South Korean police have confirmed that hackers linked to North Korea’s military intelligence agency were behind a 2019 Ethereum cryptocurrency theft valued at 58 billion won ($41.5 million at the time). Hackers infiltrated a crypto exchange and stole 342,000 Ethereum tokens, which are now worth over 1.4 trillion won ($1 billion).
The stolen funds were laundered through three hacker-controlled crypto exchanges and 51 other platforms, according to South Korea’s National Police Agency. While the exchange targeted was not officially named, South Korea-based Upbit had reported a similar transfer to an unidentified wallet during the incident. The investigation, conducted with the FBI, used IP address analysis and asset tracking to trace the theft to groups reportedly tied to North Korea’s Reconnaissance General Bureau.
This marks the first confirmed instance of North Korean hackers targeting a South Korean crypto exchange. Previously, a UN report linked North Korea to nearly $3.6 billion in crypto heists from 2017 to 2024. South Korean investigators recovered a small fraction of the stolen assets, equivalent to 600 million won, which were returned to the exchange. North Korea denies involvement in such activities despite mounting evidence to the contrary.
Retail investors continue to dominate Bitcoin’s ownership, accounting for 88.07% of the circulating supply, according to The Block. Despite fears of institutional dominance, whales and institutions hold just 1.26% and 10.68% of Bitcoin, respectively, highlighting the strong grassroots presence in the market.
Adding momentum to Bitcoin, the historic launch of BlackRock’s Bitcoin ETF saw $1.9 billion in notional value traded on its debut day. This milestone signals growing institutional interest but also lowers barriers for everyday investors, ensuring Bitcoin remains accessible to the masses.
Bitcoin’s ownership distribution reflects its decentralised nature, with significant holdings by entities like Coinbase and even governments, though the bulk lies with retail holders. Critics arguing that Bitcoin is becoming centralised are contradicted by data showing financial products like ETFs increase accessibility while maintaining Bitcoin’s democratic ethos.
As Bitcoin edges closer to the $100,000 mark, its ownership by retail investors underscores its alignment with Satoshi Nakamoto’s vision for a decentralised financial future.
The United Kingdom is set to finalise a draft regulatory framework for crypto assets by early next year, according to Economic Secretary to the Treasury, Tulip Siddiq. Speaking at the Tokenisation Summit in London on 21 November, Siddiq outlined plans for a streamlined approach to regulating stablecoins, staking services, and cryptocurrencies. The new Labour government, under Prime Minister Keir Starmer, will present the framework, replacing earlier Conservative-led initiatives disrupted by a general election.
Siddiq emphasised the importance of removing legal uncertainties, particularly around staking services, which the government does not intend to classify as “collective investment schemes.” This move aims to avoid unnecessary restrictions. Stablecoin legislation, which began in 2023, will also be part of the new framework, though it was never anticipated before 2025.
The UK faces mounting pressure to establish itself as a competitive crypto hub, especially with the European Union’s MiCA regulations taking full effect this year and the US expected to adopt a more crypto-friendly stance under President-elect Donald Trump. Critics have often blamed the Financial Conduct Authority for the UK’s perceived regulatory hurdles, but the upcoming framework seeks to enhance clarity and foster innovation in the growing crypto sector.
South Korea’s Democratic Party (KDP) is moving forward with plans to implement a tax on cryptocurrency gains starting in 2025, despite opposition from the ruling People’s Power Party (PPP), which proposed a delay until 2028. The KDP, however, is offering a compromise by raising the threshold for taxable gains from 2.5 million won ($1,800) to 50 million won ($36,000). This move would ensure that only larger investors—those making substantial profits from crypto—are affected by the tax, leaving smaller players with little to no impact.
The original crypto tax proposal, which was met with backlash from stakeholders and investors, aimed to impose a 20% annual tax on gains over 2.5 million won. The KDP’s revised plan aligns more closely with the country’s stock tax policies, where the threshold for taxable capital gains is similarly set at 50 million won. The party argues that this approach would make the tax more palatable by only targeting “big players” in the market.
This tax has been delayed multiple times, initially scheduled for implementation in 2021 but pushed back to 2023 due to opposition. Now, with a new proposal in the works, South Korea’s government aims to enact the crypto tax on 1 January 2025, unless further political manoeuvres alter the timeline.
Goldman Sachs is considering spinning out its technology platform within its digital assets business, signalling a potential shift in its blockchain and cryptocurrency strategy. The platform, which has played a significant role in advancing blockchain technology and crypto-linked products, is expected to become an independent entity within 12 to 18 months, according to Mathew McDermott, Goldman’s global head of digital assets.
The bank’s plans come as the cryptocurrency market experiences a resurgence, with Bitcoin more than doubling its value in 2024 following the approval of spot Bitcoin exchange-traded funds by the United States Securities and Exchange Commission earlier this year. The proposed spin-out would likely provide greater operational focus for the platform while aligning with market trends.
Although the project is in its early stages, Goldman Sachs‘ move highlights its commitment to adapting its digital asset strategies amid evolving regulatory and market conditions.
Paxos, a prominent blockchain infrastructure firm, has announced plans to acquire Finnish stablecoin issuer Membrane Finance, pending regulatory approval. The acquisition will grant Paxos a sought-after Finnish Electronic Money Institution licence, allowing the company to operate across 30 European countries under EU regulations.
Membrane Finance, known for its EUROe and eUSD stablecoins, launched its euro-pegged stablecoin in February 2023 but saw modest initial demand. Paxos, which already issues dollar-backed tokens like the Pax Dollar (USDP) and gold-backed cryptocurrency PAXG, had not yet ventured into the euro stablecoin market. This deal marks Paxos’ first step into offering euro-pegged digital assets.
The acquisition comes as the European stablecoin market faces tighter oversight under the Markets in Crypto-Assets (MiCA) Regulation, which took effect in July. Paxos sees this move as an opportunity to expand its reach and cater to growing stablecoin demand in Europe, further solidifying its global presence in the digital currency space.
Michael Saylor, the executive chairman of MicroStrategy, is set to deliver a compelling three-minute presentation to Microsoft’s board of directors advocating for a Bitcoin investment. This announcement followed his participation in VanEck’s X Spaces on 19 November, where he shared insights into the proposal. Saylor plans to encourage the board to allocate a portion of their substantial $78 billion cash reserves into Bitcoin.
Microsoft, one of the largest tech firms globally, has no current exposure to Bitcoin or other cryptocurrencies, despite its significant investments in companies like OpenAI. Saylor highlighted that only 1.5% of Microsoft’s stock value is linked to intangible assets, with most of it focused on quarterly earnings. The December’s voting items may include a decision influenced by Saylor’s presentation, potentially paving the way for a revolutionary shift in the company’s financial strategy.
The potential impact of Microsoft embracing Bitcoin could be monumental. Saylor noted the remarkable rise of MicroStrategy’s shares since adopting Bitcoin, with a 2,735% increase over five years. Institutional and corporate adoption of Bitcoin is accelerating, and Saylor believes Microsoft could set a transformative example by joining the trend.
Bitcoin surged to a record high of over $94,000, driven by reports that Donald Trump’s social media company, Truth Social, is in talks to acquire cryptocurrency firm Bakkt. The news raised hopes of a more cryptocurrency-friendly approach under a Trump administration. Bitcoin’s price has more than doubled this year, with the latest trading at $92,104.
The potential acquisition, as reported by the Financial Times, is expected to be an all-stock deal between Trump Media and Bakkt, which is backed by the Intercontinental Exchange. This news, combined with the launch of options trading for Bitcoin ETFs on Nasdaq, has spurred further optimism.
Since the US election on 5 November, traders have been betting that President-elect Trump will foster a less restrictive regulatory environment for digital assets, leading to a renewed rally in Bitcoin. The global cryptocurrency market has now surpassed a $3 trillion valuation, according to CoinGecko.
Market analysts suggest there is strong buying momentum behind Bitcoin, with the potential for further gains as traders continue to seek out opportunities in the growing market.
Donald Trump’s media company, Trump Media and Technology Group, is reportedly in advanced negotiations to acquire Bakkt, a crypto trading platform backed by the Intercontinental Exchange. According to sources cited by the Financial Times, the deal would be an all-stock acquisition.
News of the talks caused Bakkt’s shares to skyrocket by nearly 66% before trading was temporarily halted due to volatility. Neither Trump Media nor Bakkt has commented on the matter, while the Intercontinental Exchange declined to respond.
If finalised, the deal would deepen Trump’s ties to the cryptocurrency industry, which he has actively supported long before the US presidential election. In a related move, Trump recently launched a new crypto initiative called World Liberty Financial.
Tether, Kraken, and Fabric Ventures are supporting Dutch fintech company Quantoz Payments in launching two stablecoins, EURQ and USDQ, compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCA). Set to launch on 18 November, these euro- and dollar-backed stablecoins have been licensed by the Dutch Central Bank (DNB) as e-money tokens. Fully backed by fiat reserves, the stablecoins are designed to offer a regulated and secure payment option for the European Economic Area (EEA), aiming to reduce costs and improve the speed and transparency of transactions for both consumers and businesses.
The introduction of EURQ and USDQ is seen as a major step towards regulated digital finance in Europe, aligning with MiCA’s regulations, including a 1:1 fiat backing and an additional 2% reserve held by Quantoz. MiCA’s framework helps build trust in stablecoin issuers, ensuring transparency and mitigating risks in crypto payments. Kraken and Bitfinex are set to list the tokens on 21 November, giving access to eligible clients across Europe.
While the launch marks significant progress, Tether’s CEO, Paolo Ardoino, has raised concerns about the MiCA framework’s potential risks. He highlighted the regulation’s requirement for stablecoin issuers to hold at least 60% of their reserves in European banks, which could introduce vulnerabilities if banks experience financial instability due to high loan ratios. Despite these concerns, the stablecoins aim to enhance digital payment systems across Europe.
In related news, Norway’s central bank, Norges Bank, has endorsed the MiCA framework, evaluating its potential to support a central bank digital currency (CBDC). While the country is still considering additional regulations to ensure financial stability, it aligns closely with the EU’s MiCA rules, which could shape future developments in cross-border payments and CBDC implementation.
