The World Crypto Report

China and Brazil Target Stablecoins, Signs Point to Lazarus in Upbit Heist, and CoinShares Pulls Back ETF | December 1, 2025

This is the final episode of The World Crypto Report. Thank you for listening! The People's Bank of China reiterates that crypto is not legal money, dashing hopes for a policy reversal while launching a new crackdown on speculative trading (1:34). South Korean firm AhnLab attributes the Upbit hack to North Korean operatives, highlighting a sophisticated campaign targeting exchange infrastructure (4:09). Facing a saturated market, CoinShares withdraws its U.S. applications for XRP, Litecoin, and Solana ETFs ahead of its Nasdaq listing (6:29). And we look at Brazil's central bank new strict anti-money laundering compliance measures for stablecoins, set to take effect in February (8:26). More on stories and articles discussed or referenced in this episode: Abrams, Zack. "China's Central Bank Reaffirms Crypto Ban, Flags Stablecoin Risks Following Multi-Agency Meeting." The Block, 29 November 2025, https://www.theblock.co/post/380811/chinas-central-bank-reaffirms-crypto-ban-flags-stablecoin-risks-following-multi-agency-meeting [https://www.theblock.co/post/380811/chinas-central-bank-reaffirms-crypto-ban-flags-stablecoin-risks-following-multi-agency-meeting]. Alper, Tim. "Chinese Central Bank Doubles Down on Crypto Crackdown as Speculation Resurfaces." DL News, 30 November 2025, https://www.dlnews.com/articles/regulation/chinese-central-bank-to-continue-crypto-crackdown/ [https://www.dlnews.com/articles/regulation/chinese-central-bank-to-continue-crypto-crackdown/]. Ka-Young, Lee. "Lazarus, Kimsuky Behind 58 Attacks Targeting South Korea." The Chosun Daily, 30 November 2025, https://www.chosun.com/english/north-korea-en/2025/11/30/FZDOLNX2BNHWZIPTMWPQNEBKAA/ [https://www.chosun.com/english/north-korea-en/2025/11/30/FZDOLNX2BNHWZIPTMWPQNEBKAA/]. Ruvic, Dado. "CoinShares Pulls Plug on Select Crypto ETFs Ahead of US Listing." Reuters, 30 November 2025, https://www.reuters.com/business/coinshares-pulls-plug-select-crypto-etfs-ahead-us-listing-2025-11-28/ [https://www.reuters.com/business/coinshares-pulls-plug-select-crypto-etfs-ahead-us-listing-2025-11-28/]. Thomas, Nick. "Brazil Just Closed a Major Crypto Loophole—and Stablecoin Users Should Pay Attention." Benzinga, 29 November 2025, https://finance.yahoo.com/news/brazil-just-closed-major-crypto-020104598.html [https://finance.yahoo.com/news/brazil-just-closed-major-crypto-020104598.html]. The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti [https://www.youtube.com/liborioconti].

Upbit Breach Fallout, Alt5 Leadership Whiplash, Venezuela's USDT Oil Trail, and China's Bitcoin Mining Comeback | November 28, 2025

A security incident at South Korea's biggest crypto exchange triggers emergency safeguards and ripples across Solana-linked assets (1:15). Alt5 Sigma faces a flurry of executive turnover as it deepens ties to a headline-grabbing token project (3:56). Plus: signs that Venezuela's oil trade is leaning more heavily on dollar-pegged stablecoins, pushing sanctions policy into a new era (5:56). And new data points to a stealth revival of Bitcoin mining inside China, even as miner revenues remain under pressure and companies shift compute toward AI and high-performance workloads (8:42). More on stories and articles discussed or referenced in this episode: Abdullahi, Aminu. "Crypto Exchange Upbit Suffers Security Breach After $10B Deal." Tech Republic, 27 November 2025, https://www.techrepublic.com/article/news-upbit-security-breach/ [https://www.techrepublic.com/article/news-upbit-security-breach/]. Cuthbertson, Anthony. "China's Bitcoin Mining Industry Sees Massive Growth Despite Crypto Ban." Datacenter Dynamics, 27 November 2025, https://www.datacenterdynamics.com/en/news/chinas-bitcoin-mining-industry-sees-massive-growth-despite-crypto-ban/ [https://www.datacenterdynamics.com/en/news/chinas-bitcoin-mining-industry-sees-massive-growth-despite-crypto-ban/]. Mutuma, Maxwell. "Alt5 Sigma Fires CEO, COO Amid Legal Woes Tied to Trump Crypto Deal." CoinCentral, 27 November 2025, https://coincentral.com/alt5-sigma-fires-ceo-coo-amid-legal-woes-tied-to-trump-crypto-deal/ [https://coincentral.com/alt5-sigma-fires-ceo-coo-amid-legal-woes-tied-to-trump-crypto-deal/]. Nikoladze, Maia. "How Venezuela Uses Crypto to Cell Oil—and What the US Should Do About It." The New Atlanticist, 25 November 2025, https://www.atlanticcouncil.org/blogs/new-atlanticist/how-venezuela-uses-crypto-to-sell-oil-and-what-the-us-should-do-about-it/ [https://www.atlanticcouncil.org/blogs/new-atlanticist/how-venezuela-uses-crypto-to-sell-oil-and-what-the-us-should-do-about-it/]. Rodrigues, Francisco. "Trump Family-Linked Alt5 Sigma Ousts Top Execs After CEO Suspension Shakes Up Leadership." CoinDesk, 27 November 2025, https://www.coindesk.com/business/2025/11/27/trump-family-linked-alt5-sigma-ousts-top-execs-after-ceo-suspension-shakes-up-leadership [https://www.coindesk.com/business/2025/11/27/trump-family-linked-alt5-sigma-ousts-top-execs-after-ceo-suspension-shakes-up-leadership]. Sinha, Anand. "Popular Crypto Company Hit by Another Major Hack Exactly Six Years Later." The Street, 27 November 2025, https://www.thestreet.com/crypto/markets/popular-crypto-company-loses-millions-in-hack-after-10b-deal [https://www.thestreet.com/crypto/markets/popular-crypto-company-loses-millions-in-hack-after-10b-deal]. The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti [https://www.youtube.com/liborioconti].

Crypto Powers Aid to Gaza, ALT5 Sigma's Meltdown, South Korea's $10B Crypto Merger, and the UAE's Digital Asset Integration Plan | November 27, 2025

Crypto donations and grassroots fundraising for Gaza surge as traditional channels tighten, while scams and false promises thrive in the same chaos (1:23). ALT5 Sigma's token-treasury strategy triggers a steep stock drop and raises fresh questions about governance, disclosure, and risk controls (3:29). South Korea's Naver Financial agrees to acquire Upbit operator Dunamu in a multibillion-dollar all-stock deal, signaling deeper convergence between payments and exchanges (5:38). And the UAE updates its central bank law to cover stablecoins, DeFi, wallets, tokenized assets, and more (7:45). More on stories and articles discussed or referenced in this episode: Acuna, Olivier. "New UAE Sweeping Banking Decree Looks to Cement Country's Global Crypto Position." CoinDesk, 26 November 2025, https://www.coindesk.com/policy/2025/11/26/new-uae-sweeping-banking-decree-looks-to-cement-country-s-global-crypto-position [https://www.coindesk.com/policy/2025/11/26/new-uae-sweeping-banking-decree-looks-to-cement-country-s-global-crypto-position]. Grigera Naón, Camila. "Crypto Becomes Gaza's Lifeline — and a Target for Fake Aid Schemes." Be in Crypto, 26 November 2025, https://beincrypto.com/gaza-palestine-cryoto-donation-lifeline-and-scam/ [https://beincrypto.com/gaza-palestine-cryoto-donation-lifeline-and-scam/]. Lutz, Sander. "South Korea's Top Crypto Exchange to Be Absorbed by Tech Giant in $10.3 Billion Deal." Decrypt, 26 November 2025, https://decrypt.co/350147/south-koreas-top-crypto-exchange-absorbed-tech-giant-10-3-billion-deal [https://decrypt.co/350147/south-koreas-top-crypto-exchange-absorbed-tech-giant-10-3-billion-deal]. Roddan, Michael. "Trump Family Crypto Deal Runs Aground." The Information, 26 November 2025, https://www.theinformation.com/articles/trump-family-crypto-deal-runs-aground [https://www.theinformation.com/articles/trump-family-crypto-deal-runs-aground]. Watson, R.T. "Turmoil Inside World Liberty-Based Crypto Treasury Includes Investigations, Firings and Rwandan Money Laundering Conviction." The Block, 26 November 2025, https://www.theblock.co/post/380564/turmoil-inside-world-liberty-crypto-treasury-investigations-firings-rwandan-money-laundering-conviction [https://www.theblock.co/post/380564/turmoil-inside-world-liberty-crypto-treasury-investigations-firings-rwandan-money-laundering-conviction]. The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti [https://www.youtube.com/liborioconti].

Lone Star Bitcoin Buy, Klarna's Stablecoin, a New Crypto Money-Laundering Playbook & the $11M Mission District Heist | November 26, 2025

Texas officials have begun purchasing Bitcoin ETFs, laying the groundwork for a formal state-level strategic reserve and potential future self-custody (1:05). Buy-now-pay-later powerhouse Klarna enters the crypto arena with a new stablecoin, KlarnaUSD (2:36). A new analysis reveals how criminal organizations are modernizing their financial pipelines, utilizing distinct "chain-hopping" techniques and underground brokers to bypass traditional banking stops (4:19). And San Francisco authorities probe a targeted home invasion reportedly linked to an $11M crypto theft, underscoring the rising intersection of wealth, visibility, and physical security (6:05). More on stories and articles discussed or referenced in this episode: Burn, Joe and Dana Sauchelli. "ChatGPT Boss's Ex-Boyfriend's House Targeted in $11M Crypto Heist by Fake Delivery Man." The New York Post, 25 November 2025, https://nypost.com/2025/11/25/us-news/sam-altmans-ex-boyfriends-san-francisco-home-targeted-in-crypto-heist/ [https://nypost.com/2025/11/25/us-news/sam-altmans-ex-boyfriends-san-francisco-home-targeted-in-crypto-heist/]. Dotson, Kyt. "Digital Bank Klarna Launches Stablecoin Amidst Rising Crypto Adoption." SiliconANGLE, 25 November 2025, https://siliconangle.com/2025/11/25/digital-bank-klarna-launches-stablecoin-amidst-rising-crypto-adoption/ [https://siliconangle.com/2025/11/25/digital-bank-klarna-launches-stablecoin-amidst-rising-crypto-adoption/]. Hamilton, Jesse. "Texas Buys $5M in BTC ETF as States Edge Toward First Government Crypto Reserves." CoinDesk, 25 November 2025, https://www.coindesk.com/policy/2025/11/25/texas-buys-usd5m-in-btc-etf-as-states-edge-toward-first-government-crypto-reserves [https://www.coindesk.com/policy/2025/11/25/texas-buys-usd5m-in-btc-etf-as-states-edge-toward-first-government-crypto-reserves]. Kay, Bruce. "How Industrial-Scale Crypto Laundering Sustains Mexico's Synthetic Drug Trade." InSight Crime, 24 November 2025, https://insightcrime.org/news/us-court-cases-mexico-organized-crime-digital-money/ [https://insightcrime.org/news/us-court-cases-mexico-organized-crime-digital-money/]. Nawrocki, Tom. "Once a Crypto Skeptic, Klarna Announces Its Own Stablecoin." Payments Journal, 25 November 2025, https://www.paymentsjournal.com/once-a-crypto-skeptic-klarna-announces-its-own-stablecoin/ [https://www.paymentsjournal.com/once-a-crypto-skeptic-klarna-announces-its-own-stablecoin/]. Zimmerman, Micah. "Texas Becomes First U.S. State to Buy $5M of BlackRock's Spot Bitcoin ETF." Bitcoin Magazine, 25 November 2025, https://bitcoinmagazine.com/news/texas-buys-5m-of-spot-bitcoin-etf [https://bitcoinmagazine.com/news/texas-buys-5m-of-spot-bitcoin-etf]. The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti [https://www.youtube.com/liborioconti].

Terror Victims Sue Binance, Bitcoin Theft Horror in British Columbia, Citi's Not Sleeping on Crypto, and Japan Has New Rules for Exchanges | November 25, 2025

Victims of the October 7 attacks in Israel have filed suit against Binance and its founder, Changpeng Zhao, alleging the platform served as a conduit for funding designated terror organizations (1:16). A disturbing case in Canada highlights the extreme lengths criminals will go to obtain private keys, reminding high-net-worth holders that digital assets can attract physical threats (3:03). Citi is testing a private Ethereum-based network to enable 24/7 cross-border liquidity for multinationals, with plans for a full custody launch in 2026 (5:05). And Tokyo is moving to require exchanges to hold cash reserves against hacks and is considering a shift to treat crypto gains more like traditional stock investments (7:03). More on stories and articles discussed or referenced in this episode: Crosman, Penny. "Citi Is Laying Plans for Crypto Supremacy." American Banker, 24 November 2025, https://www.americanbanker.com/payments/news/citi-is-laying-plans-for-crypto-supremacy [https://www.americanbanker.com/payments/news/citi-is-laying-plans-for-crypto-supremacy]. Greer, Darryl. "How Crypto Raiders Tortured B.C. Family with Waterboarding, Sex Assault, in $2M Heist." The Canadian Press, 21 November 2025, https://ca.finance.yahoo.com/news/crypto-raiders-tortured-b-c-090108110.html [https://ca.finance.yahoo.com/news/crypto-raiders-tortured-b-c-090108110.html]. "Japan to Require Crypto Exchanges to Set Aside Liability Reserves." Nikkei, 25 November 2025, https://asia.nikkei.com/spotlight/cryptocurrencies/japan-to-require-crypto-exchanges-to-set-aside-liability-reserves [https://asia.nikkei.com/spotlight/cryptocurrencies/japan-to-require-crypto-exchanges-to-set-aside-liability-reserves]. Park, Danny. "Japan to Tighten Crypto Exchange Oversight with New Reserve Mandate: Report." The Block, 24 November 2025, https://www.theblock.co/post/380286/japan-crypto-exchange-reserve-mandate [https://www.theblock.co/post/380286/japan-crypto-exchange-reserve-mandate]. Stempel, Jonathan. "Hundreds of Oct. 7 Victims Sue World's Biggest Crypto Exchange for Hamas Money-Laundering." Reuters, 24 November 2025, https://www.reuters.com/legal/government/hamas-attack-victims-sue-binance-allegedly-allowing-payments-militant-group-2025-11-24/ [https://www.reuters.com/legal/government/hamas-attack-victims-sue-binance-allegedly-allowing-payments-militant-group-2025-11-24/]. Zilber, Ariel. "Crypto Thieves Waterboarded, Beat and Sexually Assaulted Family in Sickening $1.6M Heist." The New York Post, 24 November 2025, https://nypost.com/2025/11/24/business/crypto-thieves-waterboarded-sexually-assaulted-family-in-1-6m-heist/ [https://nypost.com/2025/11/24/business/crypto-thieves-waterboarded-sexually-assaulted-family-in-1-6m-heist/]. The music in this episode was composed by Liborio Conti, and you can find more of his fantastic work at his YouTube page: https://www.youtube.com/liborioconti [https://www.youtube.com/liborioconti].