Chainalysis: Asia Becomes a Major Disaster Area for Global Cryptocurrency Crime
A recent report from blockchain analysis company Chainalysis indicates that Asia is becoming a significant hotspot for global cryptocurrency-related crime.
Chainalysis pointed out that in Bitcoin theft cases, the Asia-Pacific region currently ranks second, only behind North America. Japan, Indonesia, and South Korea are among the countries with the highest number of victims, while the entire Asian region ranks third in terms of Ether losses.
Eric Jardine, Director of Cybercrime Research at Chainalysis, told the media (Decrypt) that criminals may attempt to launder money and cash out through any sufficiently liquid service.
He further pointed out that although there is a lack of systematic data, these cryptocurrency crime incidents do affect people's sense of trust. Frequent cryptocurrency hacking attacks may also weaken people's confidence in the cryptocurrency industry.
Asia's Cryptocurrency Crime Escalation: A Review of the Bybit Hacking and Philippine Murder Case
Recent major cases that have shocked the cryptocurrency community in Asia include a North Korean hacking group attacking the globally renowned cryptocurrency exchange Bybit, involving amounts as high as nearly $1.5 billion. This not only became the largest cryptocurrency theft in industry history but also accounted for 69% of the losses in the cryptocurrency industry in 2025, clearly demonstrating the scale of state-level threats.
Further Reading:
Bybit Hacking Incident Summary: Attacked by North Korean Hackers, Nearly $1.5 Billion Stolen
Another murder case that occurred in the Philippines is also noteworthy. In March 2024, Chinese-Filipino steel tycoon Anson Que and his driver were kidnapped in Bulacan, Philippines, and their bodies were later found in the nearby Rizal province, showing signs of being beaten to death.
Chainalysis's cooperation with the Philippine police investigation revealed that the kidnappers collected ransom through casino operators and cryptocurrency payment channels. Authorities initially estimated the ransom amount to be 20 million pesos but later confirmed that 200 million pesos (about $3.5 million) were laundered into cryptocurrency through the casino's electronic wallets and shell accounts.
Chainalysis's Director of Cybercrime Research points out that even if criminals believe they can launder money seamlessly through cryptocurrency, the immutability of blockchain technology becomes a powerful tool in investigating these cases. "Those who exploit others will not simply disappear into the digital shadows."
Source: trdcrft Asia's Cryptocurrency Crime Escalation: North Korean Hacking Group and Philippine Murder Case
By kidnapping wealthy individuals (potentially from the cryptocurrency sector or entrepreneurs) and extorting them for ransom in cryptocurrency, similar wrench attack cases are frequently reported worldwide.
For example, Festo Ivaibi, the founder of the cryptocurrency education project Mitroplus Labs in Uganda, was kidnapped near his home and forced to hand over cryptocurrency worth about $500,000 under the threat of a gun to his head.
Another scam frequently heard in Asia is the "Southeast Asia Fraud Park," where criminals use deception or kidnapping to force victims (piglets) to a park located in Myanmar or Cambodia, coercing them to engage in online fraud work, and these crimes often involve money laundering through cryptocurrency.
Further Reading:
US Sanctions Myanmar Warlord Pig Butchery! Establishes Cryptocurrency Scam Raking in Billions, Revealing Astonishing Criminal Structure
Decrypt: Seven Technological Protective Measures to Safeguard Asset Security
In the face of increasingly severe security threats, (Decrypt) previously suggested referencing seven technological protective methods.
For example, using multi-signature wallets can require multiple private keys to authorize transactions. Even if an attacker obtains one private key, they cannot force the transfer of assets, and coercive wallets and bait wallets are supported by many cryptocurrency wallets that can activate a balance-limited fake wallet under threat.
For detailed protective methods and introductions, you can refer to this article:
Frequent kidnappings related to cryptocurrency! How to protect yourself? These 7 technological means can be referenced.
Recently, Bitcoin has repeatedly hit new highs, gaining more public attention. Those in the cryptocurrency community should also pay more attention to personal safety, ideally keeping wealth discreet, reducing ostentatious behavior, and learning self-defense techniques, so that when threats arise, there are more opportunities to protect oneself and the safety of assets.
'Cryptocurrency community, be careful! Asia has become a hotspot for violent cryptocurrency crime; please do these things to protect your assets.' This article was first published in 'Crypto City.'
