AI is becoming a bigger discovery source.
Reddit ic becoming an increasingly valuable driver of purchase behaviors.
Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million), local news outlets reported.
The syndicate was dismantled on May 15, resulting in the arrest of nine men and three women in mainland China and Hong Kong.
The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases, which were then converted into crypto at crypto exchange shops to launder the illicit funds, Hong Kong Commercial Daily reported on May 17.
The criminal organization rented a residential unit in the Hong Kong neighborhood of Mong Kok to plan and carry out its money laundering activities. Of the $15 million laundered, more than $1.2 million was linked to 58 reported fraud cases.
Caught in action
The bust followed police surveillance on May 15, when two recruits left the syndicate’s Mong Kok base — one visiting a bank, the other an ATM — before both went to convert the cash into crypto at a crypto exchange shop in the neighborhood of Tsim Sha Tsui.
Police arrested both individuals on the spot, seizing around HK$770,000 ($98,540) in cash before the funds could be laundered. The other 10 individuals, aged between 20 and 41, were arrested soon after.
Police seized approximately HK$1.05 million ($134,370) in cash, over 560 ATM cards, multiple mobile phones, bank documents and records related to crypto transactions.
Senior Inspector Tse Ka-lun of Hong Kong’s Commercial Crime Bureau claimed that the individuals often used bank accounts from their friends and family to launder the stolen funds.
Hong Kong reported a 12% year-on-year increase in fraud reports in 2024, with authorities making more than 10,000 fraud-related arrests. Of those arrests, around 73% involved individuals who held stooge bank accounts.
Related: DOJ charges 12 more gamer-turned $263M Bitcoin robbers
The crackdown comes as Hong Kong continues to roll out its crypto regulatory framework to support local innovation, protect consumers and establish itself as a crypto hub.
Hong Kong’s Securities and Futures Commission introduced new rules for crypto exchanges offering staking services in April. Two months earlier, the securities regulator rolled out a roadmap to improve market access, optimize compliance, expand product offerings, strengthen crypto infrastructure and foster relationships with industry players.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
While Microsoft CEO Satya Nadella says he likes podcasts, he might not actually be listening to them anymore. That tidbit comes towards the end of a longer Bloomberg profile of Nadella, with a focus on Microsoft’s AI strategy and its complicated relationship with OpenAI. To illustrate how much he uses the company’s Copilot AI assistant […]
Read more MIT says that due to concerns about the “integrity” of a high-profile paper about the effects of artificial intelligence on research and innovation, the paper should be “withdrawn from public discourse.” The paper in question, “Artificial Intelligence, Scientific Discovery, and Product Innovation,” was written by a doctoral student in the university’s economics program. It claimed […]
Read more The U.S. Department of Energy’s National Ignition Facility increased the yield of the experiment in recent attempts.
Read more Welcome back to Week in Review! We’ve got tons of news for you this week, including a hack at Coinbase; YC thinks Google is a ‘monopolist’; layoffs at Microsoft; and much more. Have a great weekend! Uh-oh: Coinbase says that customers’ personal information, including government-issued IDs, was stolen in a data breach. The hackers demanded […]
Read more Epic Games is escalating its efforts to pressure Apple to allow its game Fortnite into its App Store, with a new court filing asking Judge Yvonne Gonzalez Rogers to require that Apple “accept any compliant version of Fortnite onto the U.S. storefront of the App Store.” Epic and Apple have been engaged in a years-long […]
Read more 
Paraguayan law enforcement has deported three individuals and arrested another for attempting to steal crypto miners at a facility near the country’s Itaipu hydroelectric dam.
According to a May 15 statement from Paraguayan prosecutor Irene Rolón, the men were caught by police soon after breaking into a locked section of Teratech SA’s facility in Coronel Bogado, leading to their arrest.
Prosecutors believe the men may have had ties to Teratech as independent contractors, but are still waiting on official confirmation from the company’s CEO.
The three deported were Chinese nationals Jinping Duan, Tian Jianyun and Zheng Guanglong, who did not have official entry records into the country. Paraguayan authorities and Interpol believe the men illegally entered through Brazil or Bolivia.
The other person arrested, Nahun María Velázquez Garcete, is a legal resident in Paraguay but is believed to be part of a criminal organization.
He has been charged with aggravated theft and is currently in pretrial detention.
The arrested individual was hospitalized in critical condition soon after the arrest, but the injuries sustained weren’t disclosed.
Paraguayan officials believe other individuals were involved in the attempted theft and are working to identify those people. As such, the case is still under investigation.
Deportees may have been working illegally for months
Rolón believes the undocumented immigrants had been in Paraguay for several months and had come to work as programmers. However, it isn’t clear whether that work was performed for the company.
Paraguayan officials are waiting on a report from Teratech’s CEO to determine the exact nature of his relationship with the three men.
Related: Bitcoin miner Hive taps Paraguay for low-cost energy partnership
Paraguay is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.
The Itaipu dam has become a popular site for miners to set up, as it supplies all of Paraguay’s local electricity needs and leaves a large amount of excess electricity to tap into.
Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express
Key takeaways:
-
Traders expect a Bitcoin price pullback to $90,000, but a bull flag could break out to new highs if profit taking near the range highs reduces.
-
On-chain data suggests the current profit taking is too weak to extinguish Bitcoin’s current price momentum.
Bitcoin (BTC) price has spent the bulk of the week pinned below $104,000 to $105,000, which many analysts have labelled as a resistance zone, but an alternative view suggests that BTC is simply consolidating within a bull flag.
A bull flag is a continuation pattern that is characterized by a period of sideways price action following a sharp uptrend, and when the structure confirms or breaks from the trendline resistance, the uptrend continues.
While the range-bound trading portion of the flag is said to represent indecision from buyers and sellers, in this scenario, the absence of buy volume is the primary culprit. As shown in the TRDR.io chart below, Bitcoin’s explosive move to $105,900 from $74,400 was accompanied by large liquidations in the margin markets and robust spot volumes, which aligned with several days of billion-dollar spot BTC ETF inflows.
During this three-week period, several US-based and international companies also announced plans to purchase Bitcoin and establish BTC treasuries. The spot and futures cumulative volume delta, along with the open interest metric on the chart show traders selling near the range highs and the absence of new long leverage and significantly sized spot positions being opened in this area, whereas drops to range low (bull flag support) sees bids filled on the spot side, but there is still limited use of margin for fresh longs.
Bitcoin’s recent cool-down phase is a normal outcome after the near 40% recovery that started on April 8, and the loss of upward momentum resulting from profit-taking in futures markets near the current range high is also to be expected.
Bitcoin short-term holder supply profit and loss data from Glassnode supports this view, as shown in the chart below. The onchain data company highlighted profit taking for short-term traders but explained that it does not exceed the statistical norm, leaving room for further price upside.
“Recently, the magnitude of STH Realized Profit has surged to almost +3 standard deviations above its 90-day average, reflecting a notable uptick in profit realization. In past cycles, particularly during rallies towards the ATH, this metric has historically climbed to over +5 standard deviations of more. This signals that much stronger profit-taking pressure is often required to overwhelm the inflow demand.”
Related: Bitfinex Bitcoin longs total $6.8B while shorts stand at $25M — Time for BTC to rally?
Bitcoin should test underlying support before moving higher
With the bulk of Bitcoin’s apparent sell-side liquidity absorbed during the move to $105,000, some analysts warn that a brief flush down to test $100,000 to $90,000 as support could be the next move for BTC price.
Bitcoin market liquidity resource Material Indicators said, barring “a serious catalyst,“ […] BTC has a legit support test at $100K, and FireCharts show that the order book is priming for that with asks stacking and bids moving lower.”
Sharing his view with X followers, analyst Daan Crypto Trades said that the bulk of bullish and bearish narratives with the potential to impact Bitcoin’s price action have “cleared up” and he noted that BTC price has stalled near its all-time high while stocks have continued to rally after President Trump’s US-China trade deal was confirmed.
The analyst said that “$90K remains my long-term line in the sand for spot exposure,” adding that he is “cautiously bullish” with price above $90,000 but that is dependent upon how US equity markets perform in the short term.
“I would not be surprised to see a short-term flush if stocks were to roll over and make a higher low somewhere. Considering most stocks moved 30% to 50% in a single month, this wouldn’t be that crazy either.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.