Cybercrime

Binance faces new investigation in France over alleged crimes

French prosecutors have launched a new investigation into Binance, marking the second time authorities have scrutinised the crypto exchange. The probe includes allegations of drug trafficking, money laundering, and tax evasion, with possible additional charges yet to be disclosed. This follows an earlier inquiry in 2023 over suspected financial crimes linked to the platform.

Regulators worldwide have tightened their grip on cryptocurrency firms after the collapse of FTX and other high-profile failures. Binance has faced mounting legal challenges, including a record $4.3 billion settlement with US authorities. Despite leadership changes, including the resignation of founder Changpeng Zhao, the company remains under regulatory pressure.

As Binance navigates legal battles across multiple jurisdictions, its future in key markets remains uncertain. The latest investigation in France adds to the exchange’s ongoing struggles, reinforcing the global crackdown on crypto platforms accused of financial misconduct.

TRUMP meme coin hype fuels wave of crypto scams

The launch of the TRUMP meme coin has drawn massive attention, reaching a $72 billion market cap in just two days. The excitement has also unleashed a wave of fraudulent activity, with over 6,800 fake tokens and 91 malicious decentralised applications (dApps) flooding the market, according to blockchain forensic firm Blockaid.

Scammers capitalised on the hype surrounding TRUMP, creating counterfeit tokens and applications designed to mimic the original coin. The surge in fake assets, particularly on networks like Solana and Ethereum, has made it increasingly difficult for investors to distinguish legitimate tokens from malicious ones. The scheme extended to tokens referencing Trump family members, further complicating the situation.

Blockaid has worked to shield users from these threats, blocking hundreds of interactions with fake assets since the TRUMP token’s release. While cryptocurrency’s decentralised nature empowers users, it also provides opportunities for bad actors, underscoring the ongoing need for vigilance and robust scam prevention efforts.

Polish game developer hit by cyberattack demanding ransom

Big Cheese Studio, a game development studio based in Poland, confirmed it suffered a cyberattack early Friday, according to the Polish Press Agency (PAP). The attack occurred around 4:00 GMT, and the company’s website remained offline several hours later. Management stated that security measures were in place, with an official statement expected later in the day.

Reports indicate hackers accessed the studio’s game code systems and employee personal data. The attackers are allegedly demanding 100,000 zlotys (£19,000) in cryptocurrency to prevent the release of stolen information. Users on social media platform X brought attention to the ransom threat, sparking concerns over data privacy and security.

Big Cheese Studio, listed on the Warsaw Stock Exchange, is working to address the breach. The incident underscores growing risks faced by companies in the gaming industry from cyber threats.

Denmark warns of cyber threats to its water infrastructure

Denmark’s national Centre for Cybersecurity (Center for Cybersikkerhed, CCS) has identified a ‘very high’ risk of cyberattacks targeting the country’s water infrastructure following its first official assessment of threats to the sector.

According to CCS acting head Mark Fiedel, the water sector plays a vital role within Denmark’s critical infrastructure, highlighting the potential impacts of disruptions to drinking water supplies.

As an example of the risks faced by the sector, Fiedel noted an incident in December 2024 when hackers accessed a small water plant in Denmark, resulting in a temporary disruption of water services for approximately 50 households.

CCS classifies cyber threats into various categories, including cybercrime, which poses the significant risk to critical infrastructure. Ransomware attacks are among the identified threats, and in 2021, a water plant in Kalundborg reported a ransomware attack that briefly locked technicians out of IT systems.

Japan introduces active cyber defence bill to strengthen national security

Among the 59 bills to be introduced to the Japanese government’s review this year within next 150 days, the Active Cyber Defense Legislation stands out due to its importance for Japan’s national security.

This bill, presented to the Liberal Democratic Party (LDP) on January 16 and swiftly approved, is part of an effort to bolster Japan’s cybersecurity capabilities. We also earlier reported that Japan’s Liberal Democratic Party proposed an ‘active cyber defence’ system, allowing the government to collect telecom metadata to detect and prevent cyberattacks as part of broader national security reforms to strengthen the country’s cybersecurity capabilities.

The proposed legislation includes three main components: improving collaboration between the public and private sectors, allowing the government to access telecommunications data in cases of suspected cyberattacks, and enabling the neutralisation of attackers’ servers. Critical infrastructure sectors such as energy, transportation, and telecommunications would be required to report cyber incidents, with the government offering guidance on damage control and prevention.

The bill also grants the government the ability to monitor specific communications between Japan and foreign nations, but limits this to non-content data to address privacy concerns. In the event of a major cyberattack, the Self-Defense Forces (SDF) may be deployed to defend critical systems.

Although the bill has received widespread support, it faces legal challenges, particularly with regard to Japan’s constitutional protection of communication secrecy and its pacifist defense policies. Despite these concerns, public opinion remains favorable, with a recent poll showing 65% support for the legislation.

The government is moving forward with the proposal, aiming to enhance the protection of Japan’s critical infrastructure from increasing cyber risks. While the Japanese Communist Party opposes the bill, it has gained backing from major opposition parties, highlighting its broad political support.

New hacking group mimics Russia-linked group to target Russian entities, Chinese cybersecurity experts say

A hacking group, named as GamaCopy, has been imitating the tactics of the Russia-linked threat actor Gamaredon to target Russian-speaking victims, according to research by Chinese cybersecurity firm Knownsec.

GamaCopy’s latest campaign employed phishing documents disguised as reports on Russian armed forces’ locations in Ukraine, along with the open-source software UltraVNC for remote access.

However, while GamaCopy mirrors many techniques used by Gamaredon, researchers identified notable differences. For example, GamaCopy primarily uses Russian-language victims, whereas Gamaredon typically targets Ukrainian speakers. Additionally, GamaCopy’s use of UltraVNC represents a unique element in its attack chain.

Since June 2023, GamaCopy has targeted Russia’s defense and critical infrastructure sectors. However, the group is believed to have been active even earlier, i.e. since August 2021. Knownsec’s analysis suggests that GamaCopy’s operations are part of a deliberate false-flag campaign and links the group to another state-sponsored actor known as Core Werewolf, which has similarly targeted Russian defense systems since 2021.

This discovery follows recent reports of other hacker groups, conducting cyber-espionage campaigns against Russian entities, highlighting the increasing complexity and state-backed nature of these threats.

Trump administration ends Cyber Safety Review Board and pauses investigation into Salt Typhoon

The Trump administration has terminated all members of the Cyber Safety Review Board (CSRB), along with the Cybersecurity and Infrastructure Agency’s Cybersecurity Advisory Committee and other Department of Homeland Security (DHS) advisory panels. This move has halted the investigation into hacking group Salt Typhoon’s cyberattack on US telecommunications firms, raising significant concerns among cybersecurity advocates, according to CyberScoop.

While Acting DHS Secretary Benjamin Huffman suggested that outgoing members could reapply for their positions, the decision has faced criticism from lawmakers and experts. Representative Bennie Thompson (D-Miss.), of the House Homeland Security Committee, warned that this decision could delay the Salt Typhoon probe, which he emphasised must be ‘completed expeditiously.’

Cybersecurity expert Kevin Beaumont argued that dismantling the CSRB could shield Microsoft from accountability over security lapses tied to a separate Chinese hacking incident. Meanwhile, Jake Williams of IANS Research highlighted the broader implications of this decision, stating that removing such panels could undermine US national security.

However, House Homeland Security Chair Mark Green (R-Tenn.) defended the move, stating it offers the Trump administration an opportunity to appoint new members or reevaluate the mission of the CSRB for more effective oversight.

Iran and Russia sign comprehensive cooperation agreement to strengthen military, security, and cyber ties

An agreement signed between Iran and Russia last week outlines commitments to enhance military, security, cyber and technological cooperation between the two nations. The comprehensive strategic partnership agreement, signed in Moscow by Russian President Vladimir Putin and Iranian President Masoud Pezeshkian, seeks to deepen bilateral relations and includes specific provisions for cooperation in cybersecurity and internet regulation.

The agreement aims to counter the use of information and communication technologies for criminal activities and includes plans to exchange expertise on managing national internet infrastructure. The text also adds that two countries will ‘promote the establishment of a United Nations-led system for ensuring international information security and the creation of a legally binding regime for the prevention and peaceful resolution of conflicts, based on the principles of sovereign equality and non-interference in the internal affairs of states’.

The agreement emphasises strengthening sovereignty and state-centric approach to international information security and internet governance. Other key commitments on cybersecurity also include:

  • Expanding joint efforts to combat the criminal misuse of ICTs, exchanging expertise, and promoting sovereignty in the international information domain.
  • Advocating for the internationalization of internet governance, equal rights for states in managing internet segments, and rejecting limitations on national sovereignty in regulating and securing the internet.
  • Enhancing sovereignty through regulating global ICT companies, sharing expertise on internet management, developing ICT infrastructure, and advancing digital development.

GameOn founder faces fraud charges

The founder and former CEO of GameOn, an AI startup in San Francisco, has been indicted for orchestrating a six-year-long fraud scheme that allegedly defrauded investors and the company out of over $60 million. Alexander Beckman, 41, faces 23 criminal charges, while his wife, Valerie Lau Beckman, 38, who worked as a lawyer for the company, is charged with 16 counts, including obstruction. Both have pleaded not guilty. The US Securities and Exchange Commission has also filed civil charges against the couple.

Beckman is accused of deceiving investors by inflating the company’s financial status, including fabricating fake customer relationships, overstating revenue, and creating fraudulent bank statements and audit reports. He allegedly went as far as impersonating individuals to share false information. Meanwhile, Lau Beckman allegedly assisted her husband by providing authentic audit reports to help fabricate false documents and delete critical files after an investigation began.

The Beckmans are also accused of misusing investor funds for personal expenses, including purchasing a luxury home, vehicles, and covering costs for their wedding. The fraudulent activities reportedly continued up until Beckman’s resignation as CEO in July 2024. GameOn, which has since been rebranded as On Platform, eventually admitted to the financial discrepancies and laid off most of its employees.

The case underscores the need for integrity in the tech industry, particularly within startups, as federal prosecutors emphasise that fraud cannot fuel innovation.