TRM Labs has appointed former Monetary Authority of Singapore official Ziqing Ang as Head of Policy for Asia-Pacific as the blockchain intelligence firm tracks more than $103 billion in adjusted crypto crime volume in 2025.

According to details shared with crypto.news, Ang will work with regulators, policymakers, law enforcement agencies and private institutions across Asia-Pacific, focusing on illicit financial networks and policy responses as governments develop rules for digital assets and artificial intelligence.

Her appointment comes as criminal groups across the region increasingly use cryptocurrency alongside new technology to run investment scams and other fraud operations. TRM tracked adjusted crypto crime volume rising from about $123 million in 2020 to more than $103 billion in 2025, while investment scams, including pig-butchering schemes, accounted for 62% of fraud inflows last year.

Generative AI has also become part of scam operations, according to TRM, which recorded a 40% increase in AI-enabled scam activity. The company has tracked uses ranging from deepfake recruitment videos to fabricated account dashboards as criminal groups incorporate the technology into operational infrastructure.

TRM Labs puts APAC policy under Ziqing Ang

With more than a decade of experience across regulation, financial markets and digital assets, Ang enters the position after working on both the government and private-sector sides of financial services.

She began her career at the Monetary Authority of Singapore, spending more than eight years across financial markets development and reserve management. During that period, Ang worked with industry and public-sector participants on initiatives involving Singapore’s capital markets and its role as an international financial center.

Her work at MAS later included managing fixed-income portfolios and contributing to macroeconomic and investment research connected with Singapore’s official foreign reserves.

After leaving the regulator, Ang joined Sygnum, which describes itself as the world’s first regulated digital asset bank, as vice president of business development. Her responsibilities there included supporting digital asset adoption among institutional and accredited investors.

Ang most recently served as chief business officer at Bright Point International Digital Assets, part of BPI Financial Group, where she led development of its over-the-counter brokerage operations. Her work covered licensing as well as the institutional infrastructure needed to support the business.

Ari Redbord, TRM Labs’ global head of policy, said Ang’s experience moving between the public and private sectors would support the company’s work with authorities and institutions in Asia-Pacific.

“This is a moment when the public and private sectors must come together to get ahead of the threats emerging in this region,” Redbord said. “Ziqing brings deep expertise and experience working across both the public and private sectors, and the credibility to bring regulators and industry together around this work.”

Hiring officials with regulatory backgrounds has also become common among digital asset companies expanding in Asia. In June, crypto.news previously reported that former TRM executive Angela Ang joined BitGo as managing director for APAC and president of BitGo Singapore after previously spending more than a decade at MAS.

Singapore tightens crypto licensing and oversight

Ang’s appointment also comes while Singapore continues to enforce its licensing rules for digital asset firms.

In May, MAS revoked Bsquared Technology’s Major Payment Institution license after identifying weaknesses in risk management, conflicts of interest and outsourcing arrangements. The regulator also found that the company had provided false or misleading information during its license application and subsequent inspection, with the Bsquared license revocation taking effect on May 14.

The regulator has separately continued using its Investor Alert List to identify companies that consumers could mistakenly view as regulated.

Bybit was added to the list in June, with MAS stating that the exchange was not licensed or regulated to provide services to users in Singapore.

Hyperliquid was also added to the list during the same month. The decentralized trading platform responded that it had never claimed to hold a Singapore license or authorization, while MAS clarified that inclusion on the list was not itself an enforcement action.

By July, Bitget had issued its own notice confirming that it did not hold a license, approval, registration or authorization from MAS and did not offer or target services to people in Singapore. The company also said Singapore remained a restricted market for its platform.

Ang said Asia-Pacific is reaching an important point in the development of rules covering both AI and digital assets.

“Asia-Pacific is at an important stage in how it regulates technology in the age of AI, and the decisions made over the next few years will shape the safety of the ecosystem,” she said.

“I’ve spent my career moving between regulators and the institutions they oversee, and I’ve seen how much good regulation and strong partnerships between the public and private sector can do.”

Crypto scam compounds remain an APAC enforcement target

TRM’s figures on investment fraud come as authorities continue pursuing scam networks operating across Southeast Asia, where pig-butchering operations have been linked to large compounds and human trafficking.

In March, the FBI and Thai police froze about $580 million in cryptocurrency and seized around 8,000 phones during a cross-border fraud operation targeting Southeast Asian pig-butchering groups accused of defrauding U.S. victims.

Authorities said organized groups operating industrial-scale compounds have used fake cryptocurrency investment platforms to obtain funds from victims. Some operations have also relied on trafficking victims who were forced to participate in online scams.

A separate investigation opened in India in July after reports that Indian nationals had been trafficked to Myanmar and forced to work inside crypto scam compounds. Police in Maharashtra registered a criminal case after the wife of a 24-year-old man said he had been taken near the Thailand-Myanmar border after accepting what he believed was a job in Bangkok.

Law enforcement cases have also documented how funds from pig-butchering schemes move through both conventional banking channels and cryptocurrency.

Chinese national Jingliang Su was sentenced to 46 months in a U.S. prison in January after pleading guilty in connection with a network that prosecutors said transferred more than $36.9 million from U.S. bank accounts before converting funds into USDT and sending the assets to Cambodia. Prosecutors said 174 victims had been targeted through social media, text messages and dating platforms and directed toward fake investment services that displayed fabricated profits.

Fake dashboards resembling legitimate trading platforms have also appeared in enforcement actions involving scam compounds. U.S. authorities previously seized a fraudulent website linked to an operation in Burma that displayed false deposits and fabricated investment returns while directing some victims toward malicious mobile applications.

TRM said generative AI is increasing the range of tools available to fraud networks, with deepfakes and fabricated interfaces becoming part of scam operations instead of remaining experimental uses of the technology.

TRM Labs expands its APAC compliance team

Alongside Ang’s appointment, TRM has been building out its regional policy and compliance personnel as governments develop digital asset frameworks.

The company appointed former MAS regulator Claudia Hui as Head of Compliance Advisory for APAC last month. TRM said the hire formed part of its expansion across policy, compliance and go-to-market operations in the region.

Ang said her new role would involve working directly with regulators, law enforcement agencies and industry participants as those frameworks develop.

“TRM’s focus on building a safer world is the kind of work I want to be part of, and I’m looking forward to working with regulators, law enforcement, and industry across the region to support responsible innovation,” she said.

WasabiCard is helping web3 businesses streamline global payroll by connecting stablecoin funding, fiat payouts, and card payments.

Web3 companies expand globally, their teams are increasingly distributed across countries and time zones, while corporate funds are often managed and moved on-chain in stablecoins such as USDT and USDC. As both teams and treasury operations become more global, efficiently and compliantly paying a distributed workforce is becoming an increasingly important consideration for web3 businesses looking to scale.

Traditional cross-border payroll often relies on banking networks and multiple intermediaries, involving different currencies, payment rails, and settlement processes. At the same time, simply transferring stablecoins to an employee’s wallet does not fully address how those funds can be converted into local currency, received in a personal bank account, and used for everyday expenses.

For global web3 businesses, the challenge is therefore no longer simply how to send stablecoins. It is how to connect on-chain funds with global fiat payment networks so employees can receive and use their salaries efficiently and compliantly.

Web3 payroll goes beyond stablecoin transfers

Stablecoins provide a new payment rail for global payroll. With 24/7 availability and faster settlement, they can reduce reliance on some of the intermediaries involved in traditional cross-border payments and improve the efficiency of distributing funds to teams across markets and time zones.

However, stablecoins are not simply a replacement for fiat payroll. Requirements around wage payment methods, employment, and taxation vary across jurisdictions, while employees ultimately need their salaries for rent, everyday spending, savings, and other real-world needs.

Scalable web3 payroll therefore requires infrastructure that connects stablecoins, fiat currencies, bank accounts, and card payment networks, with compliance and risk controls embedded throughout the payment flow.

WasabiCard: Building the rails from stablecoins to local fiats

To address the payroll needs of globally distributed web3 businesses, WasabiCard is working with regulated partners to bring stablecoin funding, global fiat payout rails, bank account payouts, and card payment capabilities into a unified payment infrastructure. The goal is to support the journey from stablecoin funding and batch payroll distribution to how employees ultimately receive and use their funds, where available and subject to applicable licensing, partner availability, jurisdictional restrictions, and product terms.

1. Aligning payroll with web3 treasury

Web3 businesses can use stablecoins such as USDT and USDC as a funding source for payroll and distribute funds to global teams through WasabiCard.

According to a 2026 industry analysis by international labor and employment law firm Ogletree Deakins, traditional international payroll can incur fees of 3%–8% and take days to process. Stablecoins, by comparison, can provide a faster and more cost-efficient way to move payroll funds across borders. Their 24/7 availability also makes them well suited to Web3 businesses operating across countries and time zones.

For companies already managing treasury in stablecoins, this creates a payroll model that is more closely aligned with how their funds are held and moved.

2. Global coverage across 200+ countries and regions

Stablecoin-funded payroll does not mean employees have to hold their salaries in digital assets.

WasabiCard’s payment capabilities cover 200+ countries and regions and support 30+ fiat currencies. Businesses can use USDT, USDC, and other supported stablecoins as a funding source for payroll, while employees can, subject to availability and through regulated banking partners, receive funds in supported local currencies directly into bank accounts held in their own names.

Beyond bank account payouts, employees can also access their funds through WasabiCard virtual or physical cards for online and in-store spending, as well as ATM withdrawals, giving them greater flexibility in how they use their salaries.

By connecting stablecoins with global fiat networks, bank accounts, and card payment rails, WasabiCard enables businesses to fund and distribute global payroll with stablecoins while giving employees the flexibility to receive and use their salaries through familiar local payment channels.

3. Scaling global payroll with batch payouts

As web3 teams grow from a handful of employees to hundreds of people across multiple markets, processing individual transfers becomes increasingly difficult to manage.

Through a unified API, batch payouts, and transaction management capabilities, WasabiCard enables businesses to manage payroll across multiple countries, currencies, and recipients without building and maintaining separate payout integrations for each market.

For web3 businesses and payroll platforms, global payroll can therefore be managed as a unified fund distribution operation rather than a collection of individual cross-border transfers.

4. Embedding compliance across the payment flow

Efficiency alone is not enough to scale web3 payroll globally. Compliance is equally important.

WasabiCard integrates KYB, KYC, KYT, and AML controls across key stages of the payment flow, including business onboarding, user verification, fund movement, and transaction execution, supporting appropriate verification and monitoring of businesses, recipients, and transactions.

By bringing compliance controls together with stablecoin payments and global payout capabilities, WasabiCard helps Web3 businesses manage the compliance requirements associated with cross-border payroll while improving the efficiency of global fund distribution.

Borderless Teams need borderless payroll

Web3 businesses are global by nature. As their teams continue to scale, payroll is evolving beyond simple on-chain transfers toward payment infrastructure that connects digital assets with the financial systems employees use every day.

Stablecoins make it possible to move funds efficiently across borders. Global payment infrastructure makes those funds accessible and usable by employees around the world.

By connecting stablecoins, fiat currencies, bank accounts, and card payment networks, WasabiCard is helping bridge on-chain treasury with real-world financial access, providing web3 businesses with a more efficient, flexible, compliant, and scalable infrastructure for global payroll.

About WasabiCard

WasabiCard is a global payment infrastructure platform enabling enterprises, fintechs, and internet-native businesses to issue cards, distribute payouts, and manage cross-border payments through stablecoin-powered financial infrastructure. Its platform supports global card issuing, multi-currency settlement, stablecoin funding, and embedded payment capabilities designed for modern global commerce. WasabiCard powers payment use cases across media buying, SaaS subscriptions, global payroll, treasury management, and digital financial applications.

Follow WasabiCard on X and LinkedIn for the latest updates on product developments, partnerships, and insights into the future of stablecoin-powered payments.

The event produced several eye-catching moments, including when humanoids beat human records at the high jump and the 400m. Just a few days before Ultra’s race, Lightning, a robot developed by phone company Honor, ran the 100m in 9.39 seconds, again thundering home quicker than Bolt.

But these tumbling records will likely be, in the pop cultural consciousness, eclipsed by something far more entertaining: tumbling robots. Along with the epic wins, there have been some seriously old-school, epic fails. One humanoid at the weightlifting event lost its balance with a weedy 15kg barbell, started jerking and slammed into the judges’ table, its helpless arms aloft, as if to say, “Why me?” Most memorably, a robot ended his dash by careering into a safety mat, Tom and Jerry style, before cartoonishly arching backward and setting on fire. Each spark was like a beautiful firework.

These slapstick scenes are deliciously satisfying. It’s deeply reassuring to watch robots fizzle out into smithereens. I myself have fond memories of watching the fire-hazard creations on Robot Wars in the U.K. (the successor to BattleBots in the U.S.) get shredded into shrapnel. This time, it’s a reassuring reminder that we can beat robot replicants at our own games. 

South Korean crypto exchange Bithumb has reportedly secured its first-instance court wins in two of four lawsuits aimed at recovering money from users who sold Bitcoin that was mistakenly credited to their accounts. The decisions, handed down by the Seoul Central District Court, mark another step in the exchange’s attempt to unwind a high-profile accounting error from February 2026.

According to a report by Chosun Biz, the court ruled in favor of Bithumb on Wednesday and Thursday in two separate cases. One decision covered a claim of 5 million won (about $3,600), while the other involved 194 million won (about $140,000). Two additional lawsuits—seeking roughly 14.8 million won (about $10,700) and 500 million won (about $362,000)—remain pending.

Key takeaways

• Bithumb won first-instance rulings in two lawsuits over alleged unjust enrichment tied to mistakenly credited Bitcoin balances.
• The court decisions relate to claims of 5 million won and 194 million won, while two other cases are still before the courts.
• Both cases reportedly proceeded through service by public notice because the exchange could not deliver documents to defendants via standard methods.
• The rulings support Bithumb’s broader recovery effort following its Feb. 6 promotional error involving 620,000 BTC.
• Separately, South Korea’s Financial Supervisory Service (FSS) has begun sanctions-related steps over the incident, though no final penalty has been announced.

Court wins follow Bithumb’s February crediting mistake

The dispute traces back to Bithumb’s February 6, 2026 promotional event, when the exchange intended to distribute rewards denominated in Korean won to a group of users. Cointelegraph previously reported that Bithumb confirmed the error after abnormal Bitcoin trades emerged following the promotion. The company said an employee mistakenly selected Bitcoin as the payment unit instead of Korean won, and credited customer accounts with 620,000 BTC.

At the time of the incident, the mistakenly credited Bitcoin was valued at more than $40 billion, according to the earlier reporting. Even though the amount was enormous on paper, Bithumb took steps to stop the fallout from spreading. Cointelegraph reported that Bithumb later stated it recovered 618,212 BTC (about 99.7% of the erroneously credited amount). However, some users had already converted part of the credited balances by selling 1,788 BTC before Bithumb froze the impacted accounts.

What the lawsuits are trying to recover

Rather than focusing exclusively on returning Bitcoin, the lawsuits reportedly sought cash proceeds derived from users’ sales of the credited funds. In March, Bithumb filed four unjust enrichment lawsuits against users who sold the mistakenly credited Bitcoin and did not return the proceeds, according to the earlier Cointelegraph coverage.

Chosun Biz’s latest report indicates that two cases have now reached first-instance outcomes favorable to Bithumb. The decisions cover different amounts—5 million won and 194 million won—suggesting the court is addressing specific user-by-user claims rather than issuing a single consolidated ruling for the entire promotional error.

The court also reportedly handled notice service via public notice in both cases. This occurred because standard methods for delivering documents were unsuccessful, meaning the procedural pathway relied on court-permitted service when defendants could not be reached through ordinary delivery attempts.

Bigger pressure on Bithumb from regulators

While the civil litigation moves through the courts, the exchange has also faced scrutiny from South Korea’s financial regulator. Cointelegraph previously reported that the Financial Supervisory Service (FSS) investigated Bithumb over the February 6 incident—specifically how the exchange could end up crediting customers with Bitcoin it did not hold.

In that earlier coverage, it was reported that the FSS sent Bithumb an inspection opinion in early August, formally triggering sanctions proceedings. However, as of the time Cointelegraph reached out for an update, there was no announced final penalty. Cointelegraph said it approached the Financial Services Commission (FSC) for additional information but did not receive a response by publication.

The combination of civil court actions and the regulator’s sanctions track is notable for investors and users because it underscores how operational mistakes in crypto market infrastructure can escalate into both contractual/legal disputes and formal oversight measures. Even if Bithumb ultimately recovers most of the misplaced assets, authorities can still assess whether internal controls, monitoring systems, and payment/crediting processes were adequate.

Other legal and compliance challenges add complexity

The Bitcoin crediting error is not the only legal pressure Bithumb has encountered this year. Cointelegraph reported that South Korean police raided Bithumb’s offices in June as part of an unrelated investigation into alleged hiring favoritism involving lawmaker Kim Byung-ki. In addition, Bithumb has been challenging a separate six-month partial business suspension tied to Anti-Money Laundering violations, with a Seoul court temporarily blocking the suspension order in April pending a decision on Bithumb’s challenge.

Against that backdrop, the outcome of the user recovery lawsuits may influence how Bithumb manages risk and customer-facing processes going forward. A pattern of first-instance wins could strengthen the exchange’s position in remaining pending cases, while any reversals on appeal would likely reignite uncertainty around how these errors are treated legally and practically.

Readers should watch next for what happens in the two remaining lawsuits still pending, as well as whether the FSS sanctions process concludes with a specific penalty or additional guidance. The resolution of these cases will also matter for broader market confidence in exchange internal controls, especially in a jurisdiction where regulators have shown willingness to pursue sanctions after operational failures.

South Korean cryptocurrency exchange Bithumb has reportedly won first-instance rulings in two lawsuits against its users to recover proceeds from Bitcoin it mistakenly credited to their accounts.

The Seoul Central District Court ruled for Bithumb on Wednesday and Thursday in two of four lawsuits against users who sold Bitcoin mistakenly credited to their accounts, according to a Chosun Biz report.

Thursday’s ruling concerned a claim for 194 million won ($140,000), while Wednesday’s covered a claim for 5 million won ($3,600). Two other lawsuits seeking about 14.8 million won ($10,700) and 500 million won ($362,000) remain pending.

Both cases proceeded through service by public notice because court documents could not be delivered to the defendants through ordinary methods, the report said.

The reported rulings advance Bithumb’s efforts to recover funds from its February error, when the exchange mistakenly credited 620,000 BTC, worth more than $40 billion at the time.

Bithumb goes after Bitcoin sale proceeds

Bithumb said the error occurred during a promotional event on Feb. 6, 2026, when it planned to distribute 620,000 won, or about $420 at the time, in rewards to 249 users. An employee mistakenly selected Bitcoin instead of Korean won as the payment unit and credited customer accounts with 620,000 BTC.

The exchange subsequently said it recovered 618,212 BTC, or 99.7% of the mistakenly credited amount. However, some users had already sold 1,788 BTC worth of the credited balances before Bithumb froze the affected accounts.

Related: Bithumb sets 2028 IPO timetable as it overhauls internal controls

Bithumb filed four unjust enrichment lawsuits in March against users who sold the mistakenly credited Bitcoin and did not return the proceeds. The company was reportedly seeking cash from those sales rather than Bitcoin.

FSS begins sanctions process over Bithumb error

South Korea’s Financial Supervisory Service (FSS) investigated Bithumb over the Feb. 6 Bitcoin error, focusing on how the exchange could credit customers with Bitcoin it did not hold. The regulator reportedly sent Bithumb an inspection opinion in early August, formally beginning sanctions proceedings, but no final penalty has been announced.

Cointelegraph approached South Korea’s Financial Services Commission (FSC), which oversees the FSS, for an update on the investigation and potential sanctions against Bithumb but did not receive a response by the time of publication.

Bithumb has faced other legal scrutiny this year. South Korean police raided its offices in June as part of an unrelated investigation into alleged hiring favoritism involving lawmaker Kim Byung-ki, while the company is challenging a separate six-month partial business suspension over Anti-Money Laundering violations. A Seoul court stayed the suspension in April pending a ruling in Bithumb’s challenge.

Magazine: Korean bank taps Ripple for payments, Pakistan opens crypto licensing: Asia Express

Binance founder Changpeng “CZ” Zhao backed Hong Kong as a potential Web3 and real-world asset hub during an August 27 book meeting in the city.

The event took place at Exchange Square in Central, according to the organizer. CZ discussed Hong Kong’s financial sector, tokenized securities and the development of decentralized exchanges. His comments represented personal forecasts rather than new Binance projects or investment commitments.

CZ says Hong Kong can connect finance with Web3

CZ said Hong Kong benefits from its status as a financial center, access to professionals from mainland China and established institutional relationships. He described Hong Kong and Web3 as a “powerful combination.”

He also named Dubai, Abu Dhabi and the U.S. as markets positioned to benefit from more supportive digital asset policies. These comments were assessments of their prospects. They did not include new licensing applications or expansion plans from Binance.

Hong Kong has introduced a broader regulatory structure covering exchanges, stablecoins and tokenized products. Its approach differs from mainland China, where authorities maintain tight restrictions on cryptocurrency trading and related activities.

The city’s policy direction has attracted financial institutions and asset managers. As crypto.news reported in its coverage of Hong Kong’s stablecoin and custody rules, regulators have sought to expand tokenized finance while retaining licensing and investor-protection requirements.

Hong Kong’s RWA market supports part of CZ’s forecast

CZ predicted that real-world assets would become a major area of Web3 development. He focused on tokenized securities, which can provide wider access beyond traditional market hours and national account systems.

He also described stablecoins as a form of RWA because they place claims linked to fiat currencies on blockchains. That description reflects a common industry classification, although the legal treatment of stablecoins differs between jurisdictions.

Hong Kong has already moved beyond small technical tests. The Securities and Futures Commission said 13 tokenized products were offered to the public as of March 2026. It subsequently introduced a framework covering tokenized products and their secondary-market trading.

The Hong Kong Monetary Authority is also operating EnsembleTX, the pilot phase of Project Ensemble. The pilot supports real-value transactions involving tokenized deposits and digital assets. It is scheduled to operate throughout 2026.

In related coverage, Franklin Templeton recently brought a tokenized U.S. government fund to HashKey, adding another distribution channel for regulated tokenized investments.

CZ expects DEX growth if U.S. pressure continues easing

CZ said decentralized exchanges have progressed from early platforms such as Uniswap and PancakeSwap to newer markets including Hyperliquid. He argued that better infrastructure and stronger user awareness have made DEXs more competitive.

He added that U.S. regulatory pressure appeared to have eased and said continued policy changes “may accelerate” DEX and broader crypto growth. That remains a forecast. Decentralized services can still face securities, commodities, sanctions and anti-money-laundering requirements, depending on their structure and operations.

The SEC and CFTC issued a joint crypto asset interpretation effective March 23. The agencies said clearer classifications could reduce perceived regulatory risk and encourage more U.S. activity. The document did not create a blanket exemption for DEX developers or interface operators.

Market data nevertheless show growing usage. As previously reported, DEX spot volume reached about 24% of covered centralized exchange volume in July. The comparison depends on the exchanges and methodology included.

Regulatory milestones will determine what happens next

Hong Kong’s next steps include implementing its tokenized product framework, continuing EnsembleTX and developing its licensed stablecoin market. Those programs will offer measurable evidence for or against CZ’s RWA forecast.

In the U.S., further SEC and CFTC rulemaking will determine whether decentralized platforms receive specific compliance routes. Until those rules are settled, claims that international DEXs can operate without full customer checks require jurisdiction-specific legal review.