Authorities in Finland have attributed the recent damage to two fibre-optic internet cables to construction activity. The breaches, reported on Monday at separate locations, were deemed accidental and not the result of criminal actions.
The incidents coincided with heightened vigilance following suspected sabotage of undersea cables in the Baltic Sea. However, Finnish police and the communications agency Traficom ruled out foul play in this instance, citing excavation work as the likely cause.
Both damaged cables, which serve as links between Finland and Sweden, were repaired by Tuesday afternoon. Finland’s Transport and Communications Minister, Lulu Ranne, reinforced the conclusion that the disruptions stemmed from non-malicious origins.
The Nordic region remains alert to potential risks affecting vital infrastructure, but the Finnish government emphasised that no immediate threats were posed by these incidents.
Indian police are investigating how a Starlink satellite internet device was used in a massive drug smuggling operation. Officers in the Andaman and Nicobar Islands seized over 6,000 kilograms of methamphetamine, worth an estimated $4.25 billion, from a Myanmar vessel last week. Six Myanmar nationals were detained in what has become the largest drug bust in the region’s history.
Authorities revealed the smugglers relied on a Starlink device to navigate the deep seas and evade detection. Starlink, which provides internet coverage in international waters, has yet to formally launch in India, pending government approvals. Investigators aim to trace the device’s purchase and usage history to uncover potential links to smuggling networks.
The Starlink Mini, a portable satellite kit described as compact enough to fit in a backpack, was reportedly used during the entire journey from Myanmar. Police suspect the device bypassed traditional communication methods by creating a Wi-Fi hotspot, complicating surveillance efforts. Starlink has not commented on the incident.
Meth trafficking via maritime routes has surged across Asia, with record seizures reported in 2023. Police in India are now probing connections to both local and international criminal syndicates in this case.
Two things often come to mind when we hear the word ‘crypto’: freedom and crime. Cryptocurrencies for sure have revolutionised the financial world, offering speed, transparency, and accessibility not seen before. Yet, their promise of financial liberation comes with unintended consequences. The decentralised, pseudonymous nature of crypto makes it a double-edged sword—for some it represents freedom and for others a tool for crime.
In 2023, illicit transactions involving cryptocurrencies reached USD 24.2 billion, according to TRM Labs, with scams and fraud accounting for nearly a third of the total.
These numbers reveal a sobering truth: while crypto has opened doors to innovation, it has also become an enabler for global crime networks, from drug and human trafficking to large-scale ransomware operations. Criminals exploit this space to mask their identities, making crypto the go-to medium for those operating in the shadows.
What are the common types of crypto fraud?
Crypto fraud takes many forms, each designed to exploit vulnerabilities and prey on the unsuspecting. The most known ones are:
Ponzi and pyramid schemes– Fraudsters lure victims with promises of guaranteed high returns. These schemes use investments from new participants to pay earlier ones, creating an unsustainable cycle. When the influx of new investors dwindles, the scheme collapses, leaving most participants with nothing. In 2023, these scams contributed significantly to the USD 24.2 billion received by illicit crypto addresses, showcasing their pervasive nature.
Phishing attacks– Fake websites, emails, and messages designed to mimic legitimate services trick victims into revealing sensitive information like wallet keys. A single successful phishing attack can drain entire crypto wallets, with victims often having no recourse. The shift to stablecoins, noted for their volume in scams, has intensified the use of such tactics.
Initial Coin Offering (ICO) scams– The ICO boom has introduced countless opportunities—and risks. Fraudulent projects draw in investors with flashy whitepapers and grand promises, only to vanish with millions. For instance, ICO scams contributed to a notable chunk of crypto crimes in previous years, as highlighted by TRM Labs.
Rug pulls– Developers create hyped tokens, inflate their value, and abruptly withdraw liquidity, leaving investors holding worthless assets. In 2023, such schemes became increasingly sophisticated, targeting decentralised exchanges to exploit inexperienced investors.
Cryptojacking– Hackers infect computers or networks with malware to mine cryptocurrency without the owner’s knowledge. This hidden crime drains energy and resources, often leaving victims to discover their losses long after the attack.
Fake exchanges and wallets– Fraudulent platforms mimic legitimate services, enticing users to deposit funds, only for them to disappear. These scams exploit the trust gap among new investors, further driving crypto-related crime statistics.
The connection between crypto fraud and money laundering
Crypto fraud and money laundering are two sides of the same coin. Stolen funds need to be legitimised, and criminals have devised a range of techniques to obscure their origins. One of the most common methods involves crypto mixers and tumblers. These services blend cryptocurrencies from various sources, making it nearly impossible to trace individual transactions.
The process often works as follows:
Initial theft: Stolen funds are moved from wallets linked to scams or hacks.
Mixing: These funds are transferred to a mixing service, where they are broken into smaller amounts and shuffled with others.
Redistribution: The mixed funds are sent to new, seemingly unrelated wallets.
Conversion: The laundered crypto is then converted to stablecoins or fiat currency, often through decentralised exchanges or peer-to-peer transactions, masking its origins.
This method has made crypto a preferred tool for laundering money linked to drug cartels and even human trafficking networks. The convenience and pseudonymity of crypto ensure its growing role in these illicit industries.
How big crypto crime really is?
The numbers are staggering. Last year (2023), illicit addresses received USD 24.2 billion in funds. While scamming and hacking revenues declined (29.2% and 54.3%, respectively), ransomware attacks and darknet market activity saw significant growth. Sanctions-related transactions alone accounted for USD 14.9 billion, driven by entities operating in restricted jurisdictions.
Bitcoin and Monero remain the most-used cryptocurrency for darknet sales and ransomware.
Cryptocurrencies have become the currency of choice for underground networks and darknet markets facilitate the sale of illicit goods. Human trafficking networks use crypto for cross-border payments, exploiting its decentralised nature to evade detection.
According to the Chainalysis report, the prevalence of crypto in these crimes highlights the urgent need for better monitoring and regulation.
Stablecoins like USDT are gaining traction- criminals prefer stablecoins for their reliability as they mimic traditional fiat currencies, enabling transactions in environments where access to traditional banking is limited.
How to fight crypto crime?
Solving the issue of crypto crime requires a multi-faceted approach:
Regulatory innovation: Governments must create adaptable frameworks to address the evolving crypto landscape while encouraging legitimate use.
Public awareness: Educating users about common scams and best practices can reduce vulnerabilities at the grassroots level.
Global cooperation: International collaboration is essential as cryptocurrencies knows no borders. Only by sharing data and strategies can nations effectively combat cross-border crypto crime.
The thing is cryptocurrency is a young and rapidly evolving space. While some countries have enacted comprehensive legislation, others lag behind. However, the pace of innovation makes it nearly impossible to create foolproof regulations. Every new development introduces potential loopholes, requiring legislators to remain agile and informed.
The power of crypto: innovation or exploitation?
Cryptocurrencies hold immense power, offering unparalleled financial empowerment and innovation. As it usually happens, with great power comes great responsibility. Freedom must be balanced with accountability to ensure it serves civilisation for the greater good. Shockingly, stolen crypto assets are currently circulating undetected within global financial systems, intertwining with legitimate transactions. The question is: can the industry mitigate risks without compromising its core principles of decentralisation and transparency by addressing vulnerabilities and implementing robust safeguards? The true potential of crypto lies in its ability to reshape economies, empower the unbanked, and foster global financial inclusion. Yet, this power can also be exploited if left unchecked, becoming a tool for crime in the wrong hands. The future of crypto depends on ensuring it remains a beacon of innovation and empowerment, harnessed responsibly to create a safer, more equitable financial ecosystem for all.
China has imposed a ban on exports of key minerals, including gallium, germanium, and antimony, to the US, citing national security concerns. The new restrictions, which take immediate effect, are part of Beijing’s broader effort to control dual-use materials that have both civilian and military applications. These minerals are critical in semiconductor production and military technology, such as infrared systems and night vision goggles. The export ban also includes graphite items, which will face stricter end-use reviews.
This move follows the US’s recent crackdown on China’s semiconductor industry, which included new export curbs targeting 140 Chinese companies. The escalation is part of the ongoing trade tensions between the two economic giants. While the US has not been a major market for these minerals this year, China’s dominance in their production, accounting for over 90% of gallium and germanium, makes the move significant for global supply chains.
Experts warn that the restrictions could further tighten access to these essential materials, particularly as prices for antimony have surged by over 200% this year. With the US also imposing its own tariffs and export controls, the situation is expected to intensify as both countries brace for continued economic rivalry, especially with President-elect Donald Trump’s stance on China.
The UK faces an escalating cyber threat from hostile states and criminal gangs, according to Richard Horne, head of the National Cyber Security Centre (NCSC). In his first major speech, Horne warned that the severity of these risks is being underestimated, citing a significant rise in cyber incidents, particularly from Russia and China. He described Russia’s cyber activity as ‘aggressive and reckless’ while noting that China’s operations are highly sophisticated with growing global ambitions.
Over the past year, the NCSC responded to 430 cyber incidents, a marked increase from the previous year. Among them, 12 were deemed especially severe, a threefold rise from 2023. The agency highlighted the growing threats to critical infrastructure and supply chains, urging both public and private sectors to strengthen their cyber defences. The UK also faces a growing number of ransomware attacks, often originating from Russia, which target key organisations like the British Library and healthcare services.
Horne emphasised the human costs of cyber-attacks, citing how these incidents disrupt vital services like healthcare and education. The rise in ransomware, often linked to Russian criminal gangs, is a major concern, and the NCSC is working to address these challenges. The agency’s review also pointed to increasing cyber activity from China, Iran, and North Korea, with these states targeting the UK’s infrastructure and private sector.
Experts like Professor Alan Woodward of Surrey University echoed Horne’s concerns, urging the UK to step up its cybersecurity efforts to keep pace with evolving threats. With adversaries growing more sophisticated, the government and businesses must act swiftly to protect the country’s digital infrastructure.
The United States has imposed its third major round of export controls on China’s semiconductor industry in three years, targeting 140 companies with restrictions on chipmaking equipment, software, and advanced memory chips. Among those affected are prominent firms like Naura Technology, ACM Research, and SiCarrier Technology, as well as entities linked to Huawei, a key player in China’s chip advancements.
The measures, aimed at stalling China’s progress in AI and military technologies, also introduce new licensing requirements for US and foreign companies shipping equipment with US components to China. Commerce Secretary Gina Raimondo stated the restrictions are intended to block China’s military modernisation. Despite the sanctions, Chinese officials condemned the move as “economic coercion” and vowed countermeasures.
The rules also impact allies, with restrictions extending to chipmaking equipment from countries like Singapore and South Korea, while Japan and the Netherlands are exempt. Some global players, including Dutch firm ASML, downplayed the immediate impact but acknowledged potential long-term effects. These actions come as China accelerates efforts toward self-sufficiency in semiconductor production, though it remains years behind industry leaders like Nvidia and ASML.
This latest crackdown follows the sweeping 2022 curbs on high-end chips and manufacturing tools under the Biden administration, reflecting a sustained US effort to curtail China’s access to critical technologies.
Ukraine plans to acquire tens of thousands of uncrewed ground vehicles next year, aiming to enhance battlefield logistics and safety. These robotic platforms, already deployed near the front, will transport supplies, evacuate casualties, and keep soldiers away from dangerous zones. Deputy Prime Minister Mykhailo Fedorov highlighted the growing role of technology in mitigating risks along active conflict lines.
Advancements in military tech are reshaping Ukraine’s defence strategy. With increased production of long-range attack drones, Kyiv is narrowing the technological gap with Moscow. Ukraine has also adopted decoy drones to counter Russian tactics, alongside AI-driven systems to improve battlefield precision and reduce reliance on direct piloting.
Efforts are underway to innovate drone defences, including intercepting Russia’s Shahed drones. Autonomous technologies are expected to rise, with potential for early-stage drone swarm deployment. Fedorov noted the importance of connectivity and launch methods as Ukraine adapts to changing enemy responses.
Ukraine’s government-backed initiatives continue to support military innovation, fostering partnerships with private firms to scale up production and refine technologies. These developments mark a significant shift in how modern warfare is conducted, blending AI and robotics into entrenched combat scenarios.
Telefonica’s plan to sell stakes in its Peruvian fibre optic network to KKR and Entel has fallen through. The agreement, announced in July 2023, would have seen Telefonica sell 54% to private equity fund KKR and 10% to Chilean telecoms operator Entel. The deal’s failure was confirmed by Entel in a filing to the regulator, citing unspecified breaches of closing conditions.
Despite the setback, Telefonica remains in discussions with both KKR and Entel, according to a filing with the Peruvian stock market regulator. The proposed transaction valued the entire fibre network at approximately €550 million, including debt, and was expected to reduce Telefonica’s debt by €200 million.
Telefonica has been selling assets in recent years to manage its debt load and fund significant investments in 5G infrastructure. The collapse of the deal adds to the challenges the company faces in navigating its financial strategy and expanding next-generation networks.
Payment services in Italy have largely returned to normal following significant disruptions caused by gas pipeline installations damaging network cables. French payments firm Worldline confirmed that restoration efforts, including repairs by its provider, have been effective since Friday afternoon.
The outage began on Thursday morning, during the busy Black Friday shopping period, affecting both Italian and international markets. Italian business group Fipe-Confcommercio voiced serious concerns over the disruption’s timing and impact.
Worldline revealed that local gas pipeline works had severely compromised its network connection to data centres. The company apologised for the inconvenience and promised heightened vigilance in the coming days to prevent further issues.
The Bank of Italy also monitored the situation, noting that some services remain affected. Italian payment firm Nexi expressed dissatisfaction with the response, announcing its own investigation and warning of possible further action.
The initiative, announced in October 2024, brings together the International Telecommunication Union (ITU), and the International Cable Protection Committee (ICPC) to address growing risks to submarine cables, facilitating over 99% of global data transmission.
The initiative follows high-profileincidents, including damage to undersea cables and will prioritise enhancing cable security, promoting global best practices, and expediting repairs. With around 150 to 200 cable damage incidents annually—mainly due to ship anchors, fishing activities, and natural disasters—the ICPC highlights the urgency of coordinated action.
Officials from Nigeria and Portugal will co-chair the 40-member advisory body. Scheduled to convene twice a year, the body’s first meeting will occur virtually in December, followed by an in-person session in Abuja, Nigeria, in February.
Submarine cable disruptions have significant consequences. Earlier this year, outages from cable cuts in Africa left 13 countries offline for days, while damage in the Red Sea caused widespread internet disruption in the Middle East.
