Thailand SEC Floats $148K Daily Stablecoin Transfer Cap to Combat Illicit Flows
Thailand's Securities and Exchange Commission has released a draft proposal that would limit each customer's daily stablecoin deposits and withdrawals at regulated digital asset operators to 5 million baht (about $148,000). The draft also restricts transfers to third-party wallets and strengthens oversight of crypto market makers. Regulators say the measures aim to prevent stablecoins from being used for money laundering, cybercrime, and evading international fund transfer rules. The public comment period runs through November 26.
Moonshot AI Restructures Toward Hong Kong IPO
Chinese AI startup Moonshot AI is completing a corporate restructuring to prepare for an initial public offering, according to the Wall Street Journal. The company's business primarily operates in mainland China, but its holding company is registered in the Cayman Islands, where many early investors hold dollar-denominated stakes. Moonshot is now dissolving that holding vehicle and transferring investor shares to its main China-based operating entity. The company plans to list in Hong Kong.
Binance Says Security Incident Assets Fully Covered, Releases New Proof-of-Reserves
Binance announced it has completed coverage of all assets affected by an earlier security incident and published a new proof-of-reserves snapshot. Users can independently verify that their assets have at least 1:1 reserve backing once the zero-knowledge proof is generated. The exchange said the verification process allows customers to confirm their holdings are fully collateralized. The update marks Binance's latest effort to restore confidence following the security breach.
US DOJ Freezes About $2.7 Billion in Stolen Binance Funds
The US Department of Justice said it has worked with two major stablecoin issuers to freeze or preserve roughly $2.7 billion — nearly half of the more than $6 billion stolen from Binance. The same day, the FBI's cyber division issued a warning that North Korean hackers are using a social engineering technique called FaceStealer to steal crypto assets by impersonating video conferencing platforms and attacking software supply chains. The operation highlights the scale of the Binance theft and the ongoing threat posed by North Korean cyber actors to Asian exchanges.
Binance Co-Founder He Yi: Judicial Freezes Are Cooperated With Across Financial Institutions
Binance co-founder He Yi responded to recent discussions about asset freezes, saying judicial freezes receive cooperation across all financial institutions and that the relevant cases have entered litigation with clear evidence collection processes. She cautioned users to avoid bringing funds into Binance from risky sources, including discounted USDT from friends, coins sent from relatives on-chain, money from Myanmar businesses, Cambodian gambling proceeds, and funds that have passed through friends' accounts. Her comments reflect Binance's tightening stance on illicit fund flows through its platform.
Hyperliquid Whale Liquidation Wave: $1.3 Billion in BTC Longs Underwater
The sharp crypto selloff has left 95% of Bitcoin long positions on Hyperliquid in the red, with total unrealized losses reaching $130 million. Data shows 24,920 wallets hold $1.32 billion in open BTC long positions, accounting for 67% of all BTC positions on the platform. The average entry price for these longs was $75,565, while BTC traded around $68,588 — about 9.2% lower. The average liquidation price sits at $52,128, suggesting further downside could trigger a cascading liquidation event.
Wintermute Raises Hyperliquid Short Exposure to $90.7 Million
Market maker Wintermute increased its short position on Hyperliquid from $72.45 million to $90.71 million, adding $18.26 million in new shorts. The firm's historical profit on the platform now stands at $227.55 million, with 30-day gains of $20.64 million. The timing of the increased short exposure coincides with Bitcoin's decline below $70,000, highlighting how sophisticated market players are positioning during the downturn.
Crypto Market Suffers $1.23 Billion in Liquidations as BTC Tumbles
The crypto market experienced $1.233 billion in total liquidations over the past 24 hours, with long positions accounting for $1.089 billion of the losses. Bitcoin liquidations totaled $677 million, while Ethereum liquidations reached $191 million. The largest single liquidation occurred on Hyperliquid in the BTC-USD pair, valued at $31.09 million. The massive liquidation event underscores the leverage that had built up in the market before BTC broke below $70,000.
HTX Research: Crypto Faces Independent Capital Supply-Demand Imbalance
HTX Research analyst Chloe noted that this week's US stock rebound failed to lift Bitcoin, indicating a distinct capital supply-demand imbalance in the crypto market. Sticky inflation and rising real interest rates have reinforced expectations of tighter monetary policy in December. The elevated 10-year Treasury yield is also increasing discount pressure on growth assets. The analysis suggests crypto may face continued headwinds even as equities stage temporary recoveries, reflecting divergent liquidity conditions across asset classes.
Justin Sun's PEPE Unrealized Profit Shrinks to $5.05 Million
Tron founder Justin Sun's unrealized profit on his PEPE position has contracted to $5.05 million from a peak of $18.55 million as the market selloff deepened. Since October 17, Sun has withdrawn 11.8 trillion PEPE from exchanges, valued at $48.76 million, at an average cost of $0.000004114. Before November 11, PEPE's price remained relatively strong, with Sun's position up as much as 38% at one point. Despite the pullback, Sun's PEPE holdings remain in profit, though the margin has narrowed considerably. Tokens linked to prominent Asian crypto figures like Sun are closely watched by traders in the region for directional signals. Notably, recent market weakness has also seen multiple large traders with Asian exchange ties face heavy liquidations, including a whale who lost $17.69 million across two trades and another who was liquidated six times in 12 hours.
