This Week In Crypto Asia: Metaplanet Wagers On South Korea, Binance Collaborates With India’s FIU
Recent events depict a multifaceted scenario for crypto in Asia, where established companies are making significant investments in regulated digital assets, while law enforcement is dealing with a rise in wrench attacks and the criminal exploitation of cryptocurrencies.
Metaplanet Acquires South Korea’s SGA To Enhance Its Bitcoin Strategy
The Japanese BTC Treasury company, Metaplanet, has secured a controlling interest in the South Korean publicly traded software entity, SGA. If completed, SGA will be positioned to acquire Bitcoins as a component of a wider digital strategy.
As noted in an article published on 15 July 2025, the firm’s CEO, Simon Gerovich, has formed a consortium with Hong Kong’s Moon Inc., Kliff Capital from Bangkok, the Taipei venture capital firm Sora Ventures, and UTXO Management, a Bitcoin-centric investment and advisory organization, to further its BTC accumulation efforts in Asia.
METAPLANE’T INVESTS IN SGA: STRATEGIC MOVE
Japanese company Metaplanet invests $25M in SGA, a South Korean systems software developer, through a rights offering. Crypto-aligned organizations broaden their reach into traditional technology.
— BlueAsterCapital (@BluAsterCapital) July 14, 2025
Although Gerovich is identified as an independent trader, this strategy is in line with Metaplanet’s BTC acquisition approach, reshaping traditional firms into Bitcoin-linked entities which can then serve as channels for Bitcoin exposure in local capital markets.
Both the SGA board and Korea’s Financial Services Commission have approved the issuance of 58 million shares to the consortium, but the final agreement remains outstanding.
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Crypto In Asia Confronts Safety Challenges As Wrench Attacks And Bitcoin Thefts Escalate
As per a recent report released by Chainalysis on 17 July 2025, wrench attacks against crypto asset holders have become more frequent in the APAC region this year. When compared to 2021, which was previously the worst year for these incidents, reported attacks have nearly doubled, with 35 incidents documented thus far.
Additionally, these occurrences are interconnected. The APAC area is experiencing wrench attacks in tandem with a surge in crypto heists, with over $2.17 billion pilfered from crypto exchanges during the first six months of 2025, surpassing the total for all of 2024.
Increase in physical assaults on BTC holders
2025 risks being the highest year recorded for “$5 wrench attacks” — physical assaults designed to steal BTC and cryptocurrencies — with incidents reaching unprecedented levels.
According to Chainalysis, there have been 35 attacks against bitcoin… pic.twitter.com/xCOXoeJM0j
— Atlas21 (@Atlas21_news) July 17, 2025
Retail crypto wallet thefts constitute nearly 25% of the stolen funds in 2025, impacting Japan, Indonesia, South Korea, and the Philippines the most severely. Criminals are explicitly targeting Bitcoin holders in pursuit of significant crypto wallet yields.
A rise in crypto inflows has prompted criminal organizations to take advantage of the asset class’s anonymity and market fluidity by engaging in kidnappings, home invasions, extortions and physical attacks for ransom.
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Indian FIU Investigating Binance Over Cross-Border Terror Financing
India’s Financial Intelligence Unit (FIU) is actively working with Binance to identify private wallets in India, especially in sensitive areas like Jammu and Kashmir, that may be receiving cryptocurrencies from Pakistan.
As reported by a local outlet on 15 July 2025, the FIU suspects that individuals are utilizing these privately held wallets as funding avenues for illegal endeavors, as well as for financing terrorism in India.
Due to the lack of ties to centralized exchanges, authorities find it challenging to oversee and trace these wallets.
The publication states that investigators are scrutinizing Binance in the matter, as it is the most gaining momentum exchange in the region for cross-border digital currency transactions.
India’s crypto reality has taken a darker turn.
FIU is now investigating cross-border crypto transactions related to Pakistan and terrorism financing, with Binance and WazirX under scrutiny.
WazirX wallets allegedly associated with ISIS.
Raids are currently underway in Jammu & Kashmir.… pic.twitter.com/rcGnED7Y8z
— Rananjay Singh (@TodayCryptoRj) July 13, 2025
An official was quoted by the publication saying, “Binance has been compliant with FIU, and in recent months, as crypto transactions between J&K (Jammu and Kashmir) and Pakistan’s border regions have surged, we suspect that some of these might be connected to terrorist financing.”
This follows the exchange’s resumption of activities in India after settling a $2.25 million fine to ensure FIU regulation after its suspension in December 2023.
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VCI Global Enhances Crypto In Asia With Licensed Bitcoin Investment Vehicle
Based in Malaysia, VCI Global, a diversified holding company, on 15 July 2025, acquired V Capital Fund Management, another Malaysian business, to provide BTC investment avenues for institutional and high-net-worth investors in Asia.
The VCIG BTC Fund, launched through Labuan’s (a federal territory in Malaysia) internationally recognized offshore financial center, provides a flexible regulatory framework alongside robust anti-money laundering (AML) and Know Your Customer (KYC) measures, as well as tax benefits.
$VCIG announced a definitive agreement that positions VCIG to launch the VCIG BTC Fund, targeting the $2.6 trillion crypto asset sector with 2.7 million low float shares pic.twitter.com/wIPE34nihN
— Parker Wilkes
This initiative reflects a growing trend within the industry towards wider acceptance of digital assets by established financial institutions, connecting traditional finance with digital assets.
With limited regulated crypto investment alternatives available in Asia, the VCIG BTC Fund intends to enhance the region’s crypto infrastructure. The fund aims to increase market fluidity, improve custody solutions, and draw participation from a broader range of family-run offices and institutional asset managers.
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Key Takeaways
- Metaplanet has joined forces with Moon Inc., Kliff Capital, Sora Ventures, and UTXO Management to further its BTC acquisition strategy in Asia
- Wrench attacks have surged in the APAC region compared to 2021 figures, with 35 incidents recorded to date
- India’s FIU is investigating Binance regarding dubious cross-border crypto transfers to private wallets
- VCI Global launched the VCIG Bitcoin Fund to provide investment opportunities for institutional and high-net-worth investors in Asia
The post This Week In Crypto Asia: Metaplanet Bets On South Korea, Binance Works With India’s FIU appeared first on 99Bitcoins.
