Hey there, PoI readers! 💫

It's your favorite crypto connoisseur, Mochi, back with another serving of hot and spicy web3 news. Today's menu features a royal crypto scandal, a massive BitConnect bust, Italian regulatory pasta, and an Australian compliance barbecue! From fake Saudi princes trying to cash in on the memecoin craze to Italian regulators getting cozy with crypto firms, we've got more drama than a Netflix series. So, grab your favorite beverage and let's dive into today's digital digest!

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INTEL BRIEF

🟧 Scammers hacked a Saudi Law Conference account to impersonate Crown Prince Mohammed bin Salman and launch a fraudulent KSA memecoin, following a trend of celebrity-backed token scams.

🟧 Indian authorities seized $190M in crypto assets linked to the BitConnect Ponzi scheme, along with additional assets from raids conducted in Gujarat.

🟧 Italian financial authorities are actively engaging with crypto firms to establish regulatory safeguards while addressing the growing regulatory divide between the EU and US approaches.

🟧 AUSTRAC's regulatory crackdown has led to action against 13 crypto and remittance providers, with over 50 more under investigation for compliance issues.

Scammers Launch Fake Saudi Prince Memecoin Before Account Hack Revealed

Saudi Arabia's Crown Prince Mohammed bin Salman to launch a sketchy memecoin. Talk about having crown-sized audacity! The perpetrators hacked the Saudi Law Conference's X account (@Saudilawconf) on February 17th to announce their "Official" Saudi Arabia memecoin.

But here's where it gets interesting - and by interesting, I mean hilariously bad for the scammers. Their grand scheme only managed to attract a measly $7,489 in market cap.

This failed scam follows a concerning trend of political figure-backed memecoins causing investor headaches. Remember the recent Libra token drama tied to Argentine President Javier Milei? That one took a nose-dive faster than a skydiver without a parachute, plummeting 94% after insiders pulled out $107 million. Ouch!

Even the Trump-associated tokens aren't immune to the memecoin curse. The Official Trump (TRUMP) token is down 76% from its peak, while the Melania Meme (MELANIA) token has dropped a whopping 90%. So much for making memecoins great again!

"Don't just throw your cash at something because it's got a catchy name." Seriously folks, if someone's promising you royal returns but acting shadier than a palm tree in the desert, maybe keep your wallet in your pocket!

Scammers hacked Saudi Law Conference's X account to launch fake Crown Prince-backed KSA memecoin

Token barely attracted investors, reaching only $7,489 market cap

Latest in a string of political figure-related memecoin schemes causing major investor losses

Indian Police Seize 190 Million in BitConnect Crypto Assets From Global Ponzi Scheme

The Enforcement Directorate (ED) in Ahmedabad just pulled off a massive seizure - we're talking about a whopping $190 million worth of cryptocurrency! They also nabbed some bonus prizes including cash (₹13,50,500), an SUV (because apparently, every good Ponzi scheme needs a getaway car), and enough electronic devices to open a small tech store.

This all ties back to our old friend BitConnect, the notorious Ponzi scheme that went belly-up in 2018, leaving approximately 4,000 investors across 95 countries crying over their empty wallets to the tune of $2.4 billion.

one investor decided to go full "action movie" on the situation. Shailesh Babulal Bhatt, after losing his investment, allegedly thought it would be a brilliant idea to kidnap two of BitConnect founder's employees. Talk about aggressive customer service! He managed to extract 2,091 Bitcoin, 11,000 Litecoin, and $1.7 million in what might be the world's most extreme refund policy.

Meanwhile, the FBI's been busy with their own crypto-crime fighting spree. Their "Operation Level Up" has reportedly saved potential victims about $285 million between January 2024 and January 2025.

Indian authorities seized $190M in crypto and additional assets linked to the BitConnect Ponzi scheme

BitConnect scammed approximately 4,000 investors worldwide out of $2.4 billion before its 2018 collapse

One angry investor took matters into his own hands through kidnapping, proving crime doesn't pay... unless you're trying to get your crypto back (but please don't try this at home!)

Italy Warns Big Tech As Government Prepares New Crypto Regulation Framework

The Bank of Italy and Consob are joining forces to make sure crypto companies play by the rules. Bank of Italy Governor Fabio Panetta (no relation to bread) has been spilling the regulatory tea at the 31st Assiom Forex Congress, and boy, does he have concerns!

The situation is getting spicier than an arrabbiata sauce because of the growing regulatory gap between the EU and US. While Europe's rocking its fancy new Markets in Crypto-Assets Regulation (MiCA), the US is still doing the regulatory cha-cha, dancing between different approaches depending on whether they think something's a security or not.

Italy's not just worried about crypto bros; they're keeping a suspicious eye on Big Tech companies too! Panetta's worried these tech giants might start throwing their own digital tokens around like confetti at a carnival. And let's be honest, the last thing we need is another "DisruptiveTechCoin" that promises to revolutionize the way we order pizza online.

The Italian authorities are particularly concerned about banks' liquidity risks as more people use online apps for their money moves.

"These regulatory divergences between the United States and Europe will need to be carefully assessed." Translation: "We need to figure out who's doing what before someone turns the global financial system into a game of regulatory Marco Polo!"

Italian financial authorities are actively working with crypto firms to establish proper safeguards

The EU and US regulatory approaches are diverging, causing potential oversight challenges

Italy is particularly concerned about Big Tech companies potentially disrupting traditional banking with private digital tokens

Australia Bans Multiple Crypto Firms In Major Anti Money Laundering Operation

AUSTRAC CEO Brendan Thomas has been busy cleaning house faster than a koala can munch through eucalyptus leaves. The regulator has kicked six providers to the curb for having key personnel who apparently thought "integrity" was optional in their job description.

But wait, there's more! Over 50 crypto exchanges and remittance providers got the regulatory equivalent of a "we need to talk" text. Why? Because they've been a bit shy about reporting suspicious activities. Come on, mates - if something looks shadier than a beach umbrella, you've got to report it!

Speaking of numbers that'll make your head spin faster than a boomerang, Australia is currently home to a whopping 417 digital currency exchanges and 5,112 remittance registrations.

Australia is the third-largest hub for Bitcoin ATMs globally, with 1,453 machines scattered across the country. That's up from just 67 in August 2022! Talk about a growth spurt that would make a kangaroo jealous.

Meanwhile, some familiar faces in the crypto space got the boot - FTX Express and Zipmex Australia were shown the door after their insolvencies. Looks like they've gone the way of the Tasmanian tiger!

AUSTRAC has taken action against 13 providers and put 50+ more on notice for compliance issues

Six providers lost registration due to personnel integrity concerns

Australia's crypto presence is booming with 1,453 crypto ATMs nationwide, making it the third-largest global hub

And that's all the tea for today, my fabulous PoI readers! 🍵 From the sands of Saudi Arabia to the outback of Australia, we've covered quite the global crypto adventure. Remember, whether you're dealing with memecoins or massive regulatory changes, always DYOR (Do Your Own Research) and never trust a prince sliding into your DMs with investment advice!

Until tomorrow, this is your crypto bestie Mochi, signing off with a sprinkle of wisdom and a dash of humor!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community!

🍨📰 Catch you in the next issue! 📰🍨