North Korean hackers create memecoins to launder funds
North Korean hackers created memecoins to launder cryptocurrencies stolen in the $6.3 billion Binance hack, according to a report from blockchain analytics firm Elliptic.
Between November 5 and November 7, the hackers created at least six tokens on NEAR and used liquidity pools on decentralized exchanges to move $430,000 worth of stolen funds between wallets, Elliptic said said. However, the tokens found almost no external trading and were abandoned shortly after their launch.
Elliptic said the same money laundering technique was also used after the $1.5 billion Bybit hack in 2025, when North Korea-linked actors transferred at least $24 million via a newly created token on the TRON blockchain.
HONG KONG
Hong Kong’s wealthy investors are betting on cryptocurrencies. (Chi Hung Wong)
xStocks is tokenizing 200 stocks in the UK and EU, with hundreds from Hong Kong soon to follow
Kraken parent company 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 expands xStocks’ offering to more than 1,500 tokenized assets. The company reported a cumulative transaction volume of more than $45 billion and over 550,000 individual holders.
Payward said it plans to add hundreds of Hong Kong-listed stocks in the coming weeks.
Hong Kong’s upcoming crypto licensing system
Deputy Minister of Financial Services Chan Ho-lim told FinTech Week that the region will introduce a new licensing system for trading, custody, advisory and management of virtual assets through amendment legislation submitted to the Legislative Council this year.
More news from Hong Kong
Police have arrested 22 people as part of a cross-border money laundering investigation allegedly involving an over-the-counter crypto network that moved more than HK$150 million (US$18 million) while attempting to conceal the origins of the funds. Meanwhile, the US has imposed sanctions on 41 companies allegedly linked to Cambodia’s Prince Group, including a man named Qiu Yong who is accused of running Hong Kong businesses on behalf of the criminal organization.
SOUTH KOREA
South Korea Allows Freezing Crypto Payouts Amid Hacking Threats
South Korea’s Financial Services Commission (FSC) plans to allow crypto exchanges to suspend deposits and withdrawals if there is a suspicion of a hack, rather than waiting until a breach is confirmed.
The FSC said It would issue a no-action letter allowing preventative suspensions under certain conditions. Current rules prohibit exchanges from blocking withdrawals without legitimate reasons and explicitly allow restrictions only if a hacking incident is clearly proven.
The regulator also called for 24/7 monitoring and incident response, higher cold wallet holdings, and stronger insurance coverage and reserves.
GOPAX puts everything on hold
South Korean crypto exchange GOPAX announced on November 6 that it was suspending trading, deposits and withdrawals and moving all user funds to cold wallets. The company had received threatening emails claiming that a hack was imminent and, on the recommendation of financial authorities, took the drastic step of putting everything on hold.
JAPAN
Nomura is considering selling crypto unit Laser Digital
Japanese financial services giant Nomura Holdings is reportedly considering selling its cryptocurrency subsidiary Laser Digital as Nomura’s European operations continue to post losses.
Nomura has held discussions with potential buyers, including Marex Group, but has yet to make a final decision and could retain the company.
Nomura’s European operations posted a pre-tax loss of 7.4 billion yen ($46.5 million) in the quarter ended September 30, 2026, its fourth straight quarterly loss. The company generated pre-tax profits in all other reporting regions during the same period.
THAILAND
Thailand considers new rules for ETFs and ICO investors (Sasint)
Thailand proposes a daily cap of $148,000 for stablecoin deposits and withdrawals
Thailand’s securities regulator has proposed capping daily deposits and withdrawals of stablecoins from regulated crypto operators to 5 million baht ($148,000) each per customer.
The limit would apply to deposits and withdrawals with each operator separately, the Securities and Exchange Commission of Thailand (SEC) said on Thursday notice. The regulator said the rules aim to curb money laundering, cybercrime and attempts to circumvent cross-border money transfer rules.
The draft would prohibit stablecoin transfers to and from third-party wallets.
More news from Thailand
The Thai SEC will block access to Bitget from December 5th. It has also previously proposed new tests for retail investors allow them to invest in ICOs. The tests would require knowledge in at least six areas, including digital tokens and investor rights, blockchain technology, digital asset wallets and distribution channels. The proposals are available for comment until November 25th. The SEC is also ready to do so I’m looking for feedback about new rules for margin loans and ETFs, but has ruled out the approval of leveraged or crypto ETFs at this time.
Vietnam
South Korean crypto company Bithumb Asset has invested $85 million in a luxury resort project in Hoi An in Vietnam is being built by local real estate developer Asia Estate. The Da Nang police have issued one Warning about scams about “ghost” cryptocurrency projects These are actually just pyramid 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 investigated by law enforcement.
SINGAPORE
John Kim, the former head of crypto derivatives trading at Nomura, 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 set up a crypto wallet. She initially thought she was making money from it, but was fired after being referred to the little-known Qevorinex platform. The international banking communications network Swift argued Singapore FinTech Festival for common standards to prevent digital assets from being fragmented across incompatible systems.
