North Korea and Iran are the primary sources of on-chain malware, while Malaysia has been identified as one of the most crypto-curious Islamic nations.
Hackers linked to North Korea and Iran were responsible for the majority of a 420% surge in malware on public blockchains this year, according to a report by Chainalysis. State-affiliated hackers accounted for approximately two-thirds of new activity where attackers stored malware instructions or infrastructure details on public blockchains.
Chainalysis also identified UNC5342, a group associated with North Korea, for previously unattributed activity across the Tron, Aptos, and BNB Smart Chain networks. The firm stated that utilizing public blockchains enhances the longevity of malware campaigns, as the stored information remains accessible even after domains, servers, or code repositories are taken down. In 2025, North Korean hackers employed a similar technique known as EtherHiding to embed cryptocurrency-stealing code within smart contracts.
North Korea (DPRK) is now reportedly using remote workers from third countries, including Iran and Lebanon, to navigate job interviews. These positions are subsequently taken over by North Korean operatives with the objective of infiltrating U.S. companies and acquiring funds to finance their weapons programs, according to NBC.
KOREA
South Korean police have forwarded 18 Polymarket users to prosecutors as part of an illegal gambling investigation. The inquiry, which analyzed publicly available blockchain data, identified a total of 26 users. These individuals collectively wagered approximately 17.6 billion won (equivalent to $12.7 million) on Polymarket, a platform that does not collect users’ real names or verify their identities. Authorities contend that Polymarket transactions constitute illegal gambling under South Korea’s Criminal Act, as users stake assets on outcomes that cannot be predicted with certainty.
HONG KONG
Following last week’s controversy surrounding a proposal to allocate up to 20% of its fully diluted shares to executives, Metaplanet has significantly reduced its Series 10 stock pool. The company will decrease the number of potential shares underlying the rights from 319.464 million to 188.19 million and will reset the conversion ratio to its pre-September 2025 international share offering level. This adjustment is expected to extinguish over $220 million in warrant value and increase the company’s Bitcoin per fully diluted share by approximately 8.8%, according to Metaplanet.
The South China Morning Post reports that cryptocurrency industry insiders are urging Hong Kong policymakers to capitalize on the opportunity presented by the failure of the CLARITY vote in the United States. Allen Ding, director of Bitfire Research, stated that the delay has provided Hong Kong with a “critical strategic window.” Shawn Yan, founder of Cregis Technology, advised the city to concentrate on “building infrastructure that can operate across regulatory boundaries, rather than waiting for any single jurisdiction to define the market for everyone.”
The Hong Kong-founded exchange announced that declining trading volumes and liquidity during the bear market, coupled with rising regulatory and compliance costs, led to its decision to cease operations. Withdrawals will remain accessible until December 22.
INDIA
India’s securities regulator and central bank have initiated a pilot program for tokenized corporate bonds, with three companies issuing a combined 10.25 billion rupees (approximately $107 million) through the new market infrastructure. The Securities and Exchange Board of India (SEBI) stated that Demat 2.0 enables 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.
India’s Parliamentary Standing Committee on Finance has concluded its hearings on cryptocurrency policy. The government is expected to provide its response next week before the committee prepares and submits its report. India’s Enforcement Directorate aims to finalize economic crime investigations within 18 months and is enhancing its capabilities to track crimes involving cryptocurrencies.
VIETNAM
Bitcoin Suisse plans to relocate up to half of its Swiss workforce to Bratislava and Vietnam. Founded in Zug in 2013, the company offers cryptocurrency trading, custody, staking, and lending services. It will establish a new center in Vietnam to manage many of its back-office and administrative functions. Vietnamese regulators are developing a supervisory framework for crypto asset service providers and investor transactions, drawing on recommendations from the Financial Action Task Force (FATF). Binance, the world’s largest exchange, has signed an agreement to assist in the development of the Vietnam International Finance Center in Ho Chi Minh City.
SINGAPORE
Singapore Exchange has become the first major Asian TradFi exchange to receive approval from the Commodities Futures Trading Commission (CFTC) to offer Bitcoin and Ethereum perpetual futures to U.S. institutions. A recent court decision has set a precedent for valuing crypto assets in claims, departing from traditional breach-date damage assessment principles, according to the law firm Reed Smith. The firm noted, “The court is unlikely to allow claimants to delay mitigation for years and then seek damages at a higher present-day market price.”
Six Malaysian men have been sentenced in Singapore to lengthy prison terms, ranging up to 12 years and 11 months, along with 24 strokes of the cane, for an armed robbery in 2024 involving cryptocurrency, cash, and luxury items.
THAILAND
Thailand’s Securities and Exchange Commission (SEC) has proposed new stablecoin regulations that would limit users to transferring no more than 5 million baht per day, equivalent to approximately $151,000.
MALAYSIA
According to Fitch Ratings, Malaysia is among the most crypto-curious Muslim-majority nations, with its local Securities Commission having declared Bitcoin, Ethereum, Ripple, and Stellar as Sharia-compliant.
