Prince Group + forex finfluencers + Thai bribes
Weekly newsletter #13. Oct. 19, 2025.
- Scamurai -
Weekly newsletter #13. Oct. 19, 2025.
// Headlines
The U.S. Department of Justice has filed its largest-ever cryptocurrency forfeiture action, seizing around $15 billion in bitcoin linked to Cambodia-based Prince Holding Group and its founder, Chen Zhi, also known as Vincent Chen. According to the Oct. 14 indictment, Chen and the Prince Group ran extensive human trafficking and cyber-fraud operations in Cambodia where victims were held against their will and forced to carry out pig butchering scams, defrauding billions from victims around the world. Federal prosecutors also charged Chen with wire fraud and money laundering conspiracies tied to the alleged forced-labour scams in Cambodia. If convicted, he faces up to 40 years in prison.
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// Trio of UK finfluencers given 2027 court dates
Three British ‘finfluencers’ who touted luxury lifestyles to sell trading courses are set to face trial in 2027 after being charged with promoting high-risk financial products without authorisation, a London court decided last week.
Charles Hunter, 29, from Exeter; Kayan Kalipha, 35, from London; and Luke Desmaris, 30, from Harlow, each face a single count of unlawfully communicating an invitation to engage in investment activity under Section 21 of the Financial Services and Markets Act 2000. If convicted, they could face fines and up to two years in prison.
The FCA declined to comment to Scamurai on the ongoing cases but confirmed they form part of a broader crackdown on illegal financial promotions. Earlier this year, the regulator coordinated with nine overseas agencies in a sweeping operation that led to arrests, interviews and more than 650 social media takedown requests. It has also charged nine individuals in a separate case tied to an unauthorised foreign exchange scheme.
Its 2024 Financial Lives Survey found that nearly one-third of Britons sought investment guidance via Google, while social media platforms were the second most common source of financial advice. Only 9% of consumers, by contrast, received regulated financial advice.
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// Scamland
Seven men were busted in London for allegedly running a million-pound crypto fraud network, laundering investor funds through fake firms and shell wallets. The arrests mark a widening investigation by UK police into organised crypto scams.
Diplomatic fallout between South Korea and Cambodia has continued this week following the death of a South Korean student who was was kidnapped and murdered in Cambodia, allegedly by scammers tied to online fraud rings. Seoul is now demanding answers from the Cambodian government as further raids on compounds reveal dozens of South Korean nationals working in them.
Thailand’s digital minister claims he was offered a 40 million baht ($1.2 million) bribe to soften a crackdown on scam and gambling operations. He has not specified by whom.
Singapore’s sovereign wealth fund Temasek has hit back at claims that it has links to Prince Holdings, the company sanctioned this week by the U.S., saying it has no relationship with the company or its subsidiaries. It did have a a stake however in 17Live, which included sanctioned individual Chen Xiuling on its board.
// Hacks & dark markets
The latest version of BreachForums, a notorious marketplace for stolen data, has been seized in a joint operation by the FBI and French authorities. The site’s shutdown follows claims that hackers were planning to leak data stolen from Salesforce.
Auction house Sotheby’s has confirmed a data breach exposing personal information. The compromised data includes names, addresses and identity documents of employees.
// Podcast
Episode #6 of the Scamurai podcast features Anna Baydakov, a tech journalist who covers digital surveillance at Control, Spy, Delete.
// Big tech
TikTok plans to slash hundreds of UK content moderation jobs, sparking concern among MPs that the platform is retreating from user safety obligations. The move comes as new reports show its search algorithms are still pushing teenagers toward harmful and sexualised content.
Google says enforcing Australia’s proposed limits on teens’ social media use would be extremely difficult, arguing the law could undermine privacy and freedom online. The company insists that technical solutions can’t replace parental oversight or digital literacy as the Aussie government attempts to curb use of social media by teens.
Tony Blair and Nick Clegg reportedly hosted a private dinner in London giving Silicon Valley executives rare access to a UK government minister. The gathering has drawn criticism as another example of tech influence in policymaking.
OpenAI has announced a new well-being council to address criticism of ChatGPT’s psychological and ethical impact. The rollout was overshadowed by CEO Sam Altman’s admission that restrictions on adult content made the chatbot “less enjoyable”.
// Law & disorder
Clearview AI has been hit with a GDPR fine for improperly storing and processing facial recognition data in the EU. Regulators say the company repeatedly ignored data protection rules, leaving individuals exposed.
Investors in the collapsed Wirecard financial empire plan to abandon efforts to recover losses in the ongoing fraud litigation. The move signals frustration with the drawn-out court process and dwindling prospects of recouping funds, and comes as Austria mulls stripping former Wirecard CEO and international fugitive Jan Marsalek of his citizenship.
A new EU proposal seeks to set a digital minimum age of 16 for social media users. It follows similar moves by the governments in Australia and Malaysia.
// Digital rights
Scottish SNP leader John Swinney has vowed to block plans for UK-wide digital ID cards, calling the proposal “ludicrous”.
Germany is debating allowing police to use facial recognition for web searches, a proposal that has drawn criticism from privacy watchdogs.
UK regulators have fined 4Chan £20,000 for failing to remove illegal content from its platform.
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Tips, vitriol and all other messages should be directed to Callan Quinn at callan@scamurai.io.
Love this perspecive! It's just wild how deep these cyber-scams go. How do you even begin to track all these moving pieces?