State-Sponsored Hackers Fuel 420% Surge in On-Chain Malware, Chainalysis Reports

North Korean and Iran-linked hackers are identified as the primary drivers behind a staggering 420% increase in malware activity on public blockchains this year, according to a comprehensive report by blockchain analysis firm Chainalysis. These state-affiliated actors are responsible for the majority of this surge, utilizing public blockchains to store malicious instructions and infrastructure information, thereby enhancing the persistence of their cyber campaigns. Chainalysis has also attributed previously unattributed activities across the Tron, Aptos, and BNB Smart Chain networks to UNC5342, a group with ties to North Korea. This tactic of embedding malware instructions on public blockchains offers a significant advantage to attackers, as it allows their campaigns to endure even after the takedown of domains, servers, or code repositories. This method echoes a similar technique, dubbed "EtherHiding," employed by North Korean hackers in 2025, where they embedded crypto-stealing code within smart contracts.

In a related development concerning North Korea’s illicit activities, a report by NBC indicates that the Democratic People’s Republic of Korea (DPRK) is now leveraging remote workers from third countries, including Iran and Lebanon, to circumvent job application processes. These foreign nationals reportedly pose as job applicants, passing interviews before their positions are taken over by North Korean operatives. The ultimate objective of this elaborate scheme is to infiltrate U.S. companies, thereby gaining access to funds to finance the DPRK’s weapons programs.

Polymarket Users Referred to Prosecutors in South Korea

South Korean authorities have reportedly referred Polymarket users to prosecutors, asserting that transactions on the platform constitute illegal gambling under the nation’s Criminal Act. The authorities’ reasoning stems from the fact that users stake assets on outcomes that cannot be predicted with certainty.

Metaplanet Cuts Stock Pool and Plans Hong Kong Subsidiary

Metaplanet has announced a significant reduction in its Series 10 stock pool, slashing it by 41% following a recent controversy surrounding a proposal to allocate up to 20% of its fully diluted shares to executives. The company plans to establish a subsidiary in Hong Kong. The number of potential shares underlying the rights has been reduced from 319.464 million to 188.19 million. Furthermore, the conversion ratio will be reset to its pre-September 2025 international share offering level. Metaplanet estimates that this adjustment will eliminate over $220 million in warrant value and increase the company’s Bitcoin per fully diluted share by approximately 8.8%.

In the context of Hong Kong’s evolving regulatory landscape, crypto industry insiders are urging local policymakers to capitalize on the "critical strategic window" created by the failure of the CLARITY Act vote in the United States. According to Allen Ding, director of Bitfire Research, this delay presents an opportune moment for Hong Kong to advance its position in the digital asset space. Shawn Yan, founder of Cregis Technology, emphasizes that the city should prioritize building infrastructure capable of operating across regulatory boundaries, rather than awaiting a single jurisdiction to define the market.

CoinEx Ceases Operations After Nine Years

CoinEx, a cryptocurrency exchange founded in Hong Kong, has announced its decision to cease operations after nine years. The company cited declining trading volumes and liquidity during the bear market, coupled with escalating regulatory and compliance costs, as the primary reasons for its closure. Users will be able to withdraw their funds until December 22nd.

India Launches Tokenized Bond Pilot with $107 Million Issued

India has launched a pilot program for tokenized corporate bonds, with three companies issuing a combined total of 10.25 billion rupees, approximately $107 million, through this new market infrastructure. The Securities and Exchange Board of India (SEBI) stated that the "Demat 2.0" initiative allows corporate bonds to be issued and held as digital tokens on a distributed ledger managed by the country’s statutory depositories. This system is integrated with the Reserve Bank of India’s (RBI) wholesale central bank digital currency (CBDC) via its Unified Market Interface.

Meanwhile, India’s Parliamentary Standing Committee on Finance has concluded its year-long review of cryptocurrency policy. The government is expected to issue a response next week, following which the committee will finalize and submit its report. Additionally, India’s Enforcement Directorate is set to enhance its capabilities for investigating economic crimes, with a particular focus on strengthening its ability to track crimes involving cryptocurrencies and aiming to finalize such investigations within 18 months.

Bitcoin Suisse Shifts Jobs to Vietnam; Vietnam Develops Crypto Monitoring Mechanisms

Bitcoin Suisse, a cryptocurrency service provider founded in Zug, Switzerland, is planning to relocate up to half of its Swiss workforce to Bratislava and Vietnam. Established in 2013, the company offers services including crypto trading, custody, staking, and lending. The new center in Vietnam will manage a significant portion of the company’s back-office and administrative functions.

In parallel, Vietnamese regulators are developing a supervisory mechanism for crypto asset service providers and investor transactions, drawing guidance from the Financial Action Task Force (FATF). Binance, the world’s largest cryptocurrency exchange, has signed a Memorandum of Understanding (MOU) to assist in the development of the Vietnam International Finance Center in Ho Chi Minh City.

Singapore Exchange Gains Approval for U.S. Perps; High Court Offers Crypto Valuation Guidance

The Singapore Exchange (SGX) has become the first major Asian traditional finance exchange to receive approval from the U.S. Commodities Futures Trading Commission (CFTC) to offer Bitcoin and Ethereum perpetual futures to U.S. institutions. Separately, Singapore’s High Court has provided guidance on the valuation of crypto assets in legal claims. A recent court decision has established a precedent for valuing these assets that deviates from traditional breach-date damage assessment principles. Law firm Reed Smith noted that the court is unlikely to permit claimants to delay mitigation efforts for extended periods and subsequently seek damages based on higher present-day market prices.

Six Malaysians Jailed for Crypto Poker Robbery in Singapore

Six Malaysian nationals have been sentenced in Singapore to significant prison terms, ranging up to 12 years and 11 months, along with 24 strokes of the cane, for their involvement in a 2024 armed robbery that encompassed cryptocurrencies, cash, and luxury items.

Thailand SEC Proposes Stablecoin Transfer Cap

Thailand’s Securities and Exchange Commission (SEC) has proposed new regulations for stablecoins, which would prohibit users from transferring more than 5 million baht per day, equivalent to approximately $151,000.

Malaysia Among More Crypto-Friendly Islamic Nations

According to Fitch Ratings, Malaysia is identified as one of the more crypto-curious Muslim-majority nations. The local Securities Commission has declared Bitcoin, Ethereum, Ripple, and Stellar as Sharia-compliant.