Crypto Titan Falls: Ex-Binance Exec Held in $15M Fraud Probe

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📈 Preview On Today’s News:

1. - Crypto Titan Falls: Ex-Binance Exec Held in $15M Fraud Probe

2. - Silent Scan: Coinbase Sued Over Secret Biometric Data Collection

3. - Crypto Shadows: Hong Kong Police Dismantle $15M Laundering Syndicate

Keep reading below for more!

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Today’s News:

1)

Crypto Titan Falls: Ex-Binance Exec Held in $15M Fraud Probe

Vladimir Smerkis, former head of Binance's operations in the CIS region, has been detained in Moscow over allegations of orchestrating a $15 million fraud tied to earlier ventures, including The Token Fund and Tokenbox. Though Smerkis recently resigned from his role at crypto gaming platform Blum, the company has publicly distanced itself, asserting no operational disruptions following his arrest. Despite the high-profile nature of the case, major crypto markets have remained largely unaffected. This incident adds to the growing list of fraud cases haunting the crypto space, underscoring the persistent risks tied to speculative investment schemes.

• Vladimir Smerkis, ex-Binance CIS head, was arrested over a $15M fraud linked to failed projects The Token Fund and Tokenbox.

• Crypto markets remain stable post-arrest, with Blum distancing itself and continuing operations unaffected by Smerkis’s legal troubles.

2)

Silent Scan: Coinbase Sued Over Secret Biometric Data Collection

Coinbase is facing a class-action lawsuit in Illinois over alleged violations of the state’s Biometric Information Privacy Act (BIPA). Filed on May 13, the suit claims the crypto exchange collected, stored, and shared users’ biometric data—specifically faceprints—without obtaining informed written consent or providing details on data retention policies. Plaintiffs argue that Coinbase’s identity verification process, involving selfies and third-party facial recognition vendors, violates BIPA and consumer fraud laws. With over 10,000 arbitration demands reportedly dismissed due to unpaid fees by Coinbase, the plaintiffs are seeking damages of up to $5,000 per violation and additional injunctive relief.

• Coinbase allegedly collected and shared users' facial biometric data via third-party vendors without proper consent or disclosure, violating Illinois privacy laws.

• The class-action suit demands financial penalties and claims over 10,000 arbitration filings were dismissed due to Coinbase's refusal to cover arbitration fees.

3)

Crypto Shadows: Hong Kong Police Dismantle $15M Laundering Syndicate

In a major blow to crypto crime, Hong Kong authorities arrested 12 individuals tied to a $15 million cryptocurrency laundering operation. The syndicate exploited traditional banking systems and over-the-counter exchanges to obscure illicit earnings by converting them into crypto, using fictitious accounts and hundreds of ATM cards to mask the trail. Raids led by the Commercial Crime Bureau uncovered vital evidence, including digital storage devices and cash, confirming the gang’s tactics. Officials stressed that this case highlights the growing sophistication of digital financial crime and the urgent need for tighter regulation. In response, regulators are preparing to strengthen oversight of crypto platforms and enforce stricter identity verification measures to prevent further abuse.

• 12 suspects were arrested in Hong Kong for laundering $15 million through crypto, using fake accounts and over 560 ATM cards to hide the financial trail.

• Authorities plan to increase regulatory oversight and KYC requirements to combat the rising complexity of crypto-enabled financial crimes.

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