Taiwan2026-07-17 20:39:23Taiwan court sentences BitShine founder to 22 years over $39 million fraud caseA district court in Taiwan has sentenced the founder of crypto exchange BitShine, identified as Shih, to 22 years in prison after finding that he led a fraud ring tied to the platform. The court said the scheme ran from January 2024 to April 2025 and caused losses of more than $39 million for over 1,500 victims. According to the report, BitShine had registered with Taiwan’s Financial Supervisory Commission, or FSC, and presented itself as a legitimate exchange while helping fraud groups convert victims’ money into USDT and move the funds overseas. Prosecutors also said Shih recruited unwitting compliance staff to set up KYC procedures and instructed scam operators on how to respond to verification checks. The ruling comes as Taiwan tightens oversight of the sector through its Virtual Asset Service Act, which requires crypto firms to obtain an FSC license before operating.1790
UK2026-07-17 01:40:58UK gang that posed as police to steal $5.4 million in crypto sentencedA UK gang that posed as police officers and ran a fake police website has been sentenced after stealing $5.4 million worth of cryptocurrency, according to Protos. The group used phone calls to convince crypto holders to move funds into so-called "safe accounts." Three members were sentenced this week: 23-year-old Hamza Bashir received six years and nine months, while 25-year-old Kevin Nwamma and 29-year-old Anthony Ikenwe were each sentenced to 11 years. Police said the stolen funds were spent on luxury goods, including a £60,000 car, holidays to Thailand and Japan, and purchases from Harrods, Hermès, Louis Vuitton, and Rolex. Officers also found £500,000 in cash in a safe and said most of the stolen cryptocurrency had been converted into payment cards. The Metropolitan Police traced the gang after receiving a victim report in January 2025.1990
Turkey2026-07-12 06:32:02Turkish prosecutors indict Grand Bazaar-linked laundering network involving nearly TRY 40 billionTurkish prosecutors have filed an indictment against a large money-laundering network linked to the Grand Bazaar, according to Hürriyet Daily News. The case involves nearly 40 billion Turkish lira, or about $850 million. The indictment names 504 suspects and accuses them of using shell companies, bank accounts, foreign exchange offices, POS terminals, and cryptocurrency transactions to conceal illicit proceeds. Prosecutors also allege that the suspects converted criminal funds into crypto and moved them abroad, while luring victims into fraudulent investment schemes with promises of high returns. In the filing, prosecutors are seeking up to 34.5 years in prison for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu.1860
Turkey2026-07-12 06:27:43Turkish prosecutors indict crypto-linked money laundering network tied to $850 million caseTurkish prosecutors have filed charges against a large money laundering network linked to the Grand Bazaar, with the case involving nearly 40 billion Turkish lira, or about $850 million. The indictment names 504 suspects and accuses them of concealing illicit proceeds through shell companies, bank accounts, foreign exchange offices, POS terminals, and cryptocurrency transactions. Prosecutors also allege that the group converted criminal proceeds into crypto and moved the funds abroad. In addition, suspects are accused of luring victims into fraudulent investment schemes by promising high returns. Prosecutors are seeking prison terms of up to 34.5 years for alleged ringleader Türker Ak and up to 31 years for alleged network manager Murat Dönmezoğlu, according to Odaily.1790
Hong Kong2026-07-12 00:09:50HKICL warns of fake FPS websites seeking ID and bank detailsHong Kong Interbank Clearing Limited (HKICL) said on July 10 that multiple fraudulent websites have been posing as official Faster Payment System (FPS) service providers to collect sensitive user information. According to the company, the scam sites lure targets with claims of cash rewards and virtual wallet transactions, then ask them to submit identification documents and bank account details. HKICL said some of the sites also claim to offer a so-called "buyer online security protection" service. Users are prompted to complete what is described as identity verification, after which they are directed to move funds through FPS. The company said it does not provide FPS services directly to individuals and does not proactively contact users. HKICL urged anyone who may have been affected to report the matter to Hong Kong police immediately. It also published its official website so the public can verify whether related online information is legitimate.480
Polymarket2026-07-10 16:13:13Hackers Exploit Polymarket Comments for $500,000 Fraud SchemeHackers disguised fraudulent links in Polymarket comment sections, stealing user data and funds via malicious scripts, causing over $500,000 in losses.1850
Cambodia2026-07-10 07:39:13Cambodia Passes Law Imposing Life Imprisonment for Major Crypto FraudCambodia's National Assembly unanimously approved a strict cyber fraud law, imposing life imprisonment for leaders of large-scale cryptocurrency scams and up to 5 years for participants, targeting rampant 'pig butchering' schemes in Southeast Asia.480
crypto scam2026-07-10 02:13:13UK Court Jails Telecoin Crypto Scam Masterminds for Over Six YearsThe Southwark Crown Court convicted Ross Jay and Michael Freckleton for orchestrating the Telecoin crypto scam, sentencing each to over six years in prison for defrauding investors of more than $650,000 between 2015 and 2017.1790
