加密货币Neutral

Blockchain Week’s OnlyFans scandal, Lonely Heart Scammed for $3.3M: Asia Express

Malaysia Blockchain Week meltdown over OnlyFans linked after-party, pig butchering scams net $9M in a week in Hong Kong and more. The week’s top crypto news in Asia Express.

YayaNewsFinancial news writer2026-08-04 10:45Updated: 2026-08-04 10:450 ViewsSource CoinTelegraph

YayaNews contributes financial news and market context through the YayaNews editorial workflow.

Malaysia Blockchain Week meltdown over OnlyFans linked after-party, pig butchering scams net $9M in a week in Hong Kong and more. The week’s top crypto news in Asia Express.

Blockchain Week’s OnlyFans scandal, Lonely Heart Scammed for $3.3M: Asia Express

DOGE

$0.07049

0.53%

TRX

$0.3291

0.86%

LINK

$8.20

1.22%

ZEC

$485.85

1.84%

ADA

$0.1929

3.63%

XRP

$1.07

0.41%

ETH

$1,868.46

0.12%

BTC

$63,880.68

1.15%

XMR

$362.48

0.54%

BNB

$591.33

0.90%

XLM

$0.1711

0.52%

SOL

$73.94

1.21%

HYPE

$54.43

4.06%

Written by

Andrew Fenton

staff editor

Reviewed by

Andrew Fenton

staff editor

Written by

Andrew Fenton

staff editor

Reviewed by

Andrew Fenton

staff editor

Malaysia Blockchain Week’s OnlyFans scandal, lonely heart scammed for $3.3M: Asia Express

Magazine

Published

Aug 4, 2026

Fake romance crypto investment scams net $9 million in a single week in Hong Kong, as Malaysian authorities lose it over a crypto conference’s after-party.

HONG KONG

Romance scams in Hong Kong net $9M in a single week

An insurance agent in Hong Kong was fleeced out of $3.3 million after her fake online boyfriend convinced her to invest in a fraudulent crypto application.

There were 25 similar romance-linked fraud cases reported to Hong Kong police between July 24 and July 30, which collectively defrauded lonely hearts of $9 million.

Scammers typically connect with victims through dating or messaging apps and sometimes spend months building a rapport before dropping the idea of investing in crypto. They direct victims to a site that appears to be a legitimate trading application. It displays fake profits to encourage victims to invest more and more funds. Victims typically realize they have been scammed when they are unable to withdraw funds.

Hong Kong news in brief

— Hong Kong-licensed cryptocurrency exchange HashKey Exchange received approval from JPMorgan Chase to open a client money account, its parent company

said

— A Vietnam-linked scheme called Fun Coffee that promised annual returns of up to 222% has imploded in Hong Kong. Authorities say it was a virtual currency scam.

MALAYSIA

Malaysia withdraws support for Blockchain Week after OnlyFans controversy

Fresh from booting out the Network School over hosting Israelis, Malaysia’s Government

withdrew its support for Malaysia Blockchain Week

over an after-party featuring an influencer previously known for adult content.

A conservative social media backlash erupted after promotional material for an after party featuring local DJ and actress Siew Pui Yi circulated.

She built up a large following on OnlyFans, but hasn’t been on the platform since 2022. That said, don’t go searching for her name on X if you are at work, as some pretty NSFW content shows up. She now 22 million followers on Instagram.

Event organizers were forced to apologize to the Ministry of Digital and the Malaysia Digital Economy Corporation, and cancelled the performance and scrubbed any mention of it from the website.

Source:

Javith

CHINA

Chinese newspaper warns of Bitcoin extortion scam using its name

China Business Journal, a state-affiliated newspaper, has warned that

fraudsters have been impersonating the publication

to extort companies by demanding Bitcoin in exchange for suppressing damaging reports.

The newspaper said scammers used a Proton Mail address to contact businesses, falsely claiming they had uncovered negative information through undercover investigations and threatening to publish the material unless paid in Bitcoin.

China news in brief:

— Researchers from China’s national police academy claim to have invented a new AI system that can

detect illegal

crypto transactions with nearly 90% accuracy.

—China detained 16 people for crypto money laundering tied to telecom fraud.

SINGAPORE

FalconX cuts 50% of Singapore staff amid prolonged crypto market slump: Report

Crypto prime brokerage FalconX

has laid off 10% of its global workforce

as it prepares for a prolonged downturn in the cryptocurrency market, Bloomberg reported Monday.

Citing people familiar with the matter, the publication reported FalconX is slashing staff and reshaping its strategy in Singapore by focusing on crypto derivatives trading. It plans to withdraw its license application with the Monetary Authority of Singapore. The company intends to maintain its presence in Asia while expanding its European business.

FalconX employed about 350 people across the United States, the United Kingdom, Singapore and Hong Kong before the layoffs.

Singapore news in brief

— Hashkey Holdings has signed an agreement to potentially acquire Singapore’s

APEX

, which is one of just three firms in the city state to hold both a brokerage and exchange license from MAS.

SOUTH KOREA

South Korea plans stablecoin rules as opposition pushes crypto tax repeal

South Korea’s Financial Services Commission (FSC) reportedly plans to

draft a consolidated Digital Asset Basic Act

in conjunction with the ruling Democratic Party.

The proposal would reportedly cover stablecoin issuance and circulation, digital asset business rules, exchange entry requirements, disclosures, internal controls and system-resilience standards.

At the moment, 10 separate digital asset and stablecoin bills are pending in Parliament, while disagreements have prevented South Korea from settling key elements of its second-stage crypto legislation.

Separately, the opposition’s bill to abolish Korea’s planned crypto taxes has moved to a committee. The Government this week vowed the changes would go into force on January 1 2027 despite being postponed on three other occasions.

Seoul, Source: Pexels

South Korea news in brief

— A report from Hashed and the Solana Policy institute recommends that South Korea should allow greater flexibility for stablecoin issuers, provide interim licensing guidance and phase in stablecoin regulation,

before completing its Digital Asset Basic Act

— South Korean cryptocurrency exchange Bithumb said Monday it plans to apply for a preliminary listing review in 2027 and

complete an initial public offering in 2028

—South Korea saw 560.3 billion won ($367 million) in stablecoin outflows to overseas exchanges in June, extending the country’s streak of monthly

net stablecoin outflows to 18 consecutive months

—South Korean police have formed a

41 member

crypto tracing and investigations unit focused on cracking down on drug trafficking via Telegram groups.

—A fake Flare Network staking scheme defrauded $8.5 million from 71 investors.

JAPAN

Bitget to exit Japan, close remaining positions after Dec. 31

Crypto exchange Bitget said it will

stop providing services to residents of Japan

and phase in account restrictions.

The exchange

announced

Monday that it had stopped accepting new registrations from residents of Japan, while account restrictions will begin Nov. 1. Any positions still open on Dec. 31 will be forcibly closed.

Japan news in brief:

— Japanese game developer Gumi is

launching an $18.3 million crypto asset fund

on Saturday with SBI Financial Services and backing from Daiwa Securities Group and other investors. The fund will invest primarily in Bitcoin and major altcoins, using staking, portfolio rebalancing and hedging strategies.

— Concerns over US Treasury markets

were behind the US decision to intervene in the Japanese yen

last week.

INDIA

News in brief:

— A Madras High Court Ruling has

recognized cryptocurrency as “property”

that is capable of being the subject of trust obligations.

— Binance APAC Head SB Sekar

argues

that India needs to develop its own rupee backed stablecoins to reduce dependence on USD backed coins like USDT and USDC.

Subscribe to daily byte-sized crypto news from Cointelegraph

Cointelegraph publishes long-form journalism, analysis and narrative reporting produced by Cointelegraph’s in-house editorial team with subject-matter expertise. All articles are edited and reviewed by Cointelegraph editors in line with our editorial standards. Some articles contain affiliate links, from which Cointelegraph may earn a commission. These relationships do not influence which products we review or our editorial conclusions. Content published in here does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate. Cointelegraph maintains full editorial independence.

Hong Kong

Singapore

China

Malaysia

Bitcoin