Asia Express: Pyongyang-linked hackers fuel onchain malware explosion as CoinEx closes doors
Hackers from North Korea have caused onchain malware to spike by 420%. Hong Kong officials encouraged to capitalize on CLARITY legislation collapse in the United States. Asia Express.
Chainalysis report reveals state-sponsored hackers behind 420% onchain malware explosion
Hackers with connections to North Korea and Iran were behind the bulk of this year's 420% surge in malicious software deployed on public blockchain networks, a new report from Chainalysis has revealed.
Approximately two-thirds of fresh activity involving attackers storing malicious software instructions or infrastructure data on public blockchain networks can be attributed to state-sponsored hacking groups.
The blockchain analytics firm also linked UNC5342, a hacking collective associated with North Korea, to activity that had not been previously attributed, spanning multiple networks including Tron, Aptos and BNB Smart Chain.
According to Chainalysis, leveraging public blockchain networks enhances the longevity of malicious software campaigns due to the fact that stored data continues to be available even after domains, servers or code repositories get shut down. Throughout 2025, North Korean threat actors deployed a comparable tactic known as EtherHiding to embed cryptocurrency-stealing code within smart contracts.
Remote workers from third nations helping North Korea penetrate American firms: Report
The Democratic People's Republic of Korea is now utilizing remote workers from third-party nations, such as Iran and Lebanon, to successfully complete job interviews, following which North Korean operatives assume control of these positions. The objective is to penetrate American companies and secure funding for the nation's weapons development programs, NBC has reported.
KOREA
South Korean authorities forward 18 Polymarket participants to prosecutors: Report
Law enforcement officials in South Korea have forwarded 18 individuals who used Polymarket to prosecutors as part of an illegal gambling probe that identified a total of 26 participants through analysis of publicly accessible blockchain information.
These participants had placed combined wagers totaling approximately 17.6 billion won (equivalent to $12.7 million) on the Polymarket platform, which operates without collecting users' actual identities or conducting verification procedures.
Law enforcement officials stated that transactions on Polymarket qualify as unlawful gambling according to South Korea's Criminal Act due to users placing assets at risk on results that lack predictability with any degree of certainty.
HONG KONG
Metaplanet slashes Series 10 stock allocation by 41%, announces Hong Kong subsidiary plans
Following the previous week's backlash regarding a proposal to allocate up to 20% of its fully diluted equity to company executives, Metaplanet has significantly reduced the Series 10 stock allocation.
The company will decrease the quantity of potential shares associated with the rights from 319.464 million down to 188.19 million, and will restore the conversion ratio to its level prior to the September 2025 international share offering.
This modification will eliminate over $220 million in warrant valuation and boost the company's Bitcoin holdings per fully diluted share by roughly 8.8%, Metaplanet announced.
Collapse of CLARITY act presents Hong Kong with opportunity to capture 'critical strategic window'
According to the South China Morning Post, cryptocurrency sector experts are encouraging Hong Kong government officials to capitalize on the opening created by the unsuccessful CLARITY vote in the United States.
This postponement has created a "critical strategic window" for Hong Kong, according to Allen Ding, director of Bitfire Research. Shawn Yan, founder of Cregis Technology, emphasized that the city ought to concentrate on "building infrastructure that can operate across regulatory boundaries, rather than waiting for any single jurisdiction to define the market for everyone."
CoinEx announces shutdown after 9 years of operations
The exchange founded in Hong Kong cited declining trading volumes and liquidity throughout the bear market, combined with increasing regulatory and compliance expenses, as the reason behind the decision to close operations. User withdrawals will continue to be available until Dec. 22.
INDIA
India rolls out tokenized bond pilot program with $107M in issuances
India's financial market regulator and the nation's central bank have introduced a pilot program for tokenized corporate bonds, featuring three corporations that have issued a total of 10.25 billion rupees (approximately $107 million) via the newly established market infrastructure.
The Securities and Exchange Board of India (SEBI) announced that Demat 2.0 enables corporate bonds to be issued and maintained as digital tokens on a distributed ledger controlled by the nation's statutory depositories. This infrastructure integrates with the Reserve Bank of India's (RBI) wholesale central bank digital currency (CBDC) via its Unified Market Interface.
Year-long cryptocurrency review concluded by parliamentary committee
The Parliamentary Standing Committee on Finance in India has concluded its hearings regarding cryptocurrency policy. The government's response is expected next week prior to the committee finalizing and submitting its report.
Enforcement Directorate in India strengthening cryptocurrency investigation capabilities
India's Enforcement Directorate has set a goal to complete economic crime investigations within an 18-month timeframe and is enhancing its capacity to trace criminal activities involving cryptocurrencies.
VIETNAM
Bitcoin Suisse transitioning to Bitcoin Vietnam?
Bitcoin Suisse has announced intentions to relocate as much as half of its workforce from Switzerland to Bratislava and Vietnam.
Established in Zug in 2013, the firm offers cryptocurrency trading, custody, staking and lending services. The company will open a new operational center in Vietnam to manage numerous back office and administrative functions.
Vietnam building new monitoring mechanisms for crypto-assets
Regulatory authorities in Vietnam are constructing a supervisory framework encompassing crypto asset service providers and investor transactions. The framework incorporates guidance from the Financial Action Task Force (FATF).
Binance executes MOU to support Vietnam finance center development
Binance, the planet's largest cryptocurrency exchange, has executed an agreement to support the development of the Vietnam International Finance Center located in Ho Chi Minh City.
SINGAPORE
Singapore Exchange receives approval for US perpetuals
Singapore Exchange has emerged as the first significant Asian traditional finance exchange to receive authorization from the Commodities Futures Trading Commission for offering Bitcoin and Ethereum perpetual futures contracts to United States institutional clients.
High Court in Singapore provides guidance on crypto asset valuation
A recent judicial decision has established a precedent for determining crypto asset values in legal claims that diverges from the conventional breach-date damage assessment principles, according to legal firm Reed Smith. "The court is unlikely to allow claimants to delay mitigation for years and then seek damages at a higher present-day market price," the firm observed.
Six Malaysian nationals imprisoned for crypto poker heist
Six men from Malaysia received substantial prison sentences in Singapore ranging up to 12 years and 11 months — combined with 24 strokes of the cane — in connection with a 2024 armed robbery that involved cryptocurrency, cash, and luxury goods.
THAILAND
Thailand SEC puts forward 5 million baht daily limit on stablecoin transfers
Thailand's Securities and Exchange Commission has introduced proposed stablecoin regulations that would bar users from transferring amounts exceeding 5 million baht daily, approximately $151,000.
MALAYSIA
Malaysia ranks among more crypto-friendly Islamic countries
Based on analysis from Fitch Ratings, Malaysia stands out as one of the most cryptocurrency-friendly Muslim majority countries, with the domestic Securities Commission designating Bitcoin, Ethereum, Ripple, and Stellar as compliant with sharia law.