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, according to China National Radio, the Economic Investigation Team of the Public Security Bureau of Tie Dong District, Siping City, Jilin Province, China, successfully cracked a money laundering case involving a gang that used the virtual currency USDT to help financial fraud criminals transfer illicit funds. This was achieved through tracing the flow of funds and digging deep into clues during the investigation of a financial fraud crime. The criminal gang had clear divisions of labor and used various means to evade detection during their operations.Upon investigation: The suspect Liu, in collusion with Zhao, Wang, and others, from December 2023 to May 2024, knowingly assisted buyers whose funds were derived from financial fraud to profit from it. Liu first deceived others into providing their bank accounts under the pretense of needing them to process loans to prove repayment ability. The deceived bank accounts were then used to receive funds obtained from financial fraud. Liu subsequently instructed the involved parties to withdraw cash from the bank and hand it all over to Liu, who then transferred it to Zhao and Wang, who deposited the cash into their respective bank accounts. The two helped the financial fraud gang launder money by buying and selling "U coins" on digital currency trading platforms, profiting from the transactions. The gang laundered over 100,000 yuan in total.Currently, members of this money laundering criminal gang have been subjected to criminal coercive measures by the public security authorities, and the case is under further investigation.

ChainCatcher news, New York Attorney General Letitia James announced on Thursday that her office has sued Gemini Trust, Genesis Global, and Digital Money Group for defrauding approximately 230,000 investors out of more than $1 billion.The civil lawsuit also accuses former Genesis CEO Soichiro Moro and DCG founder and CEO Barry Silbert of attempting to conceal the true financial condition of their lending division, Genesis, from the Gemini trading platform, its customers, and the public.

ChainCatcher news, according to the South China Morning Post, JPEX is suspected of being involved in investments exceeding HKD 1.3 billion (USD 166 million), with over 2,000 victims involved. Industry insiders and analysts point out that JPEX's collapse could become the largest financial fraud case in Hong Kong's history, sounding the alarm for local retail investors and posing short-term challenges for virtual asset companies that hope for government support in developing the industry.Daiwa Bank's Lai stated that retail investors' interest and confidence in cryptocurrencies will gradually recover over time, especially when a bull market forms; before that, the Hong Kong government needs to educate the public about its new regulatory framework and investor protection measures.

ChainCatcher news, the blockchain data platform Chainalysis released a report stating that based on on-chain data feature analysis, 24% of the new tokens launched in 2022 have the potential for "pump and dump."It is reported that "pump and dump" in traditional finance is quite simple: holders of tradable assets (such as company stocks) heavily hype and promote the asset to other investors, often using misleading statements, causing the price to rise rapidly when new investors buy in. Then, the holders sell their overvalued stocks for profit, leading to a price crash that leaves new investors stuck with low-value assets."Pump and dump" has also become quite common in the crypto world. This is mainly because bad actors can relatively easily launch new tokens and artificially set high prices and market caps by controlling initial trading volumes and circulating supply. Furthermore, the teams launching new projects and tokens can remain anonymous, which allows serial offenders to implement multiple pump and dump schemes. (source link)