This Week In Crypto Asia: Metaplanet Bets On South Korea, Binance Cooperates With India’s FIU

[Redator]

Recent developments paint a complex picture of crypto in Asia, where, on one hand, established firms are doubling down on regulated digital assets, while law enforcement agencies grapple with surging wrench attacks and criminal misuse of cryptocurrencies.

Metaplanet Acquired South Korea’s SGA To Strengthen Its Bitcoin Strategy

The Japanese Bitcoin Treasury firm, Metaplanet, has acquired a controlling stake in the South Korean publicly listed software company, SGA. If finalised, SGA would be able to acquire Bitcoins as part of a broader digital strategy.

According to an article published on 15 July 2025, the company’s CEO, Simon Gerovich, entered into a consortium with Hong Kong-based Moon Inc., Bangkok’s Kliff Capital, Taipei’s crypto-focused venture capital firm, Sora Ventures and UTXO Management, a Bitcoin-focused investment and advisory firm, to advance its Bitcoin accumulation campaign in Asia.

METAPLANE'T BUYS INTO SGA: STRATEGIC PLAY

Japanese firm Metaplanet invests $25M in SGA, a South Korean system software developer, via rights offering. Crypto-aligned entities expand influence into traditional tech.

— BlueAsterCapital (@BluAsterCapital) July 14, 2025

Although Gerovich is listed as an independent investor, this move aligns with Metaplanet’s Bitcoin accumulation strategy by transforming traditional companies into Bitcoin-linked entities and then further using them as vehicles for Bitcoin exposure in regional capital markets.

While both the SGA board and Korea’s Financial Services Commission have signed off on the issuance of 58 million shares to the consortium, the final agreement is still pending.

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Crypto In Asia Faces Security Crisis As Wrench Attacks And Bitcoin Thefts Rise

According to a recent report published by Chainalysis on 17 July 2025, wrench attacks targeting crypto holders have surged in the APAC region in 2025. Compared to 2021, the previous worst year for such cases, attacks have nearly doubled, with 35 cases reported so far.

Moreover, these are not siloed events. The APAC region is witnessing wrench attacks as well as a wave of crypto thefts, with over $2.17 billion stolen from crypto platforms in the first half of 2025, exceeding 2024’s total.

Surge in physical attacks against Bitcoin holders

2025 risks becoming the worst year on record for "$5 wrench attacks" — physical assaults aimed at stealing bitcoin and cryptocurrencies — with incidents hitting new highs.

According to Chainalysis, 35 attacks against bitcoin… pic.twitter.com/xCOXoeJM0j

— Atlas21 (@Atlas21_news) July 17, 2025

Retail wallet thefts account for nearly 25% of stolen funds in 2025, hitting Japan, Indonesia, South Korea, and the Philippines the hardest. Criminals specifically target Bitcoin holders as they chase large wallet yields.

A surge in crypto inflows has led to criminal groups exploiting the asset class’s anonymous nature and liquidity by carrying out kidnappings, home invasions, extortions and assaults for ransom.

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Indian FIU Probing Binance Over Cross-Border Terror Financing

India’s Financial Intelligence Unit (FIU) is actively coordinating with Binance to identify private wallets in India, particularly in sensitive regions like Jammu and Kashmir, that could be receiving cryptocurrencies from Pakistan.

As reported by a local publication on 15 July 2025, the FIU believes that individuals are using these privately held wallets as a funding source to carry out illegal activities, as well as terror financing in India.

Since these wallets do not tie to centralised exchanges, authorities find it difficult to monitor and trace them.

As per the publication, investigators are probing Binance in this matter since it is the most used exchange in the region for cross-border crypto transactions.

BREAKING

India’s crypto reality check just got darker.

FIU is now probing cross-border crypto flows tied to Pakistan and terror financing, with Binance and WazirX under the scanner.

WazirX wallets allegedly linked to ISIS.

Raids already happening in Jammu & Kashmir.… pic.twitter.com/rcGnED7Y8z

— Rananjay Singh (@TodayCryptoRj) July 13, 2025

An official was quoted by the publication stating, “Binance has been cooperating with FIU and in recent months, as crypto transactions between J&K (Jammu and Kashmir) and border areas of Pakistan have increased, we suspect some of these would be linked to financing terror.”

This follows the exchange resuming its operations in India after settling a $2.25 million penalty to restore FIU compliance after its suspension in December 2023.

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VCI Global Strengthens Crypto In Asia With Regulated Bitcoin Investment Vehicle

Malaysia-based diversified holdings company, VCI Global, on 15 July 2025, acquired V Capital Fund Management, another Malaysian company, to offer Bitcoin investment options for institutional and high-net-worth investors in Asia.

The VCIG Bitcoin Fund, launched through Labuan’s (a federal territory of Malaysia) internationally recognised offshore financial centre, offers a flexible regulatory environment along with strong anti-money laundering (AML) and Know Your Customer (KYC) compliance and tax advantages.

$VCIG announced a definitive agreement that will enable VCIG to launch the VCIG Bitcoin Fund, targeting the $2.6 trillion cryptocurrency market with 2.7 million low float shares pic.twitter.com/wIPE34nihN

— Parker Wilkes (@0UJl7) July 16, 2025

The move reflects an industry trend of a broader adoption of digital assets by established financial firms, bridging traditional finance with digital assets.

Since regulated crypto investment options in Asia remain limited, the VCIG Bitcoin Fund aims to improve the region’s crypto infrastructure. The fund aims to boost liquidity, enhance custody solutions, and attract participation from a wider array of family-run offices and institutional asset managers.

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Key Takeaways

• Metaplanet entered into a consortium with Moon Inc., Kliff Capita, Sora Ventures and UTXO Management to further its Bitcoin accumulation strategy in Asia
• Wrench attacks have doubled in the APAC region compared to 2021 figures, with 35 cases reported so far
• India’s FIU is probing Binance regarding suspicious cross-border crypto transfers to private wallets
• VCI Global launched the VCIG Bitcoin Fund to offer investment options to institutional and high-net-worth investors in Asia

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