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The post China Strengthens Regulations Against Virtual Currency Crimes appeared on BitcoinEthereumNews.com. Key Points: China’s intensified effort targets virtual currencies and youth crime. Focus on stablecoins and money laundering implications. Regulatory measures prioritize economic and capital control. Amid rising speculation, China intensified its regulatory efforts against virtual currencies in late 2025, involving state institutions like the PBOC and a spotlight on stablecoins. This crackdown underscores China’s hardline stance on crypto, reinforcing digital yuan adoption while impacting global stablecoin markets visibly reliant on Chinese traders. China’s Crackdown Targets Youth and Stablecoins China has launched a significant regulatory campaign targeting virtual currencies. Key institutions such as the People’s Bank of China spearhead this effort, emphasizing cooperation across governmental departments. This initiative prioritizes the disruption of illegal financial operations involving virtual currencies. The regulatory focus targets stablecoins and their role in money laundering activities. By enhancing technical monitoring and prosecuting offenders, China aims to mitigate financial fraud and protect vulnerable youth populations from exploitation by criminal networks. Scholarly analysis highlights the targeting of marginalized youth, often lacking legal awareness. Pan Gongsheng, Governor of the People’s Bank of China, stated, “Virtual currencies lack the legal status of fiat money and cannot be used as currency in markets, and all related activities are deemed illegal financial operations.” – Caixin Global Implications and Market Reactions to China’s Moves Did you know? In 2024, 3,032 individuals were prosecuted in China for money laundering through virtual currencies, highlighting the government’s proactive stance against financial crimes. Bitcoin (BTC) currently stands at $89,608.50 with a market cap of $1.79 trillion. The cryptocurrency experienced a decline of 1.80% in the last 24 hours and 28.29% over 60 days, as reported by CoinMarketCap. The market dynamics reflect ongoing regulatory concerns and broader economic factors. Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 13:01 UTC on December 6, 2025. Source: CoinMarketCap Market responses denote heightened caution…

The post Genesis Hacker May Be Detained in Dubai After $243M Theft appeared on BitcoinEthereumNews.com. A British hacker linked to the theft of $243 million from lender Genesis may have been detained by law enforcement in Dubai, according to blockchain investigator ZachXBT. The researcher reported on his Telegram channel that the suspect is Danny Mitch, who also goes by Danish Zulfiqar (Khan). He added that cryptocurrency belonging to the suspect may have been seized. ZachXBT says approximately $18.58 million in assets can be traced to an Ethereum address associated with the individual. He notes that the wallet’s recent consolidation activity resembles patterns seen when authorities seize crypto funds. The researcher also claims that Zulfiqar was “last seen in Dubai” and that people who previously communicated with him have stopped responding. However, local Dubai media and official channels have not reported any arrests, searches, or seizures connected to this case. Background on One of Crypto’s Largest Individual Thefts The Genesis theft occurred in August 2024 and ranks among the largest known attacks against an individual. According to ZachXBT, the attackers posed as Google support staff and persuaded the victim to reset two-factor authentication on their Gemini account. Once inside, the attackers drained the account, withdrawing 4,064 BTC through multiple crypto services. ZachXBT previously tied the hack to three individuals known as Greavys, Wiz, and Box — later identified as Malone Lam, Vir Chetal, and Jandiel Serrano. His findings were forwarded to law enforcement, leading to multiple U.S. criminal cases linked to similar schemes. The U.S. Department of Justice has charged the group with fraud and extortion exceeding $260 million, detailing operations involving SIM swapping, social engineering, and physical access, with proceeds spent on luxury travel, cars, and entertainment. In a related matter, in May 2025, Genesis filed two lawsuits against Digital Currency Group (DCG) and its founder Barry Silbert, seeking $3.3 billion in damages. As authorities…

The post Russians keep mining crypto in the Caucasus despite strict ban appeared on BitcoinEthereumNews.com. Residents of a tiny Russian republic in the North Caucasus are persistently minting cryptocurrencies in defiance of stringent restrictions on the activity, local media revealed. Illegal mining has caused over a billion rubles’ worth of damage to utilities in Russia’s southernmost region this year alone. That’s despite an ongoing crackdown that already relies on high-tech surveillance and support from feared federal security agents. Russian Caucasians are not giving up on crypto mining A report from the Russian Southwest is clearly demonstrating how hard it is to eradicate an additional source of income for a population with few options to make a buck the legal way. Despite the strictest ban possible, people in the Kabardino-Balkarian Republic (KBR), a small region of less than a million inhabitants in the Russian Caucasus, are still mining on stolen electricity. The local power distribution company is constantly finding mining machines, often in the strangest of places, the Vesti Kavkaza wrote in an article before the weekend. Employees of the utility have just announced their latest catch – more than 20 mining rigs minting digital coins in abandoned buildings in one of the republic’s villages. They were placed in insulated boxes to suppress the noise and hide them well. Quoted by the RIA Novosti news agency, the local branch of Rosseti North Caucasus estimated that the operators of the recently discovered devices stole 764,000 kilowatt-hours of electricity from the state. That translates into over 5.8 million rubles (over $75,000) of financial losses, according to the calculations posted in a press release, which also detailed: “Specialists from Kabbalkenergo, stopped an electricity mining theft in the village of Stary Cherek in the Urvan District. Two dilapidated, non-residential buildings located on an abandoned site were illegally connected to the grid.” The organizers of such small-scale mining operations, which are…