Alphabet's Google subsidiary has filed lawsuits against two Chinese nationals residing in Mainland China for allegedly distributing fraudulent crypto apps through Google Play. The apps, including TionRT exchange, attracted over 100,000 downloads from users who deposited funds but were later unable to access their balances.

Google is pursuing legal action under the RICO law and breach of contract against the perpetrators who uploaded at least 87 crypto scam apps to Google Play. The defendants allegedly used various deceptive practices to mislead Google into allowing their apps on the platform.

The tech giant aims to set a legal precedent by being the first company to take action against scammers such as those behind the Crypto.com fraud. However, it remains uncertain whether Google can enforce sanctions against the individuals, as there is currently no agreement between the US and China for reciprocal juridical enforcement.

The defendants, Yunfeng Sun and Hongnam Cheung, allegedly used text messages, YouTube videos, and affiliate marketing schemes to lure victims into downloading the fraudulent apps.

In a separate development, popular crypto exchange Crypto.com is expanding its operations to South Korea by the end of the month. The company will initially focus on coin-to-coin transactions and non-fungible tokens in compliance with local regulations.

Furthermore, Hong Kong-based gaming firm Boyaa Interactive announced a $1 million investment into metaverse, non-fungible tokens, and blockchain infrastructure projects in collaboration with Pacific Waterdrip Digital Asset Fund SPC.

Sinohope, a Hong Kong Stock Exchange-listed crypto custodian firm, partnered with Bitcoin layer 2 solution Merlin Chain to enhance the security of Bitcoin scaling solutions.

Lastly, Japanese bank Hokkoku introduced the country's first deposit-enabled stablecoin, Tochituka, allowing customers to mint tokens using their deposits at a 1:1 ratio with the Japanese Yen. The stablecoin aims to facilitate commercial transactions in Suzu City, Ishikawa Prefecture.