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Taiwan military officers exposed in cryptocurrency espionage
Two Taiwanese military officers have been indicted on charges of selling sensitive government information to mainland Chinese contacts in exchange for cryptocurrency payments, the Caiotou District Prosecutors Office said in a statement on Sept. 3.
According to the prosecutors, the two officers identified as Lieutenant Han and Captain Lin received 8,151 Tether (USDT) in exchange for at least seven classified military documents.
Han allegedly established online contact with individuals from mainland China and transmitted photographed documents through Telegram between December 2022 and February 2024.
Lin, who served as a company commander in the military police, is accused of providing his login credentials to Han, allowing unauthorized access to classified military networks.
This enabled Han to download the sensitive material, including a manual detailing Taiwan’s military strategies for cyber defense.
Both Han and Lin face serious charges, including violations of Taiwan’s Anti-Corruption Act and the National Security Act.
According to The Control Yuan, Taiwan’s government watchdog, the number of espionage cases has increased dramatically over the last decade. Between 2011 and 2023, there were 40 recorded espionage cases, up from 13 cases between 2001 and 2010.
The rising cases of crypto espionage between China and Taiwan signals a shift in Beijing’s espionage strategy, according to Russell Hsiao, executive director of the US-based think tank Global Taiwan Institute.
The recent cases targeted younger military officers motivated by financial gains, while past cases often involved older retirees driven by ideology.
In another case last month, the Taiwan High Court sentenced eight individuals to prison on Aug. 22 for leaking military secrets to China in exchange for an undisclosed sum of crypto.
The mastermind, an active-duty officer who recruited both active and retired military personnel, received the longest sentence of 13 years, while others were sentenced to as little as 18 months.
Tensions between China and Taiwan have intensified throughout 2024, as China continues to assert its claim over the self-governed island.
In March, China’s Ministry of National Defense warned supporters of Taiwan’s independence will “get burned for playing with fire.”
Crypto exchanges step back into major Asian economies with licensing surge
More cryptocurrency exchanges are expected to resume operations in Asia following a barrage of license developments in the continent.
OKX announced on Sept. 2 that OKX Singapore has been granted the major payment institution (MPI) license by the Monetary Authority of Singapore (MAS), allowing the firm to offer “digital payment token” services, which include cross-border transfers and crypto trading.
There are now 28 digital payment token businesses holding the central bank’s MPI license.
OKX Singapore named Gracie Lin, a former official of the MAS, as its new CEO.
The rise in registered crypto service providers in Singapore aligns with the city’s goal of becoming a regional digital asset hub and stands in contrast to the fewer licenses issued by its rival competitor, Hong Kong, which shares similar ambitions.
So far, Hong Kong’s Security and Futures Commission (SFC) has granted two virtual asset service provider (VASP) licenses to two platforms, OSL and HashKey.
The securities watchdog has rejected or seen the withdrawal of 13 applicants with 17 still on the pending list.
Hong Kong Digital Asset Xchange is a surprising addition to the city’s waiting list for crypto licenses, as the May 31 application deadline has already passed.
Although Hong Kong lags behind Singapore in the number of licensed crypto service providers, it offers crypto-related financial products like exchange-traded funds (ETFs) in the traditional market — a step that Singapore has stated it is not yet prepared to take.
Meanwhile, India is also looking to expand its roster of crypto exchanges.
According to unnamed sources cited by the media outlet Business Standard, the nation’s Financial Intelligence Unit (FIU) has received four additional requests from offshore exchanges to operate in the country. At least two of them are expected to resume operations by March 2025.
This comes after India’s FIU cleared Binance and KuCoin to return to the country after they were banished for unlicensed operations.
In July, Cointelegraph reported that crypto exchange Bitget is also working with regulators to obtain a VASP registration.
Crypto heist victim denied millions as authorities probe possible illegal origins
Five individuals involved in a cryptocurrency scam in South Korea have been sentenced to prison for defrauding a private investor out of $7.5 million (10 billion Korean won) by falsely promising to exchange cash for stablecoins at below-market rates, according to local media.
However, what initially appeared to be a straightforward theft has taken an unusual twist.
The case has gained national attention as the victim has been denied access to the recovered funds due to suspicions that they may have originated from illicit activities.
The scam began in February when the defendants posed as legitimate cryptocurrency dealers to lure the victim into the streets of Incheon, a port city bordering the capital Seoul.
After the victim handed over the cash, the group fled in a van, shoving the victim out of the vehicle.
After the police arrested the scammers and recovered the funds, the victim filed an official request asking the court to return the funds. However, the court denied the request, citing inconsistencies in the victim’s account regarding how the money was obtained and used.
During police investigations, the victim claimed that the 10 billion Korean won consisted of personal funds and loans.
Prosecutors reportedly submitted evidence suggesting that the money could be linked to illegal activities such as gambling or phishing, raising concerns about whether the victim has legal rights to reclaim the funds.
Authorities have now opened an investigation into the source of the money.
This article first appeared at Cointelegraph.com News
