his wife are suspected of laundering money for about seven gambling groups. Over the course of more than a year, the money laundering operation, under the guise of "high salary, easy work, no experience required," recruited members around the age of 20 and dispersed them to hide. They communicated daily through messaging apps to launder money, creating investigative breakpoints, and used virtual currency to quickly transfer illegal profits.The police revealed that they have currently transferred Li and others to the Taichung District Prosecutor's Office for investigation based on violations of the "Organized Crime Prevention Act" and gambling-related crimes, and have seized properties, including houses owned by the Li couple, totaling over 73.2 million New Taiwan dollars in illegal profits.