CRYPTO CRIME IN CHINA
UPI sees Diwali boom; AI cracks Captcha
Diwali spending fuelled a surge in UPI transactions, with both payment volumes and values rising. This and more in today’s ETtech Top 5.
Assam man with China links held for Rs 1,071 crore cyber fraud across 1,090 cases
Gujarat CID arrested a man from Assam for orchestrating 1,090 cybercrimes. These frauds amounted to over Rs 1,071 crore and involved China-based criminals. The accused masterminded transferring funds into numerous bank accounts across India. He then converted these illicit funds into cryptocurrencies for transfer to China. This arrest also helped prevent ten other digital arrest cases through counselling.
ED probes 234 cyber frauds, tracks crypto links to China
In a sweeping crackdown, the Enforcement Directorate has launched an investigation into 234 cybercrime cases, ranging from illicit online betting to deceptive cryptocurrency schemes and predatory loan applications. The total illicit gains are estimated to exceed ₹34,855 crore, leading to the attachment of properties valued at ₹12,230 crore.
Crypto money-laundering hit $82 billion in 2025, researchers say
Money launderers received at least $82 billion in cryptocurrencies last year, up sharply from $10 billion in 2020, driven in part by fast growth among Chinese-speaking groups, blockchain researchers said on Tuesday.
Trump pardons Binance founder Changpeng Zhao, high-profile cryptocurrency figure
President Trump has pardoned Binance founder Changpeng Zhao, who served prison time for money laundering violations. Trump stated Zhao was recommended by many and claimed he was "persecuted by the Biden administration." This pardon aligns with Trump's broader pattern of clemency for allies and his hands-off approach to the crypto industry.
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Cyber fraud crackdown: Six arrested in Bihar for running global crime syndicate
The group was allegedly operating through a network of associates in various states, including West Bengal, Uttar Pradesh, Goa, Karnataka, Delhi, Odisha, and Jharkhand.
China debates how to handle criminal crypto cache
Money involved in crypto-related crimes surged 10-fold to 430.7 billion yuan ($59 billion) in 2023, according to blockchain security firm SAFEIS. Last year, China sued 3,032 people involved in crypto-related money laundering, according to the country's top procurator.
Betting app Fiewin in ED crosshairs; attaches assets including cryptocurrency in Binance
The ED probe in Kolkata found Chinese nationals allegedly operating Fiewin with the help of Indian accomplices. Four Indian nationals linked to the case have been taken into custody. The scheme generated around Rs 400 crore that was moved to seven wallets linked to Chinese nationals. These accounts were being operated from China.
Trump cites China competition in vowing to create bitcoin 'stockpile'
Speaking at the Bitcoin 2024 convention in Nashville, Trump positioned himself as the pro-cryptocurrency candidate ahead of the Nov. 5 presidential election, saying he would make the U.S. the world's cryptocurrency leader and embrace friendlier regulations than likely Democratic nominee Vice President Kamala Harris.
Mobile app fraud: ED attaches fresh assets worth over Rs 278 crore
The money-laundering case stems from an October 2021 FIR registered by the cyber crime police station in Nagaland's Kohima on the charge of duping gullible investors, who were promised "astronomical" returns on investing money for the purpose of mining Bitcoins and other crypto currencies, ED said.
Ferrari to accept crypto as payment for its cars in the US
These include electric carmaker Tesla, which in 2021 began to accept payment in bitcoin, the biggest crypto coin, before CEO Elon Musk halted it because of environmental concerns.
How crypto helps Latin America's drug cartels do business
Drug cartels and crime gangs in Latin America have taken up virtual currencies to launder money, receive payments and sell drugs on the darknet because law enforcement authorities are finding it harder to detect the deals, researchers and officials say.
15,000 Indians cheated of Rs 712 crore: How Chinese fraudsters lured victims into fake schemes
Hyderabad Police has busted a Rs 712 crore investment fraud by Dubai-based Chinese operators and arrested nine people in this connection. The nine accused from Mumbai, Lucknow, Gujarat and Hyderabad were suspected to have links with fraudsters from Dubai and China.
ED lifts freeze on WazirX accounts; banking resumes
In August, the agency said it had conducted searches on one of the directors of M/s Zanmai Lab Pvt Ltd, which operates WazirX and had issued a freezing order to freeze their bank balances to the tune of Rs. 64.67 crores.
UP Police unearths Rs 4,200 cr fraud with links to Chinese operators
Earlier this year, the police found a link with China-based operators and were cheating people out of crores of rupees across India. This was done through a number of instant loan lending apps and part-time job offers from supposedly leading companies. The police official said, that they had detected a scam worth around Rs 3,000 crore which was linked to China. The connection was also established on the pretext of crypto currency trading through fake websites.
ED freezes another Rs 370 crore in crypto probe; EarlySalary eyes $100M funding
The ED says it has frozen assets worth Rs 370 crore of a Bengaluru company that parked its funds with the crypto exchange Flipvolt and used it to launder ‘proceeds of crime’.
Cooperating with ED on CoinSwitch functioning: CEO Ashish Singhal
Ashish Singhal says 'last few days’ events not about money laundering or PMLA’
Troubles mount for Indian crypto exchanges as ED turns on the heat
Coinswitch, one of India’s largest crypto exchanges, became the latest entrant to the list of beleaguered entities that are being probed by the agencies and tax officials this week.
ED searches Coinswitch Kuber’s five locations in money laundering probe
This is the third exchange under the scanner of the federal agency for allegedly diverting proceeds of crime raised by 365 instant loan apps by offering loans at exorbitant rates of interest and then using tele-callers to recover them.
ED froze assets despite our full cooperation: Vauld
The freezing order of the Enforcement Directorate is specific to that one customer who availed our services for a brief period of time.
ED probing crypto exchanges for alleged laundering of over Rs 1,000 crore
The ED is expected to question officials of the crypto exchanges under investigation again next week, said an industry executive.
US executive order on crypto: What does it mean?
The executive order will help the US establish itself as a leader in the years to come, and what the next phase of crypto regulations by governments around the world will look like.
Cryptoverse: Bitcoin's scared of commitment, Mr Biden
While bitcoin danced above $42,500 following the news, it has since given up those gains and is now back at around $38,000. Similarly ether has slunk back down to straddle $2,500.
IMF asks El Salvador to drop bitcoin, more countries clamp down
The International Monetary Fund (IMF) has urged El Salvador to drop bitcoin as a legal tender, citing risks to the nation's financial stability and consumer protection, joining a growing chorus of countries clamping down on private digital currencies.
Ban or regulate? Here's how India can resolve its cryptocurrency dilemma
India must, however, have a more nuanced approach to deal with cryptos. First, India cannot ignore a potentially vast source of revenue that cryptos represent. For a country where public spending is still the primary driver of progress and infrastructure, an accepting approach to cryptos may help tap into this tantalising source.
Top cryptocurrency prices today: Bitcoin gains 3%; Cardano, Polkadot shed up to 6%
Bitcoin was up more than 3 per cent, whereas Polkadot tanked over 6 per cent.
Chinese banks promise to step up cryptocurrency ban
China's biggest banks have promised to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.
China arrests over 1,100 suspects in crackdown on crypto-related money laundering
The arrests came as authorities in China step up their crackdown on cryptocurrency trading. Last month, three industry bodies banned crypto-related financial and payment services, and the State Council, China's cabinet, vowed to clamp down on bitcoin mining and trading.
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