Asia's weekly TOP10 crypto news (Apr 8 to Apr 14)

1. Iran Launches Attack on Israel link

Following Iran’s unprecedented attack on Israel, risk assets experienced a sharp decline on April 14th, with Ethereum hitting a low of $2,852 and Bitcoin dropping to $60,660. Within a 4-hour period, liquidation amounts reached $951 million. However, Iran later announced the end of its military action, leading to a rebound in cryptocurrencies and other risk assets.

International news reports indicate that Iran’s mission to the United Nations stated that if Israel does not respond, the military action will be considered “ended.” Magen David Adom, Israel’s national emergency medical service, reported no casualties from Iranian drones. Nonetheless, Israeli senior officials have indicated a “significant response” to the unprecedented Iranian attack. Jordanian warplanes intercepted dozens of Iranian drones flying over northern and central Jordan towards Israel. Media reports suggest Iran is closely monitoring Jordan and could target it if there are any (pro-Israeli) actions.

An American official stated that President Biden informed Israeli Prime Minister Netanyahu in today’s call that the U.S. opposes any Israeli retaliation against Iran. U.S. officials expressed deep concern that Israeli retaliation could lead to a region-wide conflict with catastrophic consequences. Prime Minister Netanyahu reportedly understood Biden’s position. It is reported that the U.S. Secretary of Defense has urged Iran to de-escalate tensions, emphasizing that the U.S. has no intention of engaging in war with Iran.

2. U.S. Treasury Deputy Secretary Wally Adeyemo Claims Russia Attempted to Evade Sanctions Using Stablecoins link

U.S. Deputy Treasury Secretary Wally Adeyemo issued a formal statement to the Senate Banking, Housing, and Urban Affairs Committee, asserting that Russia is increasingly turning to alternative payment mechanisms, including the stablecoin Tether, in an attempt to evade sanctions and continue funding its war machine. Adeyemo also noted that while these actors (terrorist organizations and others) currently use virtual assets for only a small portion of their illicit activities, we are aware that in other areas, illicit actors rely almost entirely on virtual currencies.

3. Industry Insider: Claims that Southbound Funds Can Purchase Hong Kong Bitcoin ETFs are Baseless link

Several Hong Kong participants involved in Bitcoin ETF issuance have pointed out to Wu Blockchain that southbound funds definitely cannot purchase virtual currencies or related ETFs. Earlier reports from Matrixport suggested that a Hong Kong-listed Bitcoin spot ETF could attract up to $25 billion in funds from mainland Chinese investors through the southbound channel, but several Hong Kong ETF participants have dismissed this as baseless speculation. Mainland Chinese capital investing in Hong Kong stocks needs to enter Hong Kong from mainland China through the Stock Connect schemes known as Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. Together, these capital flows are referred to as southbound capital.

4. Vietnamese Justice Ministry Official: Vietnam Has Not Banned Cryptocurrencies, Calls for Legal Framework link

An official from Vietnam’s Ministry of Justice stated that cryptocurrency is not banned in Vietnam, but there is a need to establish a legal framework to ensure its proper development and mitigate risks. The government has instructed the State Bank of Vietnam to study cryptocurrencies and virtual assets to prevent their use in money laundering. The Ministry of Finance has been tasked with developing a legal framework by May 2025 to regulate these aspects.

5. Bitkub CEO in Thailand: IPO Valuation Could Reach Up to $3 Billion USD for Thai Cryptocurrency Exchange link

Jirayut Srupsrisopa, CEO of Bitkub Capital Group, has stated that the owners of Bitkub Online plan to sell shares to the public next year, with a potential valuation of up to $3 billion. Earlier this month, Jirayut indicated plans for an IPO next year and mentioned that the company is in the process of hiring financial advisors. When asked about the IPO valuation, Jirayut mentioned that a valuation based on a P/E ratio of 10–30 would place their valuation between $1 billion and $3 billion.

6. Second-Largest DeFi Protocol on Filecoin, STFIL: Core Technical Team Under Investigation by Chinese Authorities link

STFIL Protocol, the second-largest DeFi protocol on Filecoin, has reported that its core technical team is under investigation by local Chinese authorities. It has been revealed that they have hired lawyers to understand the current situation and provide legal assistance to the detained individuals. Additionally, last week during the detention of the core technical team, FIL on the STFIL platform was transferred to an unknown external address. Moreover, over the past few days, there have been unexpected and unauthorized protocol upgrades, and funds have been transferred to other addresses. The team is actively seeking assistance and hopes the community can help track this unknown address and discuss ways to safeguard stakeholders’ interests. The unknown external address received approximately 2.56 million FIL between April 6th and 9th, equivalent to around $23 million. Currently, these FIL tokens remain largely in that address without further movement.

7. HashKey to Launch HashKey Global Offshore Exchange link

HashKey Group has obtained a comprehensive license under Bermuda’s Digital Asset Investor Protection Regime and is set to launch the HashKey Global trading platform. In the initial phase, the platform will offer over 20 different cryptocurrencies to eligible retail investors. HashKey plans to introduce futures and other products within one quarter, targeting overseas Chinese and users from Southeast Asian countries, excluding mainland China, Hong Kong, the United States, and other specified regions.

In an interview with Wu Shuo, HashKey stated ambitions to surpass Coinbase within 5 years, without considering Binance, Huobi, and other non-compliant exchanges as direct competitors. They have multiple listing plans, including A-shares, Hong Kong shares, and STOs. Both platforms will share a native token, with HSK points being used to incentivize trading and mining activities.

8. Chinese Tycoon Kidnapped in the UK, Kidnappers Demand $15 Million USD in Bitcoin Ransom link

In October 2023, at the Brocket Hall Golf Club in Hertfordshire, England, a wealthy Chinese businessman named Dylan Huang was kidnapped. The kidnappers demanded 15 million US dollars in Bitcoin as ransom. Huang was attacked by five men while playing golf and was held captive for 30 hours. Prosecutors have indicated that at least six suspects are involved in this kidnapping, believed to be in China. The case is currently being heard at the St Albans Crown Court, where the 35-year-old suspect Tianfu Guo has denied all charges.

9. Blockchain Investment Research Firm TouDengCang Announces Closure of Chinese-language Operations link

The blockchain investment research firm, TouDengCang, has announced the closure of all its Chinese operations. Subscribers who subscribed before March 29, 2024, and are still within their subscription period, can submit withdrawal requests through the official website. Prime Vault stated that due to policy changes and persistent financial deficits, they have been compelled to fully exit the Chinese market and seek opportunities for overseas development.

10. DiscusFish: Predicting Bitcoin Price to Reach $1.5 Million USD by 2030 is Conservative link

Cobo and F2pool co-founder DiscusFish expressed strong support for the development of the Bitcoin ecosystem during the Web3 Carnival. They aim to enable more innovations to be compatible with Bitcoin without compromising the security of the existing main network. Shenyu further stated that the prediction of Bitcoin reaching $1.5 million by 2030 is conservative, anticipating a surge in widespread adoption within one or two cycles, providing several times more potential, with major financial institutions playing a key role in participation.