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Nobody knows if quantum secure cryptography will even work

Why upgrade if PQ signatures are not yet proven? The dirty secret of efforts to upgrade blockchains to post-quantum cryptography is that no one is sure if  any  of them work. None of the signatures being considered by major blockchains as quantum-resistant upgrades have been 100% proven to work. Until a quantum computer is invented, we won’t know for certain if they can successfully protect against an attack. Some may fall to an attack even before Q Day using existing computer technology. The National Institute of Standards and Technology tested 69 post-quantum candidate algorithms, and two of them — Rainbow and SIKE — were broken with classical computers during testing. The three digital signature schemes it recommends are its best guess as to which ones are most likely to survive a quantum attack. It selected the lattice-based CRYSTALS-Dilithium (ML-DSA) as the primary scheme, another lattice-based scheme called Falcon (FN-DSA) for use cases that demand smaller signatures an...
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Metaplanet’s Japan bet, Bithumb ordered suspension: Asia Express

Everything that happened in crypto news in Asia over the past seven days: Asia Express.

Jump to

  1. Metaplanet to invest in Japan Bitcoin infrastructure and startups
  2. Bithumb hit with six-month partial suspension over AML breaches
  3. HSBC, Standard Chartered venture tipped for stablecoin licenses
  4. India arrests tech co-founder in $790 million crypto fraud case
  5. South Korea closes chapter on government Bitcoin custody scandal
  6. Chinese victims contest UK proposal for seized Bitcoin
  7. Alibaba backs Singapore stablecoin payments firm MetaComp
  8. US sanctions individuals tied to North Korea crypto fraud network

Bitcoin treasury company Metaplanet plans to invest about 4 billion yen ($26 million) to develop Bitcoin-related financial infrastructure in Japan.

Metaplanet said it will launch a new venture arm to back domestic startups in areas such as lending, payments, custody, stablecoins and derivatives.

Metaplanet fourth in Bitcoin treasury ranking
Metaplanet ranks fourth in Bitcoin treasury rankings among public companies. (BitcoinTreasuries.NET)

Metaplanet also signed a preliminary agreement to invest up to 400 million yen in JPYC, which issues a regulated yen-denominated stablecoin.

A separate US subsidiary in Miami will focus on digital credit and Bitcoin capital markets, as well as linking Asian and Western investors.

Bithumb hit with six-month partial suspension over AML breaches

South Korean regulators have imposed a six-month partial business suspension on Bithumb for violations of the country’s anti-money laundering rules, along with a proposed fine of about 36.8 billion won (about $24.7 million).

The sanction was approved on Monday by the Financial Intelligence Unit and includes the largest fine ever imposed on a domestic exchange, according to Yonhap News Agency.

From March 27 to Sept. 26, the platform will be barred from allowing new customers to transfer crypto to or from external wallets.

Existing users can continue trading normally, and new users will still be able to buy, sell and deposit or withdraw Korean won.

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HSBC, Standard Chartered venture tipped for HK stablecoin licenses

Paul Chan Mo-po at Davos World Economic Forum
Hong Kong Financial Secretary Paul Chan Mo-po said in January that licenses are planned to be issued in the first quarter. (Ministry of Foreign Affairs, China)

HSBC and a joint venture led by Standard Chartered are expected to receive Hong Kong’s first stablecoin issuer licenses, according to the South China Morning Post.

The Hong Kong Monetary Authority is reportedly preparing to approve a small initial group of issuers, with note-issuing banks seen as leading candidates.

The regulator has not confirmed the names of any successful applicants or finalized the number of licenses to be granted.

India arrests tech co-founder in $790 million fraud case

India’s Central Bureau of Investigation has arrested a co-founder of Darwin Labs over suspected links to GainBitcoin, a platform at the center of a major crypto fraud investigation.

Authorities detained Ayush Varshney at Mumbai airport after issuing a travel alert tied to the ongoing probe.

GainBitcoin fraud investigation tech cofounder arrest
GainBitcoin launched in 2015 and promised investors 10% monthly Bitcoin returns. (Central Bureau of Investigation)

Investigators said the company helped build key technical infrastructure used by the scheme, including investor platforms and crypto payment systems.

Officials estimate the case affected about 8,000 investors, with losses reported at roughly $790 million.

South Korea closes chapter on government Bitcoin custody scandal

South Korean prosecutors have reportedly sold Bitcoin held in government custody after it was returned by hackers.

The Gwangju District Prosecutors’ Office said it sold 320.8 Bitcoin, adding about 31.59 billion Korean won (around $21.5 million) to the state treasury.

Authorities seized the funds in an investigation into an illegal gambling website. The crypto was in government custody before it was lost in an August phishing attack. The hackers returned the cryptocurrency last month.

In a separate case, South Korean authorities lost about $5 million in crypto after the tax office distributed a press release that included a photo of a hardware wallet alongside its passwords.

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Chinese victims contest UK proposal for seized Bitcoin

Chinese victims of an investment scheme are reportedly contesting a UK proposal to distribute compensation linked to about 61,000 seized Bitcoin in the Zhimin Qian case.

The Financial Times reported that lawyers representing thousands of investors argue the arrangement could allow authorities to retain much of the cryptocurrency’s appreciation since it was confiscated in 2018.

Arkham UK Bitcoin 61,000
The UK government still holds the same amount of Bitcoin since Arkham’s 2024 tweet. (Arkham)

The dispute has reached the UK High Court, where judges will consider whether English or Chinese law should govern claims to the assets.

The Bitcoin, seized during a London money-laundering investigation tied to the case, is currently valued at roughly 3.2 billion pounds, or about $4.3 billion.

Singapore-based payments firm MetaComp has secured fresh backing from Alibaba as part of a new funding round aimed at expanding its stablecoin infrastructure.

The company said the Pre-A+ round brings its total capital raised to $35 million, with participation from investors including Spark Venture.

MetaComp plans to use the funds to grow its StableX Network, which connects financial institutions and stablecoin issuers for cross-border settlement.

The platform aims to expand across Asia, the Middle East, Africa and Latin America as demand rises for regulated digital payment rails.

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US sanctions six tied to North Korea crypto fraud network

The US Treasury has imposed sanctions on six individuals and two companies accused of supporting a North Korean fraud network.

US Treasury Department North Korea announcement
Crypto companies are frequent targets of suspected North Korean operatives. (US Treasury Department)

The Treasury’s Office of Foreign Assets Control said the scheme used overseas tech workers to generate revenue believed to support North Korea’s weapons programs.

Authorities also flagged cryptocurrency activity linked to the network, identifying addresses across multiple blockchains tied to the operation.

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