China News by Thebittimes.Com

Tether ( USDT ) is at the heart of a “parallel banking system” created by organized Crime and making use of new technologies, according to a new United Nations (UN) report . As reported by the Financial Times, the report, published on Monday by the UN’s Office on Drugs and Crime, details how USDT has become a popular payment method for criminal gangs, particularly those in the gambling industry, operating in Southeast Asia. According to the report, “Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether or USDT on the TRON25 blockchain, while also fueling the intensification of Southeast Asia’s rapidly growing illicit digital economy, and particularly the regional cyberfraud industry.” USDT is also among the currencies of choice for criminals operating so-called ‘ pig butchering ’ or romance scams. These scams involve criminals gai...

You can now buy access to Binance’s law enforcement request panel for $10,000 in bitcoin or monero, according to a post on black hat hacking discussion site Breach Forums. As reported by CoinDesk, darknet publication InfoStealers detailed how law enforcement computers in Uganda, Taiwan, and the Philippines were hacked earlier this year leading to “stolen browser-stored credentials and unauthorized access to Binance’s login panel.” Binance reportedly uses Kodex, a third-party service to provide access to its panel, suggesting that rather than Binance itself being breached, it’s poor network security on behalf of law enforcement that’s to blame. Image courtesy of BreachForums. Read more: ‘EtherHiding’ Hack uses Binance blockchain to extort WordPress users Speaking to CoinDesk, security expert and journalist Brian Krebs explained the increasing popularity of attacks like this which target government and law enforcement institutions. “Some Hack ers have figured out there is...

A sixth Chinese national has been arrested in Sydney following their alleged role in an Australia -based crypto scam that was able to extract over $100 million from American victims through the manipulation of crypto and forex exchanges.  The 34-year-old Chinese national living in Sydney is alleged to have used both bank and crypto accounts to facilitate cash deposits in an attempt to launder the crypto scam funds.  The US Secret Service tipped off Australian Federal Police (AFP) about the crypto scam and its links to Australia in August 2022. Soon after, Australia’s cybercrime department discovered that a criminal syndicate was relying predominantly on Chinese students living in Australia to prop up the scam. The scam itself involved the use of “a sophisticated mix” of dating sites, employment sites, and messaging platforms to bait victims into investing in fraudulent and legitimate crypto and forex trading sites. Victims were shown false positive returns on investments, lulli...