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Singapore's largest money laundering case suspect Wang Shuiming may be extradited to China, with his accomplice being the mastermind behind the Hong Kong crypto platform scam AAX.

2025.03.04 00:16:16

On March 4th, as reported by NetEase's PingWest Team, Wang Shuiming, who is from Anxi, Fujian and was involved in Singapore's largest money laundering case, has been arrested in Montenegro and is set to be extradited back to China. Wang Shuiming's partner, Su Weiyi, has been confirmed to be the mastermind behind the Hong Kong cryptocurrency exchange scam AAX and was apprehended by the Hong Kong police in July 2024. In November 2022, the Atom Asset Exchange suddenly suspended withdrawals and subsequently shut down, with Su Weiyi absconding with 16.74 million Hong Kong dollars (approximately 15.675 million yuan) in funds. In July 2024, Su Weiyi was arrested by the Hong Kong police. It is worth noting that Su Weiyi, along with other partners, owns other companies that have connections to convicted Filipino-Chinese former mayor Alice Guo.
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STONK rose more than 27% in the past 24 hours, with a current market capitalization of $236 million.

According to GMGN market data, the platform token STONK of Solana-based token launch platform StonkFun currently has a market capitalization of approximately $236 million, with a 24-hour rise of 27%, trading at $0.291, and a 24-hour trading volume of around $29.8 million.

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Mark Zuckerberg launches another business line: Meta rolls out its full suite of AI offerings to enterprises.

Beating AI News Flash: Meta has announced the launch of the Meta Enterprise Platform, bringing its existing AI products and technologies—including Muse, Meta Business Agent, Muse API, and Muse Code—to enterprises and developers. Mark Zuckerberg called this Meta's "next major business pillar". The tech giant has also poached Chirantan "CJ" Desai, former CEO of MongoDB, to serve as Chief Enterprise Platform Officer, reporting directly to Zuckerberg. Following the announcement, MongoDB's stock price dropped by around 18% during intraday trading. Meta has not yet disclosed a unified format or pricing for its enterprise products, only noting that the first phase will deliver its existing AI tech stack to enterprises and developers. A new enterprise AI business line has been confirmed for now, while specific product combinations and pricing details remain unelaborated.

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Former Dragonfly partner Omar Kanji joins Brevan Howard

Former Dragonfly partner Omar Kanji has officially joined alternative investment management platform Brevan Howard as Head of Growth Investments for Digital Assets and Portfolio Manager, and will remain based in New York. Kanji previously announced his departure from Dragonfly on September 1, bringing an end to his four-year tenure at the firm.

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Tom Lee: Crypto Market Has Entered a Bull Market Phase

At the 2026 Korea Blockchain Week, Tom Lee stated that the cryptocurrency market has entered a bull market phase. Bitcoin has broken through its 200-day moving average, institutional investor inflows have increased again, tokenization is growing increasingly widespread, intergenerational wealth transfers are becoming more convenient, and AI agents are starting to transact using digital currencies.

6 minutes ago

U.S. state of Illinois plans to roll out detailed implementing rules for digital asset taxation, including stablecoins in its taxable scope.

The Illinois Department of Revenue has released draft rules defining the implementation scope of the 0.2% digital asset transaction tax already enacted into law. The draft classifies stablecoins as taxable digital assets, while non-fungible tokens (NFTs) are exempt. Decentralized finance (DeFi) transactions are generally tax-free, but transactions involving protocol fees for platform operation and maintenance remain taxable; network fees and exchange fees paid exclusively to liquidity providers are not subject to tax. Furthermore, cross-chain bridging activities conducted via brokers, and self-custody wallet withdrawals where centralized exchanges charge fees will also be included in the tax scope. The bill is scheduled to take effect on January 1, 2027, with the public comment period closing on October 30.

6 minutes ago

HSBC has announced that its Hong Kong stablecoin will be named "HSBC RedCoin", and plans to launch it in phases.

According to official announcements, HSBC has revealed that its upcoming Hong Kong-based stablecoin will be named HSBC RedCoin, with a phased rollout plan. The initial phase will focus on peer-to-peer (P2P) transfers and peer-to-merchant (P2M) payments, before expanding to corporate and institutional use cases. HSBC also released a new survey of over 1,000 local customers, which found strong market interest and readiness for the stablecoin. Among respondents, 74% are familiar with at least one stablecoin use case. The top use cases are digital asset trading and tokenized investment (57%), followed by personal transfers (53%), cross-border remittances (52%), and merchant payments (52%).

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