North Korea- and Iran-linked hackers accounted for most of this year’s 420% increase in malware activity on public blockchains, according to Chainalysis. Across Asia, the week also brought enforcement actions, policy shifts, market infrastructure updates and corporate restructuring tied to crypto.
Chainalysis links state-backed actors to most of the rise in onchain malware
Chainalysis said North Korean and Iran-linked hackers were responsible for the majority of the 420% increase this year in malware activity on public blockchains.
The firm said state-linked hackers made up roughly two-thirds of new activity, with attackers storing malware instructions or infrastructure information on public blockchains.
Chainalysis also linked UNC5342, a group tied to North Korea, to previously unattributed activity spanning Tron, Aptos and BNB Smart Chain.
According to the report, public blockchains make malware campaigns more durable because the stored information remains reachable even after domains, servers or code repositories are taken down. Chainalysis added that in 2025, North Korean hackers used a similar method known as EtherHiding to place crypto-stealing code in smart contracts.
NBC says North Korea is using third-country remote workers to infiltrate US firms
NBC reported that North Korea is using remote workers from third countries, including Iran and Lebanon, to pass job interviews. After that, the positions are taken over by North Korean operatives.
The reported goal is to infiltrate US companies and obtain money to fund the country’s weapons programs.
South Korean police refer 18 Polymarket users to prosecutors
South Korean police have referred 18 Polymarket users to prosecutors in an illegal gambling investigation. By analyzing publicly available blockchain data, investigators identified 26 users in total.
The users collectively wagered about 17.6 billion won, worth $12.7 million, on Polymarket, which does not collect users’ real names or verify identities.
Authorities said Polymarket transactions amount to illegal gambling under South Korea’s Criminal Act because users stake assets on outcomes that cannot be predicted with certainty.
Metaplanet cuts Series 10 stock pool and plans a Hong Kong subsidiary
After controversy last week over a plan to hand as much as 20% of its fully diluted shares to executives, Metaplanet has cut the Series 10 stock pool.
The company will reduce the number of potential shares underlying the rights from 319.464 million to 188.19 million and reset the conversion ratio to the level in place before its September 2025 international share offering.
Metaplanet said the move will extinguish more than $220 million in warrant value and raise Bitcoin per fully diluted share by about 8.8%.
Industry voices say Hong Kong has an opening after the CLARITY vote failed in the US
The South China Morning Post reported that crypto industry participants are urging Hong Kong policymakers to use the opening created by the failed CLARITY vote in the US.
Allen Ding, director of Bitfire Research, said the delay has given Hong Kong a “critical strategic window.” Shawn Yan, founder of Cregis Technology, said the city should focus on “building infrastructure that can operate across regulatory boundaries, rather than waiting for any single jurisdiction to define the market for everyone.”
CoinEx to shut down after nine years
The Hong Kong-founded exchange said it decided to close because of falling trading volumes and liquidity during the bear market, along with rising regulatory and compliance costs.
Withdrawals will remain open until Dec. 22.
India launches tokenized corporate bond pilot with about $107 million issued
India’s securities regulator and central bank have launched a tokenized corporate bond pilot, with three companies issuing a combined 10.25 billion rupees, or about $107 million, through the new market infrastructure.
The Securities and Exchange Board of India, or SEBI, said Demat 2.0 allows corporate bonds to be issued and held as digital tokens on a distributed ledger owned by the country’s statutory depositories.
The system connects to the Reserve Bank of India’s wholesale central bank digital currency through its Unified Market Interface.
India’s parliamentary finance committee completes crypto policy hearings
India’s Parliamentary Standing Committee on Finance has completed its hearings on cryptocurrency policy. The government is due to respond next week before the committee prepares and submits its report.
India’s Enforcement Directorate expands crypto investigation capacity
India’s Enforcement Directorate aims to finalize economic crime investigations within 18 months and is strengthening its ability to track crimes involving cryptocurrencies.
Bitcoin Suisse plans to move up to half of Swiss jobs to Bratislava and Vietnam
Bitcoin Suisse plans to shift up to half of its Swiss jobs to Bratislava and Vietnam.
Founded in Zug in 2013, the company offers crypto trading, custody, staking and lending services. It will set up a new center in Vietnam to handle many back-office and administrative roles.
Vietnam builds crypto-asset monitoring rules as Binance signs finance center MOU
Vietnamese regulators are developing a supervisory mechanism covering crypto-asset service providers and investor transactions. The framework draws on recommendations from the Financial Action Task Force.
Separately, Binance has signed an agreement to help develop the Vietnam International Finance Center in Ho Chi Minh City.
Singapore Exchange wins approval for US institutional crypto perps
Singapore Exchange has become the first major Asian traditional finance exchange to receive approval from the Commodity Futures Trading Commission to offer Bitcoin and Ether perpetual futures to US institutions.
Singapore High Court sets out guidance on valuing crypto assets
Law firm Reed Smith said a recent decision provides a precedent for valuing crypto assets in claims and departs from the usual breach-date damages assessment principles.
“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 said.
Six Malaysians sentenced in Singapore over crypto poker robbery
Six Malaysian men were sentenced in Singapore over a 2024 armed robbery involving crypto, cash and luxury items. The heaviest sentence reached 12 years and 11 months, plus 24 strokes of the cane.
Thailand SEC proposes a daily stablecoin transfer cap
Thailand’s Securities and Exchange Commission has proposed new stablecoin rules that would bar users from transferring more than 5 million baht per day, worth around $151,000.
Fitch says Malaysia ranks among the more crypto-curious Muslim-majority nations
According to Fitch Ratings, Malaysia is one of the more crypto-curious Muslim-majority countries. The local Securities Commission has declared Bitcoin, Ether, Ripple and Stellar sharia-compliant.