ChainCatcher news, according to Jinshi reports, Du Xueyi, director of the Economic Crime Prosecution Office of the Supreme People's Procuratorate, stated during a guest appearance on the Supreme Procuratorate's director interview event on February 13 that the current situation of telecom network fraud crimes is still severe and complex, with a high incidence.First, the cross-border and monopolistic nature of fraud groups has emerged, with criminals setting up "industrial parks" and "technology parks" abroad, managing and controlling through means such as providing guarantees and armed protection, taking a cut or charging fees to obtain illicit funds, forming large criminal organizations.Second, the methods of fraud are increasingly diverse and complex, with combinations such as "pig butchering + false investment," "gambling fraud," and "fraud and extortion," which are more deceptive and have led to serious violent crimes such as intentional injury.Third, the modules of black industry crimes are becoming more stable, with criminal tools and software being simple and easy to use, resulting in a broader population being drawn into criminal activities. Fourth, the channels for funds are intertwined and concealed, with virtual currency "money laundering" becoming a mainstream method, helping criminals to transfer fraudulent funds in "small amounts and multiple transactions," making it difficult to trace back.

ChainCatcher news, according to a report by The Paper, "post-00s" college student Yang Qichao issued a virtual currency abbreviated as BFF on an overseas public blockchain, and faced imprisonment due to withdrawing liquidity. The prosecution accused him of issuing fake virtual currency, misleading others to recharge 50,000 USDT, after which Yang Qichao quickly "withdrew funds," resulting in a loss of 50,000 USDT for others, constituting the crime of fraud.On February 20, 2024, the People's Court of the Nanyang High-tech Industrial Development Zone in Henan found Yang Qichao guilty of fraud, sentencing him to 4 years and 6 months in prison and imposing a fine of 30,000 yuan. On May 20, 2024, the case was heard in the second instance at the Nanyang Intermediate People's Court. Yang Qichao's defense lawyer continued to plead not guilty, arguing that the virtual currency issued by the defendant Yang Qichao has a unique and unalterable contract address, and there is no so-called "fake currency." Both the defendant and the complainant are experienced players in the cryptocurrency space and have a clear understanding of the risks involved in speculating on virtual currencies.The defendant's lawyer stated that the platform allows for the addition or withdrawal of liquidity at any time, and the defendant's actions do not violate platform rules. Furthermore, the BFF held by the victim appreciated in value due to increased liquidity after the incident, and if traded, it could be exchanged for more USDT than before, indicating that the victim did not incur any losses.

ChainCatcher news, according to the official blog, Binance has recently played a crucial role in two operations assisting Thai law enforcement.The Cyber Crime Investigation Bureau (CCIB) of Thailand collaborated with Binance and the U.S. Department of Homeland Security (HSI) to dismantle a criminal gang involved in a significant "pig butchering" scam. With intelligence support from Binance and HSI, the CCIB arrested five key members of the gang and seized assets worth approximately 10 billion Thai Baht (about 277 million USD), with over 3,200 victims seeking compensation.In the past three years, Binance has completed and assisted with over 103,000 law enforcement requests, with an average response time of three days, faster than most traditional financial institutions.