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<p><em>Everything that happened in crypto news in Asia over the past seven days: Asia Express.</em></p>
<p><strong>In this edition:</strong></p>
<ol>
 <li><a rel="noopener noreferrer nofollow">Bitcoin think tank recommends Taiwan hold BTC</a></li>
 <li><a rel="noopener noreferrer nofollow">Drift links $285M exploit to suspected North Korean operatives</a></li>
 <li><a rel="noopener noreferrer nofollow">Huione Group leader extradited to China</a></li>
 <li><a rel="noopener noreferrer nofollow">Hong Kong misses March target for stablecoin licenses&nbsp;</a></li>
 <li><a rel="noopener noreferrer nofollow">South Korean brokerage seeks stake in crypto exchange Coinone</a></li>
 <li><a rel="noopener noreferrer nofollow">Bithumbs fat thumb prompts five-minute reconciliation mandate</a></li>
 <li><a rel="noopener noreferrer nofollow">Japans stock exchange keeps Bitcoin treasuries out of key index</a></li>
 <li><a rel="noopener noreferrer nofollow">China pushes blockchain to link tax data and lending systems</a></li>
</ol>
<h2 class="wp-block-heading" id="Bithumbs-fat-thumb-prompts-five-minute-reconciliation-mandate">Bithumbs fat thumb prompts five-minute reconciliation mandate</h2>
<p>South Koreas Financial Services Commission will <a href="https://www.fsc.go.kr/eng/pr010101/86638?srchCtgry=&amp;curPage=&amp;srchKey=&amp;srchText=&amp;srchBeginDt=&amp;srchEndDt=" rel="noopener noreferrer nofollow">require</a> crypto exchanges to reconcile internal ledgers with wallet balances every five minutes.</p>
<p>Inspections following <a href="https://cointelegraph-magazine.com/hk-bitcoin-etf-bithumbs-phantom-btc-asia-express/" rel="noopener noreferrer nofollow">a payout error at Bithumb</a> found that most platforms relied on slower checks and lacked kill switches to halt transactions in the event of discrepancies.</p>
<p>Bithumb accidentally distributed 620,000 phantom Bitcoin in February it did not have, after an employee mistakenly selected Bitcoin instead of Korean Won.</p>
<figure class="wp-block-image aligncenter size-full"><img width="927" height="500" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Bithumb-fat-thumb.jpg" alt="Bithumb fat thumb">
 <figcaption><em>Bithumb mistakenly distributed 620,000 BTC despite reporting 42,031 BTC in its holdings. (</em><a href="https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20250819000290" rel="noopener noreferrer nofollow"><em>Financial Supervisory Service</em></a><em>)</em>
 </figcaption>
</figure>
<p>Authorities will mandate automated shutdown triggers, stricter controls on high-risk manual payouts and monthly external audits.</p>
<p>The measures, backed by industry group DAXA, will be finalized in April, with system upgrades targeted for May.</p>
<h2 class="wp-block-heading" id="Bitcoin-think-tank-recommends-Taiwan-hold-BTC">Bitcoin think tank recommends Taiwan hold BTC</h2>
<p>Taiwan could use Bitcoin as a hedge against geopolitical turmoil and the risk of war, according to the Bitcoin Policy Institute.</p>
<p>Bitcoin would be the only asset <a href="https://cointelegraph.com/news/taiwan-bitcoin-reserve-geopolitical-hedge" rel="noopener noreferrer nofollow">that would remain unfrozen</a> or accessible for transfer in the event of a hypothetical blockade or invasion by China.&nbsp;</p>
<figure class="wp-block-image aligncenter size-full is-resized"><img width="927" height="459" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Bitcoin-Policy-Institute-Langenkamp.jpg" alt="Bitcoin Policy Institute Langenkamp">
 <figcaption><em>Asset scenarios as envisioned by Langenkamp. (</em><a href="https://cdn.prod.website-files.com/68f7cddcae0b61add08140fc/69cc415b693433b742a06e9f_Economic%20and%20Geopolitical%20Benefits%20of%20a%20Taiwan%20Bitcoin%20Reserve--BPI%20Research%20Paper.pdf" rel="noopener noreferrer nofollow"><em>Bitcoin Policy Institute</em></a><em>)</em>
 </figcaption>
</figure>
<p>Uniquely for Taiwan, Bitcoin provides geopolitical resilience: in a PRC blockade or invasion, gold is stranded or seized and USD reserves face potential restrictions, but Bitcoin remains fully accessible without physical transport, Jacob Langenkamp of the institute wrote in a report.</p>
<h2 class="wp-block-heading" id="Drift-links-$285M-exploit-to-suspected-North-Korean-operatives">Drift links $285M exploit to suspected North Korean operatives</h2>
<p>Drift Protocol said it had medium-high confidence that the recent exploit it suffered was <a href="https://cointelegraph.com/news/drift-protocol-exploit-preparation-preliminary-findings" rel="noopener noreferrer nofollow">carried out by North Korean hackers</a>.</p>
<p>Drift traced the attack back to October 2025, when malicious actors posing as a quant trading firm approached Drift contributors at a conference.</p>
<figure class="wp-block-image aligncenter size-full"><img width="800" height="337" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Monahan-DeFi-DRPK-contributions.jpg" alt="Monahan DeFi DRPK contributions">
 <figcaption><em>Monahans list of DeFi platforms that have worked with North Korean IT contributors. (</em><a href="https://x.com/tayvano_/status/2040668973923189123" rel="noopener noreferrer nofollow"><em>Taylor Monahan</em></a><em>)</em>
 </figcaption>
</figure>
<p>Drift Protocol lost $285 million in user assets on April 1. Security company TRM Labs called it the largest DeFi hack of 2026 and the second-largest exploit in Solanas history.&nbsp;</p>
<p>Security researcher Taylor Monahan said North Korean IT workers have infiltrated the DeFi space for at least seven years.</p>
<h2 class="wp-block-heading" id="Huione-Group-leader-extradited-to-China">Huione Group leader extradited to China</h2>
<figure class="wp-block-image alignright size-full is-resized"><img width="657" height="651" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Chen-Zi-Jacob-in-Cambodia.jpg" alt="Chen Zi Jacob in Cambodia">
 <figcaption><em>Chinese authorities take custody of Li. (</em><a href="https://x.com/jacobincambodia/status/2039288129652441424/photo/1" rel="noopener noreferrer nofollow"><em>Jacob in Cambodia</em></a><em>)</em>
 </figcaption>
</figure>
<p>Cambodian authorities <a href="https://cointelegraph.com/news/crypto-scam-leader-extradited-to-china-fraud-money-laundering-charges" rel="noopener noreferrer nofollow">have extradited Li Xiong</a>, the leader of Huione Group, to China, where he will face money laundering charges.&nbsp;</p>
<p>Huione Group has allegedly serviced scam centers in Cambodia by selling stolen personal data, technology and money laundering services. Many of these centers run pig butchering schemes, where <a href="https://cointelegraph-magazine.com/crypto-scam-investigator-south-korea-us-nk-hackers-asia-express/" rel="noopener noreferrer nofollow">trafficked victims are forced to defraud targets</a> by posing as romantic or friendly contacts to steal funds and crypto.</p>
<p>According to Elliptic, the marketplace <a href="https://www.elliptic.co/blog/huione-largest-ever-illicit-online-marketplace-stablecoin#:~:text=Elliptic%20Research,billion%20in%20cryptoassets%20to%20date." rel="noopener noreferrer nofollow">handled</a> over $89 billion in cryptoassets as of January 2025.</p>
<h2 class="wp-block-heading" id="Hong-Kong-misses-March-target-for-stablecoin-licenses-">Hong Kong misses March target for stablecoin licenses&nbsp;</h2>
<p>The Hong Kong Monetary Authority (HKMA) is behind schedule in awarding its new stablecoin licenses after <a href="https://cointelegraph.com/news/hong-kong-missed-march-target-stablecoin-licenses" rel="noopener noreferrer nofollow">missing its March target.</a></p>
<p>An HKMA spokesperson told Cointelegraph that it is actively taking forward the licensing matter and will announce further details in due course.</p>
<p>In Hong Kongs new stablecoin regulation, issuers must fully back tokens with high-quality liquid reserves, redemptions must be processed in one business day and issuers must also have a physical office in the city. There are also Know Your Customer and transaction monitoring rules.</p>
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<h2 class="wp-block-heading" id="South-Korean-brokerage-firm-seeks-stake-in-crypto-exchange">South Korean brokerage firm seeks stake in crypto exchange</h2>
<p>Korea Investment &amp; Securities (KIS) is reportedly considering a stake in cryptocurrency exchange Coinone.</p>
<p>The Korea Herald reported that KIS began talks with regulators and politicians about the stake this month, but no final agreement has been reached.</p>
<figure class="wp-block-image aligncenter size-full"><img width="768" height="398" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/Volume-by-market-pair.jpg" alt="Volume by market pair">
 <figcaption><em>US dollar stablecoins dominate Coinones trading volumes. (</em><a href="https://www.coingecko.com/en/exchanges/coinone" rel="noopener noreferrer nofollow"><em>CoinGecko</em></a><em>)</em>
 </figcaption>
</figure>
<p>This follows potential changes to South Korean law that would <a href="https://cointelegraph.com/news/south-korea-crypto-exchange-shareholder-cap-20-percent" rel="noopener noreferrer nofollow">cap shareholders stakes in domestic crypto exchanges</a> at 20%. Businesses would have three years to adjust their stakes.</p>
<p>Many local big-name investors exceed these limits. Song Chi-hyung holds 25% of the Upbits operator Dunamu; Bithumb Holdings owns 73% Bithumb; Coinone chairman Cha Myung-hoon controls over 50% of his exchange; Mirae Asset Consulting will own over 90% of Korbit following an acquisition, and Binance owns 67% of GOPAX.</p>
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<h2 class="wp-block-heading" id="Japans-stock-exchange-keeps-Bitcoin-treasuries-out-of-key-index">Japans stock exchange keeps Bitcoin treasuries out of key index</h2>
<p>Tokyo Stock Exchange (TSE) operator Japan Exchange Group <a href="https://www.jpx.co.jp/markets/indices/governance/index-consultation/t13vrt000000srmd-att/j_consultation16.pdf" rel="noopener noreferrer nofollow">said</a> Friday that it will refrain from adding companies whose primary assets are crypto to the Tokyo Stock Price Index (TOPIX).</p>
<p>The Tokyo Stock Exchange is divided into three segments. The Prime Market is the top tier, consisting of large-cap, established companies with higher governance and liquidity standards.</p>
<figure class="wp-block-image aligncenter size-full is-resized"><img width="700" height="727" src="https://s3.magazine.cointelegraph.com/magazine/wp-content/uploads/2026/04/NewMarket_new_01_en.jpg" alt="TOPIX Prime, Standard Growth markets">
 <figcaption><em>The TSE was restructured in 2022 to add the Prime Market segment. (</em><a href="https://www.jpx.co.jp/english/equities/improvements/market-structure/" rel="noopener noreferrer nofollow"><em>Japan Exchange Group</em></a><em>)</em>
 </figcaption>
</figure>
<p>TOPIX tracks companies listed on the Prime Market on a free-float-adjusted basis. Exclusion from the index would mean that Bitcoin treasury firms such as Metaplanet would not be included in one of Japans main benchmarks for large-cap equities.</p>
<p>Metaplanet was founded on a simple conviction: Japanese investors deserve access to Bitcoin through a transparent, publicly listed company on the Tokyo Stock Exchange, <a href="https://x.com/gerovich/status/2040628778427355216" rel="noopener noreferrer nofollow">said</a> Metaplanet CEO Simon Gerovich. But we are building far more than a treasury.</p>
<h2 class="wp-block-heading" id="China-pushes-blockchain-to-link-tax-data-and-lending-systems">China pushes blockchain to link tax data and lending systems</h2>
<p>Chinas tax and financial regulators are pushing banks to lean on blockchain and privacy-preserving tools to revamp how tax data is used in lending, to unlock more credit for small businesses.</p>
<p>In a joint notice, the State Administration of Taxation and the National Financial Regulatory Administration <a href="https://cointelegraph.com/news/china-tax-authority-banks-implement-blockchain-lending" rel="noopener noreferrer nofollow">called for standardized data pipelines</a> between tax authorities, lenders and companies to close persistent information gaps.</p>
<p>The directive ties into Beijings longer-term push to digitize data infrastructure, building on a 2025 National Development and Reform Commission roadmap that sets a nationwide blockchain rollout target by 2029.</p>
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Asia Express: Phantom Bitcoin checks, China tracks tax on blockchain

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