NK hackers join memecoin trenches, xStocks adds Hong Kong equities: Asia Express
North Korean hackers create memecoins to launder funds
North Korean hackers created memecoins to launder cryptocurrency stolen in the $6.3 billion Binance hack, according to a report from blockchain analytics firm Elliptic.
Between Nov. 5 and 7, the hackers created at least six tokens on NEAR and used liquidity pools on decentralized exchanges to move $430,000 of stolen funds between wallets, Elliptic said. However, the tokens attracted almost no outside trading and were abandoned shortly after launch.
Elliptic said the same laundering technique was also used following the $1.5 billion Bybit hack in 2025, when North Korean-linked actors moved at least $24 million through a newly created token on the TRON blockchain.
HONG KONG
Hong Kong’s wealthy investors are embracing crypto. (Chi Hung Wong)
xStocks tokenizes 200 stocks in UK and EU, with hundreds from Hong Kong coming soon
Kraken parent Payward’s xStocks platform has added tokenized versions of more than 200 stocks listed in the United Kingdom and European Union.
Payward said the latest expansion brings xStocks’ offering to more than 1,500 tokenized assets. The company reported more than $45 billion in cumulative transaction volume and over 550,000 unique holders.
Payward said it plans to add hundreds of Hong Kong-listed equities in the coming weeks.
Hong Kong’s forthcoming crypto licensing regime
Deputy Secretary for Financial Services Chan Ho-lim told FinTech Week the region will introduces a new licensing regime for virtual-asset trading, custody, advisory and management, via amendment bills that will be submitted to Legislative Council this year.
More Hong Kong news
Police have arrested 22 people in a cross border money laundering investigation, that allegedly involved a over the counter crypto network that moved more than HKD$150 million (US$18 million) while attempting to obscure the origin of funds. Meanwhile, the US has sanctioned 41 entities allegedly linked to the Cambodia’s Prince Group, including a man named Qiu Yong, who is accused of running Hong Kong companies on behalf of the criminal organization.
SOUTH KOREA
South Korea to permit crypto withdrawal freezes during hacking threats
South Korea’s Financial Services Commission (FSC) plans to allow crypto exchanges to suspend deposits and withdrawals when hacking is suspected, rather than waiting until a breach is confirmed.
The FSC said it would issue a no-action letter permitting preventive suspensions under certain conditions. Current rules prohibit exchanges from blocking withdrawals without legitimate grounds and explicitly allow restrictions only when a hacking incident is clearly established.
The regulator also called for round-the-clock monitoring and incident response, higher cold-wallet holdings, and stronger insurance coverage and reserves.
GOPAX puts everything on ice
South Korean crypto exchange GOPAX announced on November 6 it was suspending trading, deposits and withdrawals and moving all user assets to cold wallets. The firm had received threatening emails that claimed a hack was imminent, and took the drastic step of putting everything on ice on the recommendation of financial authorities.
JAPAN
Nomura explores sale of crypto unit Laser Digital
Japanese financial services giant Nomura Holdings is reportedly weighing a sale of its cryptocurrency subsidiary Laser Digital as Nomura’s European operations continue to post losses.
Nomura has held talks with potential buyers, including Marex Group but is yet to make a final decision and could keep the business.
Nomura’s European businesses posted a pretax loss of 7.4 billion yen ($46.5 million) in the quarter ended Sept. 30, 2026, their fourth consecutive quarterly loss. The company posted pretax profits in every other reporting region over the same period.
THAILAND
Thailand is examining new rules for ETFs and ICO investors (Sasint)
Thailand proposes $148K daily cap on stablecoin deposits and withdrawals
Thailand’s securities regulator has proposed capping daily stablecoin deposits and withdrawals at 5 million baht ($148,000) each per customer at regulated crypto operators.
The limit would apply separately to deposits and withdrawals at each operator, Thailand’s Securities and Exchange Commission (SEC) said in a Thursday announcement. The regulator said the rules aim to curb money laundering, cybercrime and attempts to bypass cross-border money transfer rules.
The draft would bar stablecoin transfers to and from third-party wallets.
More Thailand news
Thailand’s SEC will block access to Bitget from December 5. It has also proposed new tests for retail investors before allowing them to invest in ICOs. The tests would require knowledge of at least six areas including digital tokens and investor rights, blockchain technology, digital-asset wallets and distribution channels. The proposals will be up for comment until November 25. The SEC is also seeking feedback on new rules around margin loans and ETFs, but has ruled out allowing leveraged or crypto ETFs at this stage.
Vietnam
South Korean crypto firm Bithumb Asset, has invested $85 million into a luxury resort project in Hoi An in Vietnam being built by local real estate developer Asia Estate. Da Nang police have issued a warning about scams via “ghost” cryptocurrency projects that are really just ponzi schemes in disguise. They highlighted a fraud ring involving the DRK cryptocurrency project, led by Huynh Duc Van, 33, and seven accomplices, which was recently dealt with by law enforcement.
SINGAPORE
Nomura’s former head of crypto derivatives trading, John Kim, has joined Chicago-based DV Trading in Singapore to lead a new discretionary crypto-trading team. A Singapore woman lost S$78,000 (US$60,391) in a four-month long crypto scam after someone posing as an insurance buyer “helped” her to set up a crypto wallet. She initially believed she was making money, before getting cleared out after she was directed to the little known Qevorinex platform. International bank communication network Swift argued at Singapore FinTech Festival for shared standards to prevent digital assets from fragmenting across incompatible systems.
