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South Korea promotes new regulations for telecom financial fraud prevention, with encrypted assets included in the scope of victim compensation

According to Etoday, the Financial Services Commission of South Korea has announced a draft amendment to the "Special Law on Preventing Telecom Financial Fraud and Returning Victim Funds," planning to include funds from phone scams that are transferred to crypto assets within the scope of victim compensation, and to clarify the standards for the return and valuation of crypto assets. The relevant regulations are expected to officially take effect on October 1.According to the new regulations, if the frozen assets are cryptocurrencies, victims will generally be compensated based on the type and quantity of assets; if the defrauded assets differ in form from the frozen assets, compensation will be made in the form of assets that existed at the time the account was frozen. In cases where cash and crypto assets are mixed, the regulatory authorities will value the crypto assets based on the market price at the time of freezing to determine the final compensation amount.The Financial Services Commission of South Korea stated that clarifying the form of returned assets and the timing of valuation will help achieve faster and fairer compensation in complex cases involving mixed funds from multiple victims. It is reported that the public consultation for the draft amendment will continue until August 24.

Myanmar's electric fraud AI industrialization exposed: Starlink becomes a key infrastructure, with encrypted payments and OpenAI/Google models included in the toolchain

According to a report from Hongxing News, an investigation report leaked from a scam park in Myanmar shows that global telecom fraud is accelerating towards an "AI industrialization + cross-border encrypted payment" system. The scam network completes fund circulation through cryptocurrency and uses automated tools based on large models for multi-language script generation, identity disguise, and emotional manipulation.According to the investigation analysis, these systems extensively utilize OpenAI's ChatGPT and Google's Gemini at the functional level to support "scaled social fraud." The funding side achieves rapid laundering and transfer through on-chain payments and cross-border channels, forming a dual structure of "AI customer acquisition + encrypted settlement," which gives the fraud industry a high degree of automation and transnational diffusion capability. In addition, Starlink, owned by Musk, has become the number one network service provider for the scam park in Myanmar, with American ISP providers carrying nearly one-fifth of the park's traffic.In response to the related accusations, OpenAI stated that the behavior of scammers using ChatGPT is highly similar to that of ordinary users, making identification difficult. However, they have banned about 100,000 suspicious accounts monthly through behavioral pattern recognition and risk control systems. Google stated that its AI models have safety barriers in place and emphasized its commitment to "responsible AI development" to limit the tools' use for fraud and other illegal purposes.

The cumulative recharge amount of encrypted payment cards has surpassed 10 billion USD for the first time, driven by the growth of stablecoin applications

Paymentscan data shows that the total recharge amount of cryptocurrency payment cards has surpassed $10 billion for the first time, reaching approximately $10.33 billion, an increase of 82% since the beginning of the year and about 250% year-on-year. This data reflects the cumulative recharge scale of cryptocurrency payment cards and related payment projects, rather than the trading volume of cryptocurrency exchanges.Reports indicate that stablecoins are becoming the main driving force behind the popularity of cryptocurrency payment cards. Compared to volatile assets like Bitcoin, stablecoins can complete payment settlements through traditional card networks, lowering the access threshold for merchants and making them more suitable for cross-border payments, remittances, and daily consumption scenarios in high-inflation areas.As payment companies, cryptocurrency exchanges, and asset management institutions continue to improve stablecoin infrastructure, cryptocurrency payment cards are gradually becoming an important gateway connecting digital assets to real-world consumption. However, as the scale of application expands, regulatory agencies will also pay more attention to issues such as consumer protection, sanctions screening, tax reporting, reserve asset transparency, and transaction monitoring.
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