Dubai regulator tightens crypto marketing rules

Chinese authorities have apprehended an individual suspected of identity forgery in connection with the StarkNet (STRK) airdrop. The suspect, identified as Lan Mou, allegedly assumed the identities of others to submit false Early Community Member Program (ECMP) airdrop forms. Through this scheme, the suspect claimed over 40,000 STRK tokens that originally belonged to the victims. After successfully claiming the tokens, the suspect transferred them to an OKX wallet. Subsequently, the tokens were converted into over $91,000 worth of Tether, as reported by local media on April 30. Lan Mou was apprehended by police in Guangdong Province on April 25. Authorities seized a computer and two mobile phones during the arrest.Photo by Tamara Gak on UnsplashUnprecedented scale of identity theftWhile cryptocurrency scams and phishing attacks are prevalent, the scale of identity theft observed in this case is unprecedented. The suspect's method involved claiming airdrops using stolen identities, marking a novel approach to fraudulent activity in the cryptocurrency space. A crypto airdrop is a method used to distribute new cryptocurrency tokens, typically targeting early users who engage with a specific protocol. In the case of the StarkNet Foundation's airdrop, which launched on Feb. 20, a total of 700 million STRK tokens were distributed to various participants, including Ethereum solo and liquid stakers, Starknet developers, users, external projects and developers within the Web3 ecosystem. Concerns raised by developerFollowing the StarkNet airdrop, concerns were raised by pseudonymous Yearn.finance developer Banteg regarding the eligibility criteria. Banteg warned that the eligibility list mainly consisted of airdrop squatters, individuals who exploit airdrop opportunities for financial gain. These individuals often control multiple addresses to maximize their rewards. This incident is not the first instance of airdrop exploitation. In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from the Arbitrum (ARB) airdrop into just two wallets, highlighting the prevalence of such fraudulent activities within the cryptocurrency community. 

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. 

Forkast Labs streamlines operations following mergerForkast Labs, a crypto media and data intelligence firm, has streamlined and consolidated its operations in the wake of a merger which was carried out earlier this year.CryptoSlam mergerIn January, Forkast News, a Web3 media publication which had been founded in Hong Kong, merged with United States-based blockchain analytics firm CryptoSlam. The merger led to the formation of a newly branded entity known as Forkast Labs — a “Web3-focused data intelligence and media platform.”Forkast Labs’ merger with CryptoSlam brought together their respective strengths, with CryptoSlam specializing in non-fungible token (NFT) data tracking since its establishment in 2018. In January 2022, CryptoSlam secured $9 million in funding, led by Animoca Brands. It is worth noting that Forkast.News is also a portfolio company of Animoca, with Yat Siu, the founder and executive chairman of Animoca, overseeing the merger process.Photo by Possessed Photography on UnsplashStrategic pivotThe tie-up aimed to create a synergy between data intelligence and media in the cryptocurrency space. According to a report by The Block on Friday, recent developments suggest a potential pivot away from traditional editorial operations. Citing a Forkast Labs internal memo that the publication claimed had been shared with it, the memo stated:“There will be an increased focus on the data side going forward, and the collective team will be focused on launching new data products.”With that change of direction, it’s understood that some editorial staff have been laid off. The internal company memo went on to state that “the majority of editorial operations have been incorporated into Forkast Labs as a result of the merger between Forkast and CryptoSlam earlier this year.”The original crypto news site Forkast.News was co-founded by former Bloomberg anchor Angie Lau and former McKinsey consultant Sarah Chang in Hong Kong in 2018. The company raised $1.7 million in a seed funding round in 2021. In the wake of the January merger, the company had expanded its offerings in subsequent months with the release of indices, including the Forkast 500 NFT Index. Additionally, a partnership with The Sandbox in June aimed to “index the metaverse.”Consolidation trendThe changes effected by Forkast News and subsequently Forkast Labs are very much in line with a recent trend evidenced relative to crypto media. The Block carried out a reorganization in March that saw the firm layoff 27 staff, accounting for around one-third of its workforce. Last month, the media outlet was sold to Singapore-based venture capital group, Foresight Ventures, with a valuation of $70 million.Another prominent crypto media platform, CoinDesk, carried out an editorial staff reduction in August. It was subsequently acquired last month by cryptocurrency exchange platform Bullish in an all-cash deal led by former New York Stock Exchange President Tom Farley. Bullish is also one of three bidders in the running to buy out failed crypto exchange FTX.The evolving dynamics in the crypto media sector underscore the industry’s adaptability and pursuit of new avenues. In this instance, it demonstrates the pursuit of a data-focused business proposition amid changing market demands.