UK sanctions on Telegram-based cryptocurrency dark web market "Mystery"... targeting Southeast Asian scam infrastructure

The UK government has sanctioned a Chinese cryptocurrency platform that handled approximately 200 trillion Korean won in illegal transactions, precisely targeting the financial infrastructure of the Southeast Asian scam industry.

The UK Foreign Office has recently listed the cryptocurrency market “New Coin” as a target of sanctions. According to blockchain analysis company Chainalysis, the platform processed approximately $199 billion in transactions from 2021 to 2025, equivalent to about 300 trillion Korean won. This sanction is significant as it does not merely target the scammers themselves but aims at the “infrastructure” that supports the scam ecosystem.

“Dark Market Platforms” Supporting the Scam Industry

Chainalysis defines New Coin as a Telegram-based P2P market. The platform does not trade consumer goods but rather stolen personal information, money laundering services, scam software, and even satellite internet devices used to contact victims. Its built-in escrow functionality even offers a “credibility” guarantee for criminal transactions.

The UK government has also sanctioned Legend Innovation, which operates Cambodia’s largest scam facility, “#8 Park.” This facility can accommodate up to 20,000 victims of human trafficking. Additionally, Tet Li and Hu Xiaowei, associated with the Prince Group, have also been added to the sanctions list.

Chainalysis points out that New Coin is closely linked with other illegal platforms such as Huyao and Vulture and even provides tutorials and chatbots for facilitating scams. In fact, despite Telegram shutting down related channels in 2025, transaction volumes did not decrease; the platform quickly established alternative channels and continued its activities.

Money Laundering Networks Rising as a Global Threat

Such “cryptocurrency-based criminal infrastructures” are spreading rapidly. A report earlier this year indicated that escrow markets like New Coin funnel funds for online gambling, scams, and large-scale money laundering to major exchanges. A typical case is the Huyao Group, which processed over $240 billion in transactions before its closure.

The UK Foreign Office’s sanctions are part of the “Global Human Rights Sanctions Regime.” It has determined that New Coin supports scam centers where torture and human rights violations exist. The UK has also collaborated with the U.S. Treasury’s Office of Foreign Assets Control and the Financial Crimes Enforcement Network to shut down the Huyao Group and is conducting a civil forfeiture process of about $150 billion.

This measure demonstrates that the focus of cryptocurrency crime-fighting is shifting from “individual criminals” to “platforms and money flows.” The market is paying attention to trends that may further strengthen regulation and international cooperation in the future.

Article Summary by TokenPost.ai

🔎 Market Interpretation

These sanctions are not merely a simple crackdown on crime but measures targeting the “cryptocurrency-based criminal infrastructure” itself. It particularly reveals the role of Telegram-based P2P platforms as core hubs for scams and money laundering, suggesting that regulatory direction is shifting from individuals to networks.

💡 Strategic Points

Regulatory risks are spreading from exchanges to “informal P2P and anonymous networks.” In the future, as international cooperation strengthens, regulations on fiat currency inflows and outflows may intensify, and the importance of anti-money laundering technology firms and on-chain analysis companies is expected to further increase.

📘 Terminology Explanation

P2P Market: A platform for direct transactions between individuals without central control.

Escrow: A system where funds are held by a transaction intermediary to ensure safety.

AML: A regulatory and technical system established to prevent money laundering.

OFAC: The U.S. Treasury’s agency responsible for foreign financial sanctions.

💡 Frequently Asked Questions

Q.

How do the UK sanctions differ from past crackdowns?

Previously, the focus was mainly on punishing individual scammers or organizations, whereas this time the target is the cryptocurrency platform that facilitates scam transactions itself. This is a measure aimed at cutting off the roots of the criminal ecosystem.

Q.

Why are platforms like New Coin dangerous?

Because they are not just exchanges; they also act as “criminal marketplaces” for trading stolen data, money laundering services, and scam tools. Their escrow functionality even provides transaction security, fueling criminal activities.

Q.

Are such sanctions actually effective?

In the short term, platforms may shift to other channels to continue operations, but as international cooperation and financial sanctions accumulate, the movement and liquidation of funds will become difficult. In the long term, it is expected to weaken the structure of criminal profits.

TP AI Notes

This article is generated based on the TokenPost.ai language model. There may be omissions of key content or discrepancies with factual information.