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

North Korean hackers create memecoins to launder funds

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. However, the tokens attracted almost no outside trading and were abandoned shortly after launch.

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

Hong Kong’s wealthy investors are embracing crypto. (Chi Hung Wong)

xStocks tokenizes 200 stocks in UK and EU, with hundreds from Hong Kong coming soon

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. The company reported 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.

Hong Kong’s forthcoming crypto licensing regime

Deputy Secretary for Financial Services Chan Ho-lim told FinTech Week the region will introduces a new licensing regime for virtual-asset trading, custody, advisory and management, via amendment bills that will be submitted to Legislative Council this year.

More Hong Kong news

Police have arrested 22 people in a cross border money laundering investigation, that allegedly involved a over the counter crypto network that moved more than HKD$150 million (US$18 million) while attempting to obscure the origin of funds. Meanwhile, the US has sanctioned 41 entities allegedly linked to the Cambodia’s Prince Group, including a man named Qiu Yong, who is accused of running Hong Kong companies on behalf of the criminal organization.