Crypto.com Halts Institutional Exchange Service in the US

South Korean crypto exchange Bithumb is working with the International Criminal Police Organization (Interpol) to combat global criminal activities involving digital assets. According to Korean media outlet Joseilbo, Yoo Jung-ki, who heads Bithumb's Policy Support Office, met with Tomonobu Kaya, Assistant Director of Interpol's Financial Crime and Anti-Corruption Centre, during a recent meeting in Thailand. The gathering was part of a three-day event held from March 10 to 12, organized under Interpol's Project ViCTOR (Virtual assets-facilitated financial Crime – Trace, Obstruct and Recover), an initiative funded by Japan's Ministry of Foreign Affairs. During their meeting, the two officials explored ways to enhance cooperation while committing to maintaining a close, sustainable working relationship.Photo by rc.xyz NFT gallery on UnsplashExchange shares expertiseDuring his Bangkok visit, Yoo delivered a speech addressing emerging crypto crime trends and necessary regulatory changes to protect users. He also discussed the Financial Action Task Force's (FATF) guidelines and recommendations, along with South Korea's policies on anti-money laundering and combating terrorism financing (AML/CFT). His presentation resonated with the audience, particularly when he emphasized the importance of collaboration between the public sector and crypto exchanges on multiple fronts, including recovering stolen funds from criminals. Regarding the meeting, Yoo stated that he found it meaningful to participate, as a representative of South Korean crypto exchanges, in a gathering focused on developing global countermeasures against money laundering and digital asset crimes. He added that Bithumb is committed to supporting the international cooperative system aimed at preventing and recovering from crypto crimes. Interpol’s effortsThe event also covered recent updates on Interpol's Global Rapid Intervention of Payments (I-GRIP) stop-payment mechanism, launched in 2022, and Singapore's evolving crypto regulatory landscape. In June last year, Interpol reported that police across 61 countries had collectively intercepted approximately $135 million in fiat currency and $2 million in cryptocurrency, with I-GRIP helping authorities track illicit proceeds from both types of currencies.Interpol's involvement in investigating crypto crimes has been expanding recently. According to Cointelegraph, Argentine lawyer Gregorio Dalbon has requested that a prosecutor and judge issue an Interpol Red Notice for Hayden Davis, a co-creator of the LIBRA token allegedly linked to Argentine President Javier Milei. The controversial memecoin, launched last month, briefly reached a $4.5 billion market cap before its value collapsed.

Five Foreigners Detained in Thai Crypto Scam CrackdownAgainst a background that continues to see the crypto sector plagued by fraud, Thai authorities have taken decisive action by detaining five foreign nationals accused of orchestrating a multi-million dollar crypto scam.Photo by Dan Freeman on UnsplashA $76 million griftThe scam was clever in that it targeted the aspirations of over 3,200 victims, promising them substantial returns through fraudulent investments in gold and cryptos like Tether (USDT). In its wake, the scheme has left countless investors devastated, with some resorting to drastic measures like securing second mortgages on their homes.According to a report on Monday by The Bangkok Post, an English-language publication in Thailand, Thailand’s Cyber Crime Investigation Bureau (CCIB) told the publication on Sunday that it had initiated an extensive investigation into BCH Global Limited, the company at the heart of the scam. The individuals responsible for perpetrating the alleged fraud are four Chinese nationals and one Laotian citizen. They now face a litany of charges including fraud, transnational crime, money laundering, and the falsification of computer documents.The scammers ingeniously enticed their victims with alluring promises of remarkable returns through their crypto investment platform, bchgloballtd.com.International cooperationThailand’s efforts to bring these culprits to justice did not take place in isolation. The Thai authorities forged partnerships with international law enforcement agencies, including the Department of Homeland Security in the United States, which aided the Thai authorities greatly in their investigations. The collective effort ultimately culminated in the arrest of the five suspects and the seizure of properties valued at 585 million baht ($16.5 million) by Thailand’s Anti-Money Laundering Office.Part of a broader problemWhile this particular crypto scam is significant, it is far from an isolated incident within Thailand. It adds to the growing concerns of Thai officials who are becoming increasingly exasperated with the prevalence of cryptocurrency scams within their borders.Thai authorities have even issued a stern warning to Meta, the parent company of Facebook, cautioning that failure to address the issue of deceptive advertisements on its platform may lead to expulsion. The government contends that over 5,300 fraudulent ads on Facebook have victimized more than 200,000 Thai citizens.The overarching Asian region in general appears to be harder hit when it comes to crypto-related scams. In August, a $120 million crypto ponzi scheme was exposed in India. Last month the South Korean Financial Supervisory Service (FSS) issued a press release warning investors to be mindful of fraudulent crypto investment schemes. The very same month, Singaporean authorities uncovered a $1.3 million crypto mining scam.The apprehension of the five suspects responsible for the $76 million crypto scam underscores the pressing need for more stringent regulations and heightened vigilance within the crypto space. Such measures are required if innocent investors are to be protected from falling victim to similar scams in the future.

Cango, Inc., a Shanghai-headquartered Bitcoin mining business which is publicly listed on the New York Stock Exchange (NYSE: CANG), provided a mining operations update on Aug. 5, disclosing a significant increase in its crypto production.Photo by Dmytro Demidko on Unsplash45% increase in outputThe update outlined that in June, the firm mined 450 BTC, while holding 3,879.2 BTC, with a deployed hashrate of 32 EH/s. The figures for July show a considerable uptick, with 650.5 BTC having been mined. That Bitcoin was retained, bringing the firm’s overall Bitcoin treasury holding to 4,529.7 BTC, with a deployed hashrate of 50 EH/s. Cango CEO Paul Yu outlined that the firm had added 18 EH/s in hashpower towards the end of June. This additional capacity accounted for the increased output experienced for the month of July, representing a 45% increase month-on-month. Yu stated: “This strong performance not only demonstrates our commitment to execution but also fuels our ambition to accelerate future production.” The Cango CEO added that a new and experienced management team is now in place, and with that, Cango is focusing on working towards transitioning to “a more diversified and resilient portfolio of mining sites and energy infrastructure." Cango isn’t the only company in the Bitcoin mining sector to up its production. Cipher Mining, an American miner with facilities in Texas, also published an update, indicating that it produced 214 BTC in July with a hashrate of around 20.4 EH/s, up 21.43% month-on-month. Cipher outlined that Black Pearl Phase I, the initial 150 MW tranche of its Black Pearl facility, came on stream last month, accounting for the increased output. Unlike Cango, Cipher sold 52 BTC as part of what it described as “its regular treasury management process.” In this respect, Cango bucked a trend in comparison with its industry peers. CryptoQuant reported that miners became significant sellers of Bitcoin in July, depositing 16,000 BTC to exchanges as of July 18.Ranked by BitcoinTreasuries.net in order of Bitcoin held, Cango now holds 18th place among corporations holding BTC.Originally an automotive transaction service platform operating within the Chinese market, Cango announced a new departure last November, with the signing of agreements to buy $400 million in crypto mining equipment from a number of vendors, including Bitmain. With crypto mining a banned activity in China, the company has deployed its mining operations at various locations across North America, South America, the Middle East and East Africa. By January, the company was being referred to as a “Bitcoin mining powerhouse.” At that time, the company’s Communications Director, Juliet Ye, told CoinDesk that the firm’s entry into the Bitcoin mining sector had surprised people, given that “nobody has ever heard of Cango before.” By April, Cango had sold its legacy auto-financing business for $352 million to a firm linked to Bitmain affiliate, Antalpha, allowing it to focus exclusively on mining. The company’s stock has surged 180% over the course of the last 12 months. Ye said that the Chinese firm’s pivot to Bitcoin mining has created a buzz around the company that had been absent previously.