Crypto sector mulls implications of appointment of new Thai PM

As cryptocurrencies increasingly position themselves as a recognized asset class and potential hedge against fiat inflation, illicit activity tied to digital tokens is becoming more visible. A recent high-profile case in the UK has brought this issue into sharp focus, centering on a fraud scheme originating in China. According to BBC News, the case involves Qian Zhimin, a woman who raised funds from more than 100,000 investors in China by claiming to operate a crypto mining company that also develops health products. Instead, she laundered the proceeds and fled the country. On Nov. 11, Qian was sentenced to 11 years and eight months in prison by a UK court.Photo by Vasilis Chatzopoulos on Unsplash$6B fraud and lavish lifestyle​Qian entered Britain on a forged passport in September 2017 and proceeded to live an extravagant lifestyle, renting a mansion in Hampstead for over £17,000 ($22,700) per month. She was arrested in northern England in April 2024, and it was found that she held roughly 61,000 Bitcoin, valued at roughly £5 billion ($6.6 billion), having converted portions of her holdings to cover her substantial living expenses. ​The sheer scale of her wealth was revealed after police searched her rented residence, discovering the Bitcoin reserves on hard drives and laptops. It marks the largest crypto seizure ever recorded in the UK. During the raid, officers also found four other individuals at the property illegally employed to handle household tasks such as shopping, cleaning, and security. ​Since Qian’s arrival in the UK, the value of her Bitcoin holdings has appreciated more than 20-fold. With the fraudster now sentenced, victims are seeing a glimmer of hope for restitution. A civil case scheduled for early next year will determine the fate of the seized assets. However, while many defrauded Chinese investors are reportedly preparing to file claims, establishing a clear paper trail may prove difficult. Many victims routed funds through local intermediaries rather than transferring them directly to Qian’s firm. ​U.S. Bitcoin forfeiture and Beijing’s allegationsWhile the UK courts grapple with the aftermath of Qian’s fraud, a separate crypto controversy is brewing between the U.S. and China, highlighting Beijing's continued vigilance over the sector despite its 2021 ban on trading and mining. According to Cointelegraph, the state-supported National Computer Virus Emergency Response Center (CVERC) has alleged that American authorities are connected to the disappearance of roughly 127,000 Bitcoin, valued at around $14.5 billion, from the LuBian mining pool. ​These allegations surfaced after the U.S. filed a civil forfeiture claim in October against Chen Zhi, the Cambodia-based founder of the Prince Group, who is believed to have owned the assets prior to the breach. At the time of the filing, the U.S. Treasury Department noted that the funds were already under its control. ​CVERC contends that Washington hasn't explained how it accessed the assets. Citing data from analytics firm Arkham, the Chinese agency suggested the funds had been under U.S. control for over a year. They argued that the prolonged inactivity of the Bitcoin before the formal seizure is inconsistent with the typical behavior of hackers seeking quick profit, implying state-level involvement. Economic chess between Washington and BeijingThis matter of Bitcoin control adds a new layer of complexity to U.S.–China relations, even as a trade truce between the two countries took effect on Nov. 10. In a report by CNBC, Washington cut tariffs on China’s fentanyl-linked imports to 10% and extended a reciprocal rate reduction under that agreement. In exchange, Beijing is said to have eased certain restrictions on rare earth exports. Analysts at Morgan Stanley suggest that China is maintaining its export-control regime, implemented in April, to retain strategic leverage. They caution that recurring negotiations and strategic divergence will remain defining features of the evolving bilateral relationship. 

Xangle and CertiK Team Up to Promote Mass Adoption of Web3CrossAngle, the operator of the virtual asset data analysis platform Xangle, announced on Wednesday that it has teamed up with CertiK, a global blockchain security ranking platform, to promote the mass adoption of Web3 technologies and contribute to the formation of a secure and transparent blockchain ecosystem.Photo by Shubham’s Web3 on UnsplashStrengthening security and data insightsCertiK is a security-focused ranking platform for analyzing and monitoring blockchain protocols and DeFi projects. Through this new partnership, Xangle will gain access to Skynet, CertiK’s Web3 security analysis platform that monitors and visualizes on-chain and off-chain data with cutting-edge technology, along with other API data. In turn, CertiK will receive access to Xangle’s cryptocurrency reference price API and on-chain data analyses.CertiK’s industry analysis reports will also be regularly featured on Xangle’s research platform. Xangle’s research reports are well-regarded throughout the industry and have been featured on local and international financial information platforms such as Bloomberg Terminal, CoinMarketCap, Yonhap Infomax, and FnGuide.Positive outlooks“We are delighted to partner with CertiK, a global leader in Web3 security. We are already anticipating great synergy with our strong capabilities in on-chain data analysis,” said Jake Lim, Chief Business Development Officer (CBDO) of Xangle. “We believe that this collaboration between our two companies will accelerate the mass adoption of Web3 technologies.”Jason Jiang, Chief Business Officer (CBO) of CertiK, added that the partnership is expected to not only enhance security and transparency in the blockchain ecosystem but also help set new industry standards.This partnership between CertiK and Xangle reflects the growing importance of security and data analysis in the rapidly evolving Web3 landscape, as both companies work together to drive its widespread adoption.

Kloint and Korea University to develop on-chain data analysis solutionsKloint, a company specializing in the tracking of virtual asset transactions, revealed on Tuesday a partnership with the College of Informatics and the Center for Information System Security at Korea University. The collaboration is set to focus on the joint development of algorithms and platforms for on-chain data analysis.Photo by Shubham Dhage on UnsplashSharing insights on regulatory frameworksAs part of this initiative, Kloint and Korea University will cooperate to understand the domestic and international demand for on-chain data analysis. They will also exchange insights on the regulatory and policy frameworks that govern the technologies involved.Growing crypto-related criminal activitiesThe collaborative effort between Kloint and Korea University is set against a backdrop where, with the expansion of the cryptocurrency market, there has been a corresponding uptick in its use for criminal activities like money laundering, drug trafficking, and embezzlement.Traditional techniques used by government bodies, such as the public prosecutor’s office and financial regulators, have proven expensive and increasingly ineffective in tracking virtual assets as they struggle to keep pace with the sophisticated methods now used to circumvent detection.Kloint was co-founded last September by three blockchain technology firms: Fair Square Lab, S2W and Ozys. With a vision set on the horizon, Kloint is gearing up to supply government entities and virtual asset service providers (VASPs) with analytical platforms and reporting services. In the more immediate term, the company is focusing its efforts on developing solutions for data collection and analysis tailored to the Korean cryptocurrency market.