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Cambodian cryptocurrency fraud and human trafficking investigator indicted
Prominent Cambodian journalist Mech Dara was charged with “inciting to cause public disorder” after sharing a photo in a now-deleted Facebook post purportedly depicting steps leading to a religious site being destroyed by quarry operations. Arrested and charged.
But human rights groups suspect he may have been targeted because of his investigative reporting on cryptocurrency crime syndicates in Cambodia. In Cambodia, victims are being kidnapped, detained and forced to work as cryptocurrency fraudsters targeting individuals around the world.
These compounds are known to serve as hubs for “pig slaughter” scams. Perpetrators gradually build trust with their victims, often manipulating their romantic feelings in a process similar to “fattening” their targets before persuading them to invest in fraudulent cryptocurrency schemes.
Cambodia, along with its Southeast Asian neighbors, has emerged as the epicenter of these pig slaughter operations. Estimates of the damage worldwide vary, but research by John Griffin, a finance professor at the University of Texas, puts the loss between January 2020 and February 2024 at more than $75 billion.
Dara received the 2023 U.S. Trafficking in Persons Report Hero Award for her in-depth reporting on human trafficking and hog slaughter scams in Cambodia. His investigative work specifically revealed links between these criminal organizations and Cambodian Senator Ly Yong Phat.
Last September, Pott was sanctioned by the U.S. Treasury for involvement in human trafficking and forced labor in cryptocurrency fraud, which the Cambodian government condemned.
Dara’s arrest sparked widespread protests from human rights groups and press freedom advocates. They see this as a shocking attack on journalism and a major setback for accountability in exposing criminal organizations.
“Incitement has become a basic charge against human rights defenders and activists in Cambodia,” Amnesty International said. The punishment range is up to two years in prison.
“Publishing false information and inflammatory messages that distort the truth, slander, and fabricate false facts with malicious intent to incite public outrage, thereby causing confusion and misunderstanding, is not considered freedom of expression, and the person concerned is actually a journalist. “Distorting facts and fabricating false information are not considered freedom of speech or freedom of the press,” Cambodia’s Ministry of Information said in a statement.
The Ministry of Foreign Affairs claimed that Dara’s journalist license expired at the end of 2022 and was not renewed, adding: “The state of press freedom in Cambodia is very good.”
Cambodia ranked 151st out of 180 countries in the 2024 Press Freedom Index published by Reporters Without Borders.
South Korea, U.S. strengthen war against North Korean cryptocurrency theft
South Korea and the United States are strengthening joint efforts to counter North Korea’s growing reliance on cryptocurrency theft to finance its weapons programs, the Blue House said on the 3rd.
Wang Yun-jong, 3rd Deputy Minister of National Security of the Republic of Korea, held a bilateral discussion with Ann Neuberger, Deputy National Security Advisor for Cybersecurity, at the Ransomware Response Initiative meeting held in Washington, DC.
A United Nations report earlier this year found that North Korean hackers stole $3 billion worth of cryptocurrency through a series of cyberattacks targeting cryptocurrency companies between 2017 and 2023.
In recent months, North Korean hacking group Lazarus has been accused of carrying out several large-scale cryptocurrency heists, including stealing $305 million from Japan’s DMM Bitcoin and $235 million from India’s WazirX. I am receiving it.
Last August, on-chain detective ZachXBT reported that at least 21 North Korean developers used fake identities to infiltrate 25 cryptocurrency companies, earning up to $500,000 in monthly wages.
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New Japanese Prime Minister Plans Blockchain Strengthening Japan’s Traditional Sectors
Japan’s new Prime Minister Shigeru Ishiba took office on October 1, and his policy strategy and cabinet selection indicate that he will follow in the footsteps of his predecessor, Fumio Kishida, and support blockchain solutions to solve Japan’s social problems. I suggest that it is. -Economic difficulties.
Ishiba’s policy framework outlines plans to leverage blockchain technology and non-fungible tokens (NFTs) to modernize traditional local industries such as food and tourism and enhance the digital value of these sectors.
“As an older conservative Japanese politician, I doubt Ishiba has a personal view on cryptocurrencies,” Will Fee, a researcher at Japanese consulting firm Yuri Group, told the magazine.
“It seems that more people follow the advice of party officials rather than their personal beliefs.”
However, Fee said this is positive news for Japan’s cryptocurrency landscape as the key figure driving Web3 adoption is Masaaki Taira, the former technology chief of the ruling Liberal Democratic Party and recently appointed digital minister in Ishiba’s cabinet.
“He will continue the Web3 adoption from there,” Fee said.
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Malaysia sets stage for tokenized bonds through sovereign wealth fund partnership
The Securities Commission of Malaysia (SC) unveiled a series of new initiatives to drive innovation in the country’s capital markets at its annual Fintech Conference on 1 October.
Among the key measures announced are plans to strengthen the regulatory framework to support the development of securities tokenization.
SC said it had partnered with Malaysian sovereign wealth fund Khazanah Nasional to explore tokenized bond issuance, leveraging smart contracts and custodial contracts to streamline the process.
Security tokens are digital assets, but they differ from cryptocurrencies in that they represent traditional financial securities, such as stocks.
In 2022, ‘Big Three’ management firm Boston Consulting Group released an optimistic report on security tokens, predicting that they will become a $16 trillion business opportunity by 2030. However, fellow Big 3 firm McKinsey & Company disagrees, stating that the total tokenized asset market capitalization is By then it will reach $2 trillion.
The Malaysian SC is expected to issue guidance early next year to help intermediaries manage the risks associated with securities tokenization.
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Yoon Yohan
Yohan Yoon is a multimedia journalist covering blockchain since 2017. He has contributed as an editor to Forkast, a cryptocurrency media outlet, and has covered Asian technology stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.