South Korean authorities have busted a crypto crime ring that moved about 150 billion won ($102 million) through WeChat Pay, Alipay, and overseas exchanges. The group converted digital assets into cash while disguising transactions as cosmetic surgery payments and student fees. Authorities have charged three suspects in connection with the scheme. Inside the South Korea Crypto Remittance Ring Investigators from the Korea Customs Service said the crypto crime ring ran quietly for about four years befor ...

Core Viewpoint - Congresswoman Maxine Waters criticized President Trump's pardon of Binance founder Changpeng Zhao, labeling it as a "blatant display of corruption" linked to Trump's personal financial interests in the digital asset sector [1][2]. Group 1: Allegations of Corruption - Waters stated that the pardon exemplifies a presidency rooted in corruption and prioritizes loyalty to criminals over working families [2]. - She accused Zhao of lobbying Trump and his family while allegedly funneling billions into Trump's digital asset venture, World Liberty Financial [5]. - The pardon is described as a payoff and a clear instance of pay-to-play corruption [5]. Group 2: Impact on the Crypto Industry - The pardon has sparked significant backlash among regulators and financial observers, with critics arguing it undermines efforts toward stronger crypto compliance standards [7]. - Concerns have been raised that the pardon could reignite issues of political favoritism within the digital asset sector, blurring the lines between regulation and influence as Trump promotes a pro-crypto agenda [8].

Crypto crime research group SEAL Org unveils new way to report potential phishing sites https://t.co/t3SbooY9UI ...

🚨 ALERT: Is crypto crime really as bad as the headlines make it seem?Host @NathanOnCrypto sits down with @aredbord of @trmlabs to talk scams, hacks, North Korea’s $1.5B thefts, and the tools fighting back. https://t.co/3hmNQUfIij ...

Core Points - Shengsheng He received a 51-month federal prison sentence for laundering $36.9 million from victims of an international crypto investment scam [1] - The court ordered $26.8 million in restitution for the victims of the scheme [1] - The criminal network involved overseas co-conspirators contacting American victims through various unsolicited communications [3] Group 1: Criminal Network Operations - The conspiracy involved fraudulent digital asset investments promoted to gain trust from victims, falsely claiming their investments were appreciating [3] - Victim funds, totaling over $36.9 million, were transferred from U.S. bank accounts to a Deltec Bank account in the Bahamas under Axis Digital Limited's name [3] - Funds were converted into Tether stablecoin and transferred to Cambodia-controlled digital wallets for distribution to scam center leaders [4] Group 2: Co-Conspirators and Legal Actions - Eight co-conspirators have pleaded guilty, including Daren Li and Lu Zhang, who managed U.S.-based money laundering networks [5] - He co-founded Axis Digital with Jose Somarriba, while Jingliang Su participated in digital asset conversions [5] - The Justice Department has been increasingly severe in sentencing for crypto-related crimes, as seen in the case of Alex Mashinsky, who received 12 years for defrauding customers [6]