Japan's megabanks complete stablecoin cross-border settlement trial
Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Trust and Banking Corporation, together with TISI Corporation, have completed a joint stablecoin issuance and cross-border payment experiment. Conducted from July 17 to 23, the trial involved the three banks serving as co-trustors and the trust bank acting as trustee to issue a stablecoin, verifying issuance, transfer, and redemption flows for Mitsubishi Corporation's cross-border settlements between its Japanese and overseas bases. The results confirmed the technical feasibility of a multi-bank co-issuance model and validated system security and reliability.
Hong Kong sees over 150 WhatsApp hijacking scams in two weeks, losses top HK$15 million
Hong Kong police have received more than 150 reports of WhatsApp account hijacking scams over the past two weeks, with losses exceeding HK$15 million (approximately US$1.9 million). In one case, scammers hijacked the WhatsApp account of an employee at a virtual currency exchange firm, cloned a real work group's name, profile photos, and member list, then impersonated a client seeking an exchange. The victim transferred cryptocurrency to a designated wallet, causing company losses of over HK$4 million.
Ant International and Huaxia Fund (Hong Kong) jointly announced that Ant International has completed a subscription to the Huaxia RMB Digital Currency Fund, now included in its treasury allocation. The transfer was initiated at China Construction Bank's Shanghai Pudong branch, with digital yuan assets moved from Shanghai to Hong Kong in real time, then routed to a Standard Chartered (Hong Kong) account for offshore RMB fund subscription. The operation marks the first full-chain integration of cross-border e-CNY transfer and offshore RMB asset investment.
South Korea to tighten oversight of offshore perpetual contract platforms
South Korea's Financial Services Commission and Financial Supervisory Service will strengthen monitoring of offshore platforms offering perpetual contracts tied to Korean stocks and stock indices. Regulators plan to take a hard line on illegal business activities such as recruiting Korean residents through referral codes or collecting commissions, including referring cases to law enforcement. Authorities will also assess whether such overseas products are impacting the domestic stock market and will engage major offshore platforms to demand compliance with Korean law.
Singapore's Gulf Bank launches retail stablecoin conversion service
Singapore Gulf Bank (SGB) announced that individual customers can now convert between US dollars and USDT or USDC directly through its mobile banking app, without needing to transfer funds to a crypto exchange. Customers can hold stablecoins alongside other fiat currencies in the same bank account. The service operates 24 hours a day, Monday through Friday.
Li Lin-backed crypto-friendly securities platform UMX officially launches
UMX (The Unified Market Exchange), a crypto-friendly securities platform incubated by Li Lin's Avenir Group, has officially launched. Since its public beta began on August 10, UMX received 788 product feedback items, with 89 requirements incorporated into the official version. Positioned for global professional investors, UMX offers real Hong Kong and US stocks, ETFs, US stock options, and crypto asset trading under a unified account system, enabling flexible fund transfers between securities, crypto assets, and fiat currencies with cross-asset unified margin.
Solana Accelerate China Shanghai event abruptly cancelled
The Solana Foundation temporarily cancelled its Solana Accelerate China 2026 event in Shanghai. In an email to registered attendees, organizers cited "venue logistics considerations" for postponing the morning agenda and promised to notify participants once a new schedule is confirmed. The foundation apologized for the short notice and inconvenience.
Taiwan blocks Coinbase and Kalshi over alleged violations
Taiwan has blocked access to Coinbase and prediction market platform Kalshi over alleged regulatory violations, according to Bloomberg. The New Taipei District Court authorized the island's communications regulator and network registries to restrict local user access to both platforms. Taiwan had previously blocked Kalshi's main rival, Polymarket.
South Korea's crypto operator Jonber Kim acquitted in 340 billion won fraud case
Crypto operator "Jonber Kim" has been acquitted in a first-instance ruling by the Seoul Southern District Court on charges involving approximately 340 billion won (about US$230 million) in crypto asset fraud. The court found that while the defendant may have engaged in misleading promotion of the POD and ATT token projects, prosecutors failed to prove a causal link between those actions and individual investors' decisions to purchase the tokens. Charges related to price manipulation and misappropriation of sales proceeds also lacked sufficient evidence.
Ledger supply chain attack traced to Southeast Asia distributors
Ledger disclosed that a highly organized criminal group spent millions of dollars purchasing genuine devices, implanting custom hidden components to steal seed phrases during initialization, and then recirculating the tampered hardware through Southeast Asian distributors. Ledger confirmed its chips, operating system, and servers were not compromised; the attack occurred in the distribution stage after devices left its control. The company has instructed authorized distributors in Southeast Asia and Hong Kong to suspend sales and implement new delivery protocols.
