Crypto Market Updates: Animoca's Stablecoin Push, Bitcoin Laundering Case, and More

Today's Top Stories

• Animoca Brands: Plans to expand its focus to stablecoins, AI, and DePIN by 2026.
• Qian Zhimin Case: Mystery surrounds 120,000 BTC, with claims of lost wallet passwords for 20,000 BTC worth $12.5 billion.
• South Korea: Tightens crypto money laundering regulations, extending the 'travel rule' to transactions under 1 million KRW.
• Bitcoin Analysis: Significant BTC accumulation zones identified between $94,000-$98,000 and $101,000-$118,000.

News Details

Qian Zhimin Case: New Details Emerge

New reports have shed light on the Qian Zhimin case, involving the laundering of 60,000 BTC. The reports indicate that Qian Zhimin purchased a total of 194,951 BTC, significantly higher than the 61,000 BTC identified by the police. However, the court has not disclosed the whereabouts of the remaining 120,000+ BTC, suggesting the possibility of additional undiscovered or unseized digital assets. According to London police, Qian Zhimin claimed to have "lost the password" to a wallet containing 20,000 BTC. At current exchange rates, these "lost" Bitcoins are worth approximately 12.5 billion yuan.

South Korea Intensifies Money Laundering Crackdown

The Chairman of the South Korean Financial Services Commission (FSC), Lee Eog-won, announced plans to extend the application of the 'travel rule' (also known as the crypto real-name system) to transactions under 1 million Korean won (approximately $680 USD). He emphasized that authorities will crack down on money laundering through virtual asset transactions and prohibit virtual asset transactions with overseas exchanges at high risk of money laundering. Furthermore, a rigorous screening mechanism will be established to comprehensively review the criminal records, financial status, and social creditworthiness of major shareholders in virtual asset operators.

Analysis: Upbit Potentially Under Sustained APT Threat

Security firm GoPlus's analysis indicates that the Upbit hack has raised serious concerns, including hot wallet leaks suggesting vulnerabilities in key management and security weaknesses in the internal network. While cold wallets remain secure, several aspects are concerning:

1. "Anniversary Attack": The attack occurred on the same date as the $50 million hack in 2019.
2. Strategic Timing: The attack was launched hours after the announcement of a significant merger between Dunamu and Naver.
3. Lazarus Group Characteristics: The speed, tactics, and symbolic significance of the attack.
4. Complex Money Laundering Methods: Use of multiple DEX routes, potentially posing a risk of regulatory evasion (2,200 SOL tokens transferred to Binance).

These indicators suggest that the platform may be under sustained Advanced Persistent Threat (APT) attacks. Previously, Upbit disclosed the theft of 54 billion Korean won worth of Solana network assets; South Korean authorities suspect the North Korean hacking group Lazarus is behind the attack.

Analyst: Bitcoin Accumulation Zones Between $94,000 and $118,000

According to analyst Murphy, the Bitcoin Cost Basis Distribution (CBD) heatmap indicates that the most dense accumulation zones are between $94,000-$98,000 and $101,000-$118,000. These zones correspond to the historical fair price ($98,000) and the short-term average cost ($104,000), and signify important support levels. Additionally, data shows that between November 21st and 23rd, 950,000 BTC accumulated in the $84,000-$85,000 range, of which 550,000 BTC are linked to Coinbase consolidation wallets, while the remaining 400,000 BTC represent genuine change of hands, potentially related to whale activity. The CBD uses an address-based calculation method, providing an important reference for observing market ownership distribution.