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Everything that happened in crypto news in Asia over the past seven days: Asia Express.
- South Korea probes Polymarket users
- Vietnam moves ahead with crypto market pilot framework
- Intergovernmental crackdown targets SEA pig butchering networks
- Radiant Capital taps out 1.5 years after North Korea-linked exploit
- WIZE targets expansion of Solana treasury business
- Hong Kong sets up tokenized bond braintrust
- KB Securities, Wavebridge partner with Canton on tokenized asset rails
- Indonesian crypto platform Floq raises $11.3 million
Vietnam moves ahead with crypto market pilot framework
Vietnam is accelerating preparation for a crypto market pilot as officials work on a legal framework covering investor protection and anti-money laundering controls.
Deputy Prime Minister Nguyen Van Thang said the country is seeking international expertise as it develops the pilot framework, national broadcaster Voice of Vietnam reported.
The government said foreign firms may cooperate with Vietnamese companies during the testing phase, though participation will depend on criteria tied to financial strength, technical capability, system security and international compliance standards.
Bybit CEO Ben Zhou said the exchange is prepared to share international experience and support workforce training.
South Korea investigates Polymarket users
South Korean police are reportedly investigating domestic Polymarket users over illegal gambling charges.
Local media labeled the case as South Korea’s first known probe targeting prediction market users.
Under South Korean law, betting on platforms outside state-run venues is considered illegal gambling, with users potentially facing fines of up to 10 million won (about $6,500).
South Koreans reportedly access Polymarket and place bets using US dollar-backed stablecoins, and have wagered hundreds of millions of dollars tied to the country’s June 3 local elections.
“Disruption Week” crackdown targets Southeast Asia pig butchering networks
The US Department of Justice (DOJ) said private companies and law enforcement agencies disrupted millions of scam-linked accounts and froze more than $3.8 million in crypto tied to Southeast Asian fraud networks during a coordinated “Disruption Week” operation.
The operation targeted crypto scams commonly known as “pig butchering” schemes, which authorities say are often run from industrial-scale scam compounds in Cambodia, Laos and Myanmar.
While the operation disrupted more than 1.4 million accounts and led to arrests in Thailand, the $3.8 million in frozen crypto is relatively small compared with the scale of global scam losses.
The FBI said reported losses tied to crypto investment scams reached $7.2 billion in 2025 alone.
Radiant Capital taps out 1.5 years after North Korea-linked exploit
DeFi lender Radiant Capital said it will wind down active operations after failing to recover funds stolen in an October 2024 exploit linked to North Korean hackers.
The protocol said Monday it recovered none of the $50 million in stolen funds despite an 18-month effort.
Radiant said it will stop active development immediately, disable borrowing across its markets and discontinue RDNT token emissions while keeping core smart contracts and withdrawal functions operational.
The platform is among several crypto projects targeted in attacks attributed to North Korea-linked threat actors, whose exploits and laundering operations have increasingly strained DeFi.
WIZE targets expansion of Solana treasury
Japanese entertainment company WIZE has partnered with SBI VC Trade to expand its Solana treasury business and strengthen its SOL acquisition and management operations, according to an announcement on Thursday, with WIZE aiming to become one of Japan’s leading SOL treasury firms.
SBI VC Trade is the crypto exchange arm of financial conglomerate SBI Group. It recently expanded through its merger with Bitpoint Japan and the transfer of customer assets from DMM Bitcoin.
WIZE said it directly holds around 32,100 SOL and manages roughly 121,000 SOL through its validator operations.
Hong Kong sets up tokenized bond braintrust
Hong Kong’s de facto central bank has established an expert group for tokenized bonds in the city’s fixed-income market.
The group, convened by the Hong Kong Monetary Authority, includes representatives from financial institutions, legal firms, industry associations and financial infrastructure providers.
The HKMA said the group will explore policy measures, market practices and technical innovations tied to tokenized bond issuance and trading.
Hong Kong has been expanding its tokenized bond initiatives since 2021, including the issuance of what it described as the world’s first tokenized government green bond in 2023 and a digital bond integrating tokenized central bank money in 2025.
KB Securities, Wavebridge partner with Canton on tokenized asset rails
KB Securities, the Canton Foundation and Wavebridge will reportedly collaborate on blockchain-based systems for tokenized assets, settlement infrastructure and capital market transaction standards tied to the Canton Network.
The three parties signed a memorandum of understanding on Thursday at KB Securities’ headquarters in Seoul, local outlet ChosunBiz reported.
KB Securities, one of South Korea’s largest brokerages, will help design transaction standards and drive adoption among financial institutions. Wavebridge will provide settlement and clearing technology, while Canton will oversee governance and ecosystem development.
Canton is an institutional-facing network focused on real-world assets, whose participants include Goldman Sachs, HSBC, Nasdaq, DTCC and Deutsche Börse Group.
Indonesian crypto platform Floq raises $11.3 million
Jakarta-based crypto platform Floq reportedly secured $11.3 million in funding from investors including Ascent HFX Group and MD Capital as competition heats up in Indonesia’s fast-growing digital asset sector.
Floq launched in May 2025 and says it now has more than 1.8 million registered users. The company plans to use the capital to expand its infrastructure, security systems and compliance capabilities, Tech in Asia reported.
Indonesia has emerged as a crypto hotspot and ranked seventh in Chainalysis’ 2025 crypto adoption index. It is also the fourth-most populous country in the world.
Local regulators also tightened oversight after supervisory authority shifted from Bappebti to the Financial Services Authority, or OJK, last year.
