Chinese Crypto Spy Receives Life Sentence, Asia Express YouTuber Faces $230M Fraud Allegations
A Chinese government employee, who goes by the placeholder name Wang Moumou, has been given a life sentence for selling classified information to foreign intelligence agencies in exchange for 1 million yuan in cryptocurrency payments. Officials reported that Wang encountered financial difficulties due to losses from his crypto trading, prompting him to seek additional income. He posted about his government job on an online forum, catching the eye of a foreign intelligence agent who offered to pay in cryptocurrency for classified information. Despite Wang’s attempts to distance himself from the agency, he was threatened with exposure if he stopped cooperating.
On a separate note, Taiwan has also faced cases of espionage involving crypto payments. Two military officers were indicted for selling military documents to mainland Chinese contacts for cryptocurrency. Additionally, Taiwan High Court recently sentenced eight individuals for leaking military secrets to China in exchange for cryptocurrency. The government watchdog in Taiwan noted an increase in Chinese espionage cases using cryptocurrency to avoid detection.
In India, the Delhi Police have arrested a suspect connected to the $235 million cyberattack on the WazirX cryptocurrency exchange. The suspect is accused of creating a fake WazirX account, which was used in the cyberattack. The police report also implicates third-party custodian Liminal Custody for failing to fully cooperate in the investigation, complicating efforts to retrieve the stolen assets. The breach targeted a multi-signature wallet, costing WazirX nearly 45% of its assets.
On a separate matter, South Korean authorities have arrested 215 individuals connected to an unauthorized investment advisory firm that defrauded investors of approximately $230 million. Among those arrested is a YouTuber with a large following who promoted fraudulent investment schemes involving 28 different cryptocurrencies. Victims, mostly middle-aged and elderly individuals, suffered significant financial losses due to the fraudulent scheme. The YouTuber and his associates were accused of inflating token prices, resulting in severe financial consequences for investors. Police were able to track accounts linked to the scam, leading to the apprehension of the main suspect and the seizure of considerable assets.
These cases highlight the risks associated with crypto-related crimes and the importance of vigilance within the industry. It is crucial for individuals and businesses to be aware of potential threats and take necessary precautions to protect themselves from financial harm.
