Asia Express | Crypto

Chinese state-backed think tank highlights Bitcoin as a reserve asset against USD, Sony’s online bank launches new crypto unit. Asia Express. The International Monetary Institution (IMI), Chinas state-backed finance think tank, has republished an article that quietly elevates Bitcoin in the reserve asset debate. The report by former White House economist Matthew Ferranti, originally published in October by the Bitcoin Policy Institute, argues that Bitcoin can serve as a hedge for central banks in developing economies, particularly those exposed to US dollar weaponization. It was republished by the IMI on its official WeChat account on May 28 with an editorial note stating Bitcoins rise as a reserve asset deserves continued attention. The IMIs editorial note lays out that the appeal of US dollar assets is waning due to deficits, inflation and falling real yields. As a result, gold faces new challenges and Bitcoin is emerging as a serious contender for strategic reserves. Read more

Viral footage of a YouTuber’s crypto scam hub expose stunt in the Philippines notches 2.7M views, Kakao uncovers 70K scam apps. Asia Express. The Philippines’ Cybercrime Investigation and Coordinating Center (CICC) has launched an official investigation into a suspected scam operation based in the island city of Cebu, following a viral expos by YouTube content creator mrwn. In a 23-minute video that has garnered over 2.7 million views on YouTube and is spreading rapidly across social media, mrwn reveals how he hacked into the scam centers computers and CCTV system, exposing what appears to be a fraud ring operating out of a call center-style office. According to mrwn, the operation is estimated to earn $800,000 annually, with agents defrauding victims overseas through various methods, including stealing credit card data and coercing victims to transfer cryptocurrency via Bitcoin ATMs. Read more

Binance Wallet “killing” competition and airdrops, K-drama actress embezzles $3M, Chinese firm to issue RWAs in Hong Kong. Asia Express. Cryptocurrency exchange Binances wallet has surged out of nowhere in 2025 to become the dominant in the industry. It closed the week starting on May 5 with an 86% share of the swap market, and so far, in the week starting on May 12, its at 93%, according to Dune Analytics data. At the first full week of the year, Binance Wallet controlled a measly 3.4% while OKX led the industry with 44.6% of the market, with MetaMask and imToken each at around 18.5%. Read more

Publicity stunt master Justin Sun is finally blasting into space on Blue Origin — and you can join him. Vietnam’s new TradFi L1. Asia Express. Crypto exchange HTX (formerly Huobi) said it will send one user a $6 million ticket to blast off to space alongside Justin Sun in July 2025. The campaign will select five additional finalists to join seven previous winners to form a 12-person shortlist. One person will ultimately be chosen to participate in the commercial spaceflight. The exchange has actually been talking about doing this since 2021 when Sun was revealed as the winner of a $28 million auction for a ten minute trip into space. It’s unclear why the trip itself has been delayed so long, but scheduling conflicts have been cited. One bonus for Sun, is that he’s received four years of publicity about the very, very expensive promotion. The latest announcement comes amid renewed scrutiny of space tourism, following Blue Origins NS-31 mission in April that sent pop star Katy Perry, TV host Gayle King, and Jef...

Investors ignore warnings as porn star’s Mikami memecoin raises millions, Alibaba subsidiary’s Ethereum L2 promises 100,000 TPS. Asia Express. Japanese porn star and pop singer Yua Mikami has launched a new memecoin project on Solana, raising more than $2.9 million (over 19,000 SOL) in its presale at the time of writing, despite mounting concerns over its management. The presale was announced on Mikamis X account, which boasts 8.2 million followers. She did not promote the project on her other major social platforms, TikTok and Instagram, which are followed by 4.5 million and 3.7 million accounts, respectively. Blockchain analyst EmberCN raised several red flags. The presale doesnt have a fixed exchange rate or fundraising cap, meaning investors receive a share of the 20% token allocation based on how much is raised. EmberCN also observed that some participants sent SOL directly from centralized exchanges, despite explicit warnings not to do so. Since the project also lacks a refund mechanism, those users may...

Korea’s “cage pumping” crypto market manipulation, Chinese exchange grooming scandal, 67K scammed in Indian pig butchering con. Asia Express. Major cryptocurrency exchanges are under fire over allegations that they gave leveraged platform-locked funds to university students in China to encourage speculative trading. The controversy has drawn comparisons to the countrys campus lending scandal nearly a decade ago, when students burdened with debt were offered exploitative naked loans in exchange for nude pictures as collateral. Bruce Xu, co-founder of ETHPanda, claimed that centralized exchanges were giving students non-withdrawable trial funds for futures trading. Profits could be kept, and students who posted high-return screenshots on WeChat were reportedly offered additional rewards. Xu called the model a way of grooming the next generation of gambling degens. Crypto media outlet BlockBeats called on all exchanges to halt any trial fund promotions targeting students, describing the campaigns as exploitative...

South Korean police bust illegal gaming arcade LARPing as a legit Bitcoin mine, fake soldiers rob women of crypto in China. Asia Express. In a scam that combined a fake relationship, fake crypto and real doorbells, a woman in Xuzhou, a city in eastern Chinas Jiangsu Province, lost over $55,000 to a man who pitched USDT investments and sent a cash collector to her home. Five suspects have been arrested and the investigation is ongoing. According to a notice published via the official WeChat account of the local police, the victim was first contacted by a man claiming to be an active-duty soldier. He gained her trust by invoking military rules that supposedly prohibited the use of WeChat, and directed her to download a separate app for private communication. As their conversations grew more frequent and familiar, the man shared a fabricated story about a friend who had joined the state-run Tobacco bureau after retiring from the military and had access to internal data. He claimed they had already earned substan...

Chinese influencer denies links to honeytrap scam after promising sex to any Bitcoiner, BTS firm’s $350 blockchain revenue: Asia Express. A viral crypto influencers spend the night with BTC holders stunt has taken a dark turn after Chinese media linked her profile to a real-life extortion case. On March 25, Sina Finance reported that in 2024, a software engineer in Chengdu was ambushed and robbed of 6 BTC by a criminal gang posing as a female crypto trader named Bitcoin Conger. The group had allegedly lured the victim through an X profile that promised sexual favors after months of online communications. Once the victim agreed to meet at a high-end hotel in Chengdu, the perpetrators reportedly used fabricated evidence to threaten the victims reputation, ultimately extorting a 6 BTC transfer. Read more