Philippines leading charge in Asia amid global bitcoin payment surge

Vietnamese authorities have dismantled a criminal ring that used cryptocurrency to launder illicit gambling profits, AFP reported, citing local media. The group converted local currency into digital assets such as USDT and Ethereum, routing funds to users for online betting. Operating multi-layered investment websites, the network grew to as many as 20,000 users and managed 25 million accounts, despite Vietnam’s ban on cryptocurrency. In total, the transactions involved were valued at roughly $3.8 billion. Police allege that millions of dollars were funneled into real estate, luxury cars, and cross-border cash transfers. While the money laundering probe continues, the gambling case has already produced convictions. Four Vietnamese siblings who ran the network, along with 39 other defendants, received sentences in Ho Chi Minh City ranging from a three-year suspended term to 13 years in prison. An Indian national identified as the alleged mastermind remains at large.Photo by Amanda Jones on UnsplashThai police foil crypto-themed fraudElsewhere in the region, police in neighboring Thailand busted a South Korean crime syndicate based in Pattaya that allegedly stole more than 20 billion won ($14.2 million) through fraud schemes that invoked cryptocurrency as a lure, along with other scams, the Chosun Ilbo reported. The scam ring reportedly obtained customer data from a lottery tip site and collected money from victims either by posing as agents offering membership refunds or by claiming to provide compensation for leaked personal information, which they disguised as opportunities to buy digital assets. In addition to these schemes, the syndicate ran romance scams and posed as authorities. Thai police arrested 20 members in a June resort raid. Nine more suspects, including ringleaders, remain in custody awaiting extradition. Seoul police said that, in total, 25 members have been caught, 21 of whom are now detained. Authorities believe the network may be linked to other groups in Thailand and are widening the investigation. Europe uncovers $120M crypto fraudCrypto crimes aren’t limited to Asia. In Europe, police arrested five suspects in a Eurojust-led operation that uncovered an online investment scam worth at least €100 million ($116.8 million). Operating since 2018 across 23 countries, the scheme lured victims with platforms promising high returns, then funneled deposits through Lithuanian accounts before disappearing. In a report by the Organized Crime and Corruption Reporting Project, Elliptic Chief Scientist Tom Robinson said such schemes often have little to do with cryptocurrency itself, instead exploiting its technical obscurity and the allure of quick gains. Beyond scams, outright theft from crypto platforms is also climbing. A Chainalysis study found that by the end of June 2025, more than $2.17 billion had been stolen from exchanges and related platforms—already surpassing the total for all of 2024. The firm projects losses could reach $4 billion by year-end. The single largest incident was the February hack of the Bybit exchange, in which thieves took $1.5 billion, roughly 69% of all funds stolen in the first half of this year. Crypto crime turns increasingly violentThe Chainalysis report also flagged a rise in physical attacks, in which criminals use violence or coercion to force individuals to hand over their crypto holdings. The firm warned that 2025 may log nearly twice as many cases as the worst year on record, noting that the attacks often rise and fall with expectations for Bitcoin’s price. In response to these threats, Chainalysis stressed the need for a multilayered approach to crypto security. It advised service providers to strengthen internal controls through regular audits and employee screening, while upgrading wallet infrastructure and other technical defenses. For individuals, the firm said, keeping holdings discreet has become as critical as technical safeguards, especially amid the rise in physical attacks. 

BPMG launches competition platform GemPION for Web3 gamersBPMG, a South Korean Web3 platform developer, revealed the launch of GemPION. This platform, operated under BPMG’s gaming arm GemHUB and developed in collaboration with blockchain network Everscale, is designed specifically for competitive gaming. It offers users of its integrated games the opportunity to engage in tournament competitions or partake in various missions.Photo by Andrey Metelev on UnsplashDiverse competitive formatsOn the GemPION platform, gamers have the opportunity to participate in various competitive formats such as single-elimination tournaments, battle royales, or leaderboard challenges. The platform features both free-to-enter and paid competitions, with the latter offering larger prize pools. To maintain and increase user engagement, each game hosted on GemPION provides a variety of competitions, either through seasonal events or on an ongoing, all-year-round basis.Launch eventsIn celebration of its official launch, GemPION is organizing a series of events. From Nov. 18 to Dec. 16, a selection of games on GemHUB, including Number Shoot, Jelly Snake, Find Bird, Push Push Cat and Mayan Cryptex, will be highlighted in tournament competitions. These tournaments are set to occur every Saturday and feature a total prize pool of $3,500.The platform is offering 1,000 tickets for complimentary access to paid tournaments. These tickets are available on a first-come, first-served basis and can be obtained by users who apply the promotion code. Furthermore, users who invite friends to join the platform, either by completing certain missions or through the use of referral links, will receive additional incentives.GemPION is also preparing to launch more games, including Heroes9 with NFT, Jewel Dungeon Quest and Farm Raid Mission.Cha Ji-hoon, CEO of BPMG, stated that GemPION is a gaming system designed to elevate the immersive experience of users and increase their engagement. He highlighted that the system utilizes technology that is not only applicable to Web3 games but also to conventional games. Cha further shared his vision for GemPION, expressing his aspiration to broaden the gaming ecosystem. He plans to do this by introducing seasonal events and country-specific competitions, which will feature even larger prize pools.

The Singapore Police Force (SPF) and the Cyber Security Agency of Singapore (CSA) have jointly issued an advisory to raise awareness about the escalating use of cryptocurrency drainers in cyberattacks. The advisory aims to inform citizens about the threat and provide recommendations to protect against such attacks, with a specific emphasis on utilizing hardware wallets for enhanced security. Cryptocurrency drainers represent a form of malware that specifically targets crypto wallets. These malicious tools are often employed in phishing attacks to illicitly extract funds from users' wallets without proper authorization.Photo by Junrui Wu on UnsplashDrainer-as-a-service threatOf particular concern are commercial crypto draining kits, which empower less experienced cyber-criminals with sophisticated malware at no upfront costs. Operating on a drainer-as-a-service (DaaS) model, attackers share a predetermined percentage of the stolen funds with the service provider. The SPF and CSA underscored that crypto-drainer-related attacks typically originate from phishing campaigns. These campaigns commonly involve infiltrating verified social media accounts or dispatching fraudulent emails to users from compromised databases of major service providers. Unsuspecting victims who click on phishing links are redirected to counterfeit trading websites that prompt them to connect their Web3 wallets. Subsequently, a malicious smart contract is injected into the victim's system, enabling hackers to withdraw funds without additional authorization. MS Drainer and Inferno DrainerWhile no such attacks have been reported in Singapore to date specifically, the advisory acknowledges the rising recognition of this threat among hackers. Notably, an off-the-shelf crypto drainer called MS Drainer contributed to hackers stealing $59 million worth of cryptocurrency in 2023. Last month, Singapore-based cyber security firm Group-IB produced a report concerning the Inferno Drainer operation. According to the company’s research, the malware operation led to the theft of $80 million in digital assets globally, until the developers behind it shut it down last November. In December, the Pink Drainer hacking group notched up another victim, to the tune of $4.4 million in LINK tokens. Last week blockchain security firm Scam Sniffer reported that $10 million in digital assets had been stolen in phishing-related incidents over the course of just five days. Hardware walletsTo counteract these threats, Singapore authorities recommend the use of hardware wallets as a security measure against wallet drainer attacks. Additionally, the advisory instructs crypto investors to conduct thorough research before engaging with cryptocurrency services or platforms. Singaporeans are encouraged to report any suspicious incidents related to crypto drainers or phishing attacks to both relevant authorities and crypto service providers. In the event of a security breach, victims are urged to revoke any suspicious token approvals and promptly transfer their remaining funds to a different, secure wallet address to prevent further losses. This proactive approach aims to empower individuals with the knowledge and tools needed to navigate the risks associated with crypto drainers and foster cybersecurity awareness within the cryptocurrency ecosystem. As the threat landscape evolves relative to digital assets, this advisory serves as a valuable resource to educate citizens about the risks posed by crypto drainers.