Hong Kong virtual currency trading platform AAX executive accused of embezzling over 600 million HKD, now charged with 4 counts

Bitcoin ATM scam causes 333 million yuan in losses annually; Minnesota plans to ban it entirely

Minnesota considers a complete ban on Bitcoin ATMs after scams resulted in $333 million in losses, especially among elderly victims. Law enforcement has difficulty tracking the flow of funds, and the industry remains cautious about the ban, believing that banning alone cannot fundamentally solve the scam problem. Legislators need to evaluate more effective regulatory measures.

Bloomberg: Prince Group's Chen Zhi Demands NY Court "Return All Bitcoins," The Complete Record of a Money Laundering Empire's Fall

Bloomberg investigation reveals that Cambodian Crown Prince Group founder Chen Zhi has built a "pig slaughter" scam empire that earns 30 million USD daily through political and business connections. The empire ultimately collapsed after the United States confiscated 127,271 Bitcoins. Chen Zhi's criminal activities and international sanctions demonstrate the size and influence of his organization. Although he was arrested and extradited to China, the residual impact of the scam industry continues.

Russia cracks down hard on illegal Bitcoin mining: power theft farms raided, grid losses continue to grow

Russia has recently intensified its crackdown on illegal cryptocurrency mining, uncovering a case of electricity theft using the power grid, involving approximately $9,000 worth of electricity. Nevertheless, the Russian government has not completely banned the mining industry and plans to support compliant mining through regulations to curb the impact of underground mining on the power system.

Bitcoin ATMs are listed as major tools for scams, with annual losses exceeding hundreds of millions in the US and Australia.

The U.S. Department of the Treasury reports that Bitcoin ATMs are becoming tools for scams. In 2024, the FBI received over 10,900 complaints, with losses totaling approximately $246.7 million. Scammers exploit the anonymity and irreversibility of cryptocurrency ATMs, especially targeting the elderly. Australia is also facing similar challenges, with the industry calling for increased regulation and implementing transaction limits, but experts believe that limits alone are insufficient to curb scams.

"Pig-butchering" scam leader Lawyer Chen Zhi submits a motion to the U.S. court, requesting the dismissal of the government's seizure of his Bitcoin.

Chen Zhi's lawyer filed a motion with the U.S. Federal Court in New York to dismiss the government's seizure of the Bitcoin he controls, arguing that there is a lack of evidence supporting the fraud charges and questioning the timeline of the seizure. Last year, the U.S. Department of Justice announced the forfeiture of 127,271 Bitcoins, worth approximately $15 billion. Human rights organizations warn that after the scam camp was shut down, many trafficked workers face the risk of re-sale.

The UK government releases anti-fraud strategic document, listing cryptocurrencies as a "growing risk"

Gate News Update: On March 11, the UK Home Office released the Fraud Prevention Strategy Policy Document for 2026 to 2029, listing cryptocurrency as a "growing risk." The document states that scams on social media and messaging apps are inducing victims to transfer funds through emerging payment methods such as cryptocurrencies, and authorities still have weaknesses in combating such fraud. The country's National Crime Agency launched a nationwide campaign in 2025 to help consumers identify scams, and the government is supporting law enforcement agencies (including the Serious Fraud Office) to enhance their investigation capabilities into crypto assets.