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OKX subsidiary Aux Cayes FinTech Co. Ltd. (OKX Seychelles) reached a settlement with the U.S. Department of Justice, admitting to operating remittance services without authorization in the U.S. The company will pay an $84 million fine and forgo $421 million in revenue.…

OKX settles $84M fine with DoJ in the U.S. Global crypto exchange OKX announced that it has agreed to pay a fine of $84 million with the U.S. Department of Justice (DoJ) in connection with unlicensed money transfer charges. OKX outlined on its website that in the investigation conducted by the U.S. DoJ, OKX admitted that it did not obtain a license as a money transfer company. As part of the settlement, it agreed to pay a fine and give up the revenue of approximately $420 million earned from U.S. customers during that period.

Dover T. Braga, a 48-year-old Brazilian citizen, has been extradited from Switzerland to the United States to face a 13-count indictment for wire fraud and conspiracy related to a massive $290 million Bitcoin Ponzi scheme. Acting U.S. Attorney Teal Luthy Miller announced that Braga, who resided in Florida between 2016 and 2021, operated the fraudulent investment platform, deceiving investors worldwide. Braga is accused of running Trade Coin Club (TCC), a cryptocurrency trading platform that promised investors lucrative returns through a sophisticated trading algorithm. However, authorities claim TCC was nothing more than a Ponzi scheme, using funds from new investors to pay earlier ones while Braga and his associates siphoned off millions. According to court documents , Braga and his co-conspirators aggressively marketed TCC worldwide, including in Thailand, Nigeria, and Macau, falsely claiming the platform had over 126,000 members across 231 countries. Investors were led to believe they were making profits, but in reality, there was no legitimate trading activity, only a scheme designed to funnel funds into Braga’s pockets. Between 2016 and 2019, Braga allegedly misappropriated at least $50 million in (Bitcoin BTC) into accounts he controlled, while total investor losses reached approximately 82,000 Bitcoin (worth $290 million at the time). In addition to wire fraud, Braga faces charges of tax evasion for allegedly failing to report tens of millions in Bitcoin earnings to the IRS. In 2017, he received $30.5 million in Bitcoin but reported only $152,298 in income. The following year, he claimed just $73,473 in earnings despite receiving $13.1 million. In 2019, he declared only $72,870, even though he pocketed $10 million in Bitcoin. These discrepancies suggest that Braga deliberately concealed his cryptocurrency profits to evade taxation, further compounding his legal troubles. A grand jury indicted Braga in October 2022, but the case remained sealed until his arrest in Switzerland in 2024. Following extradition to the U.S., Braga appeared in U.S. District Court in Seattle, where he pleaded “Not Guilty” to all charges. His trial is scheduled for April 28, 2025, before Judge Tana Lin. If convicted, Braga faces a maximum 20-year prison sentence for wire fraud and conspiracy. Authorities continue to investigate whether additional accomplices were involved in the global cryptocurrency scam. The case marks a significant crackdown on crypto-related fraud and highlights the global effort to hold perpetrators accountable. As Braga awaits trial, federal authorities, including the FBI and IRS Criminal Investigation, continue working to recover lost funds and ensure justice for the victims of one of the most notorious Bitcoin Ponzi schemes in recent history.

Bybit Scammer Gets 10 Years Jail Sentence Ho Kai Xin, a 32-year-old from Singapore, has been sentenced to nearly 10 years in prison for defrauding the crypto exchange Bybit out of $4.2 million (S$5.7 million) in cryptocurrency. While working for Wechain Fintech, which processed payroll for Bybit, Ho manipulated Excel spreadsheets to falsely show USDT payments due to digital wallets under her control. 🚨 JUST IN: A Singaporean woman has been sentenced to nearly 10 years in jail for defrauding @Bybit_Official of over $4 million in crypto. Ho Kai Xin, 32 years old, exploited her role at Wechain Fintech, which processed payroll for Bybit, by manipulating Excel spreadsheets to… pic.twitter.com/1fBRpPEMyY — The Crypto Fool (@the_cryptofool) February 20, 2025 Over three months in 2022, millions were illicitly transferred, which she spent on luxury goods, including Louis Vuitton handbags, sunglasses, and a Mercedes-Benz. She also placed a $560,000 deposit on a multimillion-dollar penthouse. Prosecutors revealed that Ho became bolder after her initial embezzlement went unnoticed, even linking her crypto addresses to other employees’ names. Her fraudulent activities were uncovered in September 2022 when an executive noticed discrepancies in the payroll spreadsheet. Despite a court order to freeze her assets, Ho continued to lavishly spend the stolen funds, further compounding her crimes. Ho Awaiting Commencement of New Sentence When Current One Expires In January, Ho was sentenced to six weeks in jail for contempt of court after violating a civil court order prohibiting her from using funds she had embezzled. Despite the court's directive issued in October 2022, Ho spent nearly $840,000 between November and December of that year on a freehold penthouse and luxury Louis Vuitton items. The contempt charge stemmed from Bybit Fintech’s civil lawsuit to recover the stolen cryptocurrency. Ex-Bybit Payroll Employee Sentenced for $5.7M Crypto Theft A former employee of Wechain Fintech, Bybit’s payroll provider, has been sentenced to nearly 10 years in prison for embezzling $5.7 million, mostly in USDT. Between May and August 2022, she falsified payroll records,… pic.twitter.com/FbujPy9Yfl — Cryptol (@newscryptol) February 20, 2025 On 27 January, Ho was handed the short sentence, but this is just one part of her legal troubles. She now faces an additional nine years and 11 months in prison after pleading guilty to over a dozen charges. This sentence will begin after her current term expires. Upon her arrest, Ho falsely claimed a fictitious cousin, "Jason Teo," was responsible for the illegal transfers, a story that took police over 140 hours to debunk. Her defense attorney, James Gomez, requested a lighter sentence of eight years and eight months, citing her role as the mother of two young children. He said during the trial: "Her actions were a lapse in judgment, and she has since reflected deeply on the consequences they have had on her family, the victim and the justice system."

With not all information public, Arkham Intelligence, a blockchain analysis firm, has concluded that North Korea’s Lazarus group was responsible for the $1.46 billion hack on the Bybit exchange. On platform X, Arkham offered a bounty of 50,000 ARKM tokens, worth around $30,000, for anyone who could identify the attackers responsible for Friday’s hack. Not long after, Arkham announced that freelancer ZachXBT had provided “definite proof” that the North Korean hacking group was behind the hack. According to current information, Lazarus, North Korea’s elite state-sponsored hacking group, pulled off the largest hack in history on a centralized crypto exchange. The hack resulted in the withdrawal of Ethereum tokens amounting to around $1.5 billion. Ethereum security researchers are scrambling to investigate the incident to understand how the attack happened and whether the hack may spread to other exchanges. Within days, crypto enthusiast ZachXBT identified the Lazarus group as the likely culprit. Lazarus has been responsible for many of the top attacks on digital assets. Blockchain firm Nansen revealed that the attackers first withdrew the funds into a single wallet and then distributed them to multiple wallets. “Initially, the stolen funds were transferred to a primary wallet, which then distributed them across more than 40 wallets”, Nansen said. “The attackers converted all stETH, cmETH, and mETH to ETH before systematically transferring ETH in $27 million increments to over 10 additional wallets”. Ben Zhou, Bybit CEO, urged customers to remain calm and assured them that 80% of funds were recovered by using bridge loans to replace the stolen money. Despite the current bank run on Bybit, Zhou assured users that withdrawals would not be blocked and that customers would have access to their funds. Leveraging bridge loans allows Zhou to honour withdrawal requests. At this stage, the return of stolen tokens is highly unlikely. ZachXBT has yet to release all data pointing to the Lazarus group. He says his analysis involved tracking online connections between wallet addresses until, with the assistance of a colleague, he was able to narrow down the suspects to the North Korean hacking group. ZachXBT found a connection between the wallets used in the Bybit hack and the wallets used in the $85 million hack of Singapore-based exchange Phemex. At this stage, at least, the attack appears to be caused by Blind Signing, in which the smart contact is approved without complete knowledge of its contents. “This attack vector is quickly becoming the favorite form of cyber attack used by advanced threat actors, including North Korea”, said Blockaid’s CEO Ido Ben Natan. “It’s the same type of attack that was used in the Radiant Capital breach and the WazirX incident.” “The problem is that even with the best key management solutions, today most of the signing process is delegated to software interfaces that interact with dApps.” “This creates a critical vulnerability- it opens the door for malicious manipulation of the signing process, which is exactly what happened in this attack,” he said. The stolen funds are unlikely to be returned because North Korea does not have an extradition agreement with the United States. The North Korean hacking group was able to attain more money in this single hack than in all of its hacks last year. This hack contrasts with other previous large-scale attacks, such as the 2016 Bitfinex hack, in that the people behind this attack will likely get away with it and will most likely keep the stolen money. This shows that the American justice system is limited to countries with extradition agreements. Although America focuses on retrieving lost funds through tax, there’s not much they can do about large-scale hacks. Tom Robinson, Elliptic’s chief scientist, described the attack as the “largest crypto theft of all time.” “The next largest crypto theft would be the $611 million stolen from Poly Network in 2021. In fact it may even be the largest single theft of all time”. Bybit appears to be processing withdrawals just fine after their hack,” wrote Coinbase executive Conor Grogan. They have $20B+ in assets on the platform, and their cold wallets are untouched. “Given the isolated nature of the signing hack and how well capitalized Bybit is, I don’t expect there to be contagion.” “A minute into the FTX bankrun it was clear they had no funds to withdraw. I know everyone has PTSD but Bybit is not an FTX situation, if it was I would be screaming it out. They will be fine”. The Lazarus group’s history can be traced back to 2017 when they hacked South Korean exchanges and stole over $200 million in Bitcoin. Crypto bank robberies seem to be here to stay and will need to be a major focus within the crypto industry.