Thai scammer's $122M wallet, Japan embraces crypto credit: Asia Express
Interpol said Thai authorities arrested two suspects in a romance-scam laundering network that moved more than $122.5 million in 10 months, using cross-chain crypto swaps to hide proceeds. The arrests were part of Operation First Light 2026, a 97-country campaign that led to 5,811 arrests and $293 million in seized illicit assets tied to fraud and laundering. Other major Asia crypto developments: Hyundai completed a cross-border treasury pilot using USDT on Avalanche, settling a $20,000 transfer in about seven minutes versus hours for a bank transfer. In Japan, SBI VC Trade will offer yen stablecoin lending at a 3% annualized rate, CRYL launched Bitcoin-backed loans up to 1 billion yen, and Metaplanet is studying Bitcoin-backed digital credit with JPYC and Progmat. Lawson will test yen stablecoin payments at a Tokyo store. Hong Kong ordered stronger phishing-resistant security for crypto platforms. The Bank of Korea reaffirmed support for bank-led won stablecoin issuance. Binance says some regulators have invited new license applications after MiCA setbacks.
