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From Thailand to Korea, from ConsenSys to Binance, here are the crypto stories you may have missed this week.
Chinese National Arrested in Bangkok Over Alleged Crypto Scheme
Thai police arrested Chinese national Liang Ai-Bing in Bangkok in connection with an alleged $14 million cryptocurrency Ponzi scheme involving the “FINTOCH” platform. The arrest, made in the Wang Thonglang district, followed intelligence cooperation between Thai and Chinese authorities. An illegal firearm was also discovered during the raid, and authorities are coordinating Liang’s extradition to China.
- The FINTOCH platform, active from late 2022 to May 2023, allegedly promised 1% daily returns, falsely claimed backing by Morgan Stanley, and used an actor to pose as its CEO.
- On-chain analyst ZachXBT traced the platform’s May 2023 exit scam, identifying $31.6 million in USDT funds being moved across the Tron and Ethereum networks.
- Liang faces charges in Thailand for illegal firearm possession and unlawful entry as he awaits extradition.
KRWQ, the First Korean Won-Pegged Stablecoin on Base, Launched
IQ, in partnership with Frax, has announced the launch of KRWQ, a stablecoin pegged to the South Korean won (KRW). The companies stated it is the first Korean won-pegged stablecoin on Coinbase’s Ethereum Layer 2 network, Base. A KRWQ-USDC trading pair has been launched on the Aerodrome platform.
- KRWQ is not currently offered or marketed to residents of South Korea, as the country’s regulations for stablecoins are still under development.
- The token uses LayerZero’s Omnichain Fungible Token (OFT) standard and the Stargate bridge, enabling it to be transferred across multiple blockchains.
- Minting and redemption of the KRWQ stablecoin are restricted to eligible counterparties, such as institutional partners, exchanges, and market makers.
Consensys, the Ethereum software firm behind the MetaMask wallet, has reportedly hired JPMorgan and Goldman Sachs to lead a potential initial public offering, according to an Axios report citing unnamed sources. The company stated that while it continuously evaluates strategic options, it has “nothing to announce at this time.”
- Consensys, founded by Ethereum co-founder Joseph Lubin, last raised $450 million in 2022 at a $7 billion valuation.
- The IPO could reportedly take place as soon as 2026, though details regarding the size and valuation were not disclosed.
- In February, the U.S. Securities and Exchange Commission informed Consensys it would move to dismiss its lawsuit related to MetaMask’s staking features.
Memecoin Tied to CZ Statue Crashes 99% After Binance Founder Said “Don’t Buy”
A memecoin named “czstatue,” which was associated with a statue of Binance founder Changpeng “CZ” Zhao, experienced a 99% crash after Zhao publicly disavowed the project. Before collapsing, the token had risen 27,000% and generated $1.2 billion in trading volume. The crash followed Zhao’s tweet, “Don’t buy the meme.”
- Zhao stated that he did not appreciate the token, suspecting the creator “probably just wanted to make a quick buck,” and added he would “never accept a statue” of himself.
- Zhao was recently pardoned by U.S. President Donald Trump after serving four months in prison in 2024 for violating the Bank Secrecy Act.
- Following the crash, 1,177 holders still possessed the token, leading to speculation that the creator may have used a “honeypot” contract that only allowed buying.
Western Union to Launch USD Stablecoin on Solana
The Western Union Company (NYSE: WU) announced its plan to launch a new stablecoin, the U.S. Dollar Payment Token (USDPT). The stablecoin will be built on the Solana blockchain and issued by Anchorage Digital Bank. This initiative is part of a new “Digital Asset Network” designed to connect digital and fiat currencies.
- Western Union anticipates that USDPT will be available in the first half of 2026 and plans for it to be accessible via partner exchanges.
- The company is also launching a Digital Asset Network, which will partner with wallet providers to offer cash off-ramps for digital assets.
- The stablecoin aims to support the company’s treasury capabilities and expand money movement options for its customers, agents, and partners.
Trump Media & Technology Group, the company owning the Trump family’s media properties, announced a partnership with Crypto.com to develop a new prediction market product called “Truth Predict” for its Truth Social platform. Prediction markets are exchanges where users can bet on the outcomes of future events.
- According to the statement, Truth Social users will be able to bet on events including elections, inflation rate changes, sports, and commodity prices like gold and crude oil.
- This is the second partnership between the two companies; in August, Trump Media raised over $6 billion to acquire a supply of Cronos, the token issued by Crypto.com.
- The announcement follows increased investment in the prediction market sector, including a $2 billion investment by the New York Stock Exchange’s parent company into Polymarket.
Disclosure: AI has been used to assist in creating this story.
This article is published on BitPinas: Crypto News You May Have Missed | Oct. 26 – Nov. 1, 2025
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