According to local reports, a Chinese organization that exported fentanyl precursors to the U.S. was also involved in millionaire cryptocurrency fraud in Japan. The group issued a token linked to a domain similar to a Japanese fast-payments service, defrauding victims of millions of dollars.
Key Takeaways:
Nikkei found that a zksync.jp scam stole hundreds of millions of yen, linking Japan’s crypto fraud to drug markets.With over 120 transfers found, Hubei Amarvel Biotech next faces scrutiny over illicit drug market ties.The U.S. offers $5M for a Wuhan Yuangcheng leader, as the DEA next targets Japan’s transit markets.According to a Nikkei investigation, the group issued a fraudulent token called zksync.jp, using Japan’s internet domain prestige and the similarity of this domain with an existing payments system as a hook to get unsuspecting users to invest in its platform.
The group used a cover company, identified as Firsky, in Japan, that was linked to the Chinese chemical manufacturer Hubei Amarvel Biotech, whose two executives were convicted in the U.S. last year due to its close ties with Chinese drug lords.
The losses reported by the victims amounted to hundreds of millions of yen, or millions of dollars.
