Singapore Police Received Compromised Ledger Reports Weeks Before Public Disclosure: Asia Express
Authorities in Singapore confirm compromised Ledger devices surfaced as early as September 10. Meanwhile, South Korean legislators appear poised to postpone cryptocurrency taxation legislation for the fourth consecutive time.
Compromised Ledger devices result in $2.7M losses for Singapore victims: Authorities
Authorities in Singapore have confirmed that a minimum of two incidents featuring compromised Ledger hardware wallets have been documented starting from Sept. 10, resulting in aggregate financial losses totaling approximately 3.5 million Singapore dollars ($2.7 million). This positions the initial domestic complaint nearly four weeks prior to when the broader incident gained widespread attention.
The October 28 consumer alert from authorities doesn't clarify whether the September 10 incident was immediately reported to law enforcement, or whether it was documented after the fact. Should the complaint have been filed promptly, it prompts concerns about whether Ledger received notification, or whether the Singapore Police Force had the opportunity to release a public advisory sooner. That said, the October 28 notification indicated that the police inquiry remained in its early phases.
Ledger released a public notification regarding compromised Ledgers discovered in the CryptoBilis distribution network on October 9. Nearly $100 million in assets was siphoned from wallets that contained spyware elements.
On Oct. 13, Ledger announced it has requested retailers across Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia, and Hong Kong to halt sales of Ledger products while investigations continue.
Malaysia, Thailand become partners in Singapore's international stablecoin project
Bank Negara Malaysia and the Bank of Thailand became part of Singapore's BLOOM initiative on Friday as regulatory body participants.
BLOOM, an acronym for Borderless, Liquid, Open, Online, Multi-currency, represents a public-private collaboration that aims to assist financial institutions in utilizing stablecoins and tokenized deposits for international payments. The initiative was introduced by the Monetary Authority of Singapore in October of the previous year and includes Airwallex, Mastercard, Ripple, Visa and the World Bank Group among its participants.
DBS research reveals substantial corporate appetite for tokenized currency
Research conducted by Singapore-based bank DBS discovered that nearly 90% of 422 international businesses participating in the study are either currently implementing, or have expressed interest in implementing, tokenized cash to expedite payment processes.
SOUTH KOREA
Groundhog Day as Korean lawmakers consider fourth delay of crypto tax
Government representatives in South Korea are allegedly considering another postponement of the nation's cryptocurrency taxation framework, presently scheduled for implementation in January 2027.
Based on a Monday report from South Korean news publication Newsis, the crypto income tax might be deferred to 2029 partly because that represents the earliest point at which authorities will have the capability to exchange information on taxes connected to digital asset exchanges with the US.
The framework, which would enforce a 22% tax on crypto profits for investors generating more than 2.5 million Korean won ($1,883) on an annual basis.
Bithumb and two other firms report data breaches
Bithumb disclosed that its internal mobile platform was compromised and personal data leaked. Brokerage firm Daishin Securities documented roughly 38,000 customer records being exposed and asset management company Mirae Asset Global Investments acknowledged a hacking incident.
South Korea to regulate stablecoins as payment means, and require monthly balance reporting for cross border transfers
The South Korean government and the Bank of Korea plan to formulate amendments to the Foreign Exchange Transactions Act before the end of this year to regulate stablecoins utilized as payment instruments. The central bank will additionally mandate crypto transfer service providers to submit monthly reports starting from December 2 — but covering the period back to mid 2024 — regarding who precisely has been transferring funds outside the country.
NORTH KOREA
Chainalysis traces North Korean crypto cash-outs through Garantex
Blockchain intelligence firm Chainalysis documented an extensive network of Russian intermediaries that facilitated North Korean IT workers in converting millions of dollars in cryptocurrency into cash.
The US Treasury Department's Office of Foreign Assets Control (OFAC) imposed sanctions on 10 individuals and one entity on Wednesday for supporting North Korean government-operated IT worker schemes that it stated funded the nation's weapons programs, based on a press release.
Those who received sanctions included Russian nationals Ilya Aleksandrovich Boykov and Vitold Viktorovich Obertas.
HONG KONG
Hong Kong names Nasdaq-listed Solana Company a strategic enterprise
Hong Kong has designated Nasdaq-listed Solana Company (HSDT) a strategic enterprise through a government initiative designed to attract businesses that contribute to the city's economic advancement.
Solana Company announced Thursday that it was part of the seventh batch of businesses chosen by Hong Kong's Office for Attracting Strategic Enterprises (OASES) and the sole blockchain infrastructure company brought on board by the office in 2026.
Hong Kong's government verified the inclusion of 18 enterprises to the initiative last week, raising its total to 142.
China uses Hong Kong as a launchpad for the Digital Yuan
The South China Morning Post documented that Beijing desires Hong Kong to facilitate international adoption of the digital yuan.
RedotPay plans a US IPO
Hong Kong-based crypto payments company RedotPay intends to execute an IPO in the US prior to the end of the year, and has initiated a pre-IPO funding round assigning the company a valuation of $4 billion.
CHINA
China targets 2030 for its national blockchain network buildout
China has established a 2030 deadline for substantially completing a nationwide blockchain network as part of a five-year digital development strategy published Friday.
The new strategy additionally advocates for enhanced blockchain technical standards and expanded application of the technology in data circulation and trading.
Mainland China prohibits cryptocurrency-related business activities, but advances blockchain technology as a national priority. Critics argue that blockchain-not-crypto has never worked before.
THAILAND
Supreme Court recognizes Bitcoin as legal property
Thailand's Supreme Court has determined that Bitcoin qualifies as property under criminal law, establishing a precedent that may impact how Thai courts handle other cryptocurrencies. The case concerned upholding a 10-year prison sentence in a robbery case involving about $50,000 in Bitcoin.
Thailand launches crypto wallet for tourists
Thailand has introduced the terribly named WORPT digital wallet so that tourists can convert USDT or USDC into Thai baht in order to spend via PromptPay QR codes. The scheme is part of the Tourist DigiPay sandbox.