NK hackers join memecoin trenches, xStocks adds Hong Kong equities: Asia Express

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 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 Crypto Expansion

Hong Kong's wealthy investors are embracing crypto as 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, with the company reporting 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. Meanwhile, Deputy Secretary for Financial Services Chan Ho-lim told FinTech Week the region will introduce a new licensing regime for virtual-asset trading, custody, advisory and management via amendment bills that will be submitted to Legislative Council this year.

South Korea's Preventive Measures

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.

The regulator also called for round-the-clock monitoring and incident response, higher cold-wallet holdings, and stronger insurance coverage and reserves. South Korean crypto exchange GOPAX announced on November 6 it was suspending trading, deposits and withdrawals and moving all user assets to cold wallets after receiving threatening emails that claimed a hack was imminent.

Thailand's Crypto Regulations

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.

The draft would bar stablecoin transfers to and from third-party wallets. Thailand's SEC will block access to Bitget from December 5 and has proposed new tests for retail investors before allowing them to invest in ICOs, requiring knowledge of at least six areas including digital tokens and investor rights.