U.S. and Canadian cybersecurity agencies say Chinese-linked actors deployed "Brickstorm" malware to infiltrate critical infrastructure and maintain long-term access for potential sabotage. Reuters reports: The Chinese-linked hacking operations are the latest example of Chinese hackers targeting critical infrastructure, infiltrating sensitive networks and "embedding themselves to enable long-term access, disruption, and potential sabotage," Madhu Gottumukkala, the acting director of the Cybersecurity and Infrastructure Security Agency, said in an advisory signed by CISA, the National Security Agency and the Canadian Centre for Cyber Security. According to the advisory, which was published alongside a more detailed malware analysis report (PDF), the state-backed hackers are using malware known as "Brickstorm" to target multiple government services and information technology entities. Once inside victim networks, the hackers can steal login credentials and other sensitive information and potentially take full control of targeted computers.
In one case, the attackers used Brickstorm to penetrate a company in April 2024 and maintained access through at least September 3, 2025, according to the advisory. CISA Executive Assistant Director for Cybersecurity Nick Andersen declined to share details about the total number of government organizations targeted or specifics around what the hackers did once they penetrated their targets during a call with reporters on Thursday. The advisory and malware analysis reports are based on eight Brickstorm samples obtained from targeted organizations, according to CISA. The hackers are deploying the malware against VMware vSphere, a product sold by Broadcom's VMware to create and manage virtual machines within networks. [...] In addition to traditional espionage, the hackers in those cases likely also used the operations to develop new, previously unknown vulnerabilities and establish pivot points to broader access to more victims, Google said at the time.
China’s first attempt to land an orbital-class rocket may have ended in a fiery crash, but the company responsible for the mission had a lot to celebrate with the first flight of its new methane-fueled launcher.
LandSpace, a decade-old company based in Beijing, launched its new Zhuque-3 rocket for the first time at 11 pm EST Tuesday (04:0 UTC Wednesday), or noon local time at the Jiuquan launch site in northwestern China.
Powered by nine methane-fueled engines, the Zhuque-3 (Vermillion Bird-3) rocket climbed away from its launch pad with more than 1.7 million pounds of thrust. The 216-foot-tall (66-meter) launcher headed southeast, soaring through clear skies before releasing its first stage booster about two minutes into the flight.
schwit1 shares a report from CNN: A private Chinese space firm successfully sent its Zhuque-3 rocket to orbit but failed in its historic attempt to re-land the rocket booster Wednesday -- the first such trial by a Chinese firm as the country's growing commercial space sector races to catch up with American rivals like SpaceX. The rocket entered orbit as planned, but its first stage did not successfully return to a landing site, instead crashing down, the company said in a statement.
"An anomaly occurred after the first-stage engine ignited during the landing phase, preventing a soft landing on the designated recovery pad," the statement said. "The debris landed at the edge of the recovery area, resulting in a failed recovery test." The team would "conduct a comprehensive review" and continue to "advance the verification and application of reusable rocket technology in future missions," the statement added. You can watch a video of the launch and subsequent crash here.
New images have surfaced online of a Chinese armored vehicle that closely resembles the German-Dutch Boxer platform, reigniting speculation about China’s push to develop modular armored solutions for export markets. The photos, which appeared on the Chinese social media platform Weibo, show the vehicle moving in an industrial zone in Baotou, located in China’s Inner […]
There’s a race in China among several companies vying to become the next to launch and land an orbital-class rocket, and the starting gun could go off as soon as tonight.
LandSpace, one of several maturing Chinese rocket startups, is about to launch the first flight of its medium-lift Zhuque-3 rocket. Liftoff could happen around 11 pm EST tonight (04:00 UTC Wednesday), or noon local time at the Jiuquan Satellite Launch Center in northwestern China.
Airspace warning notices advising pilots to steer clear of the rocket’s flight path suggest LandSpace has a launch window of about two hours. When it lifts off, the Zhuque-3 (Vermillion Bird-3) rocket will become the largest commercial launch vehicle ever flown in China. What’s more, LandSpace will become the first Chinese launch provider to attempt a landing of its first stage booster, using the same tried-and-true return method pioneered by SpaceX and, more recently, Blue Origin in the United States.
Hong Kong’s stablecoin hub dreams have reportedly taken a hit after the People’s Bank of China (PBOC) singled out the sector for the first time while reaffirming its long-standing position on the crypto industry.
Beijing’s Latest Warning Targets Stablecoins
Legal experts and analysts suggested that Beijing authorities have clouded Hong Kong’s ambitions to become a key regulated hub for stablecoins following the PBOC’s explicit crackdown on the sector last week.
As reported by Bitcoinist, the People’s Bank of China, alongside other top financial regulators, affirmed on Friday that stablecoins do not qualify as legal tender in the mainland, as they fail to meet regulatory requirements and pose a risk of being used for illegal activities.
“Virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, and currently cannot effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers,” the PBOC stated.
According to the South China Morning Post (SCMP), the recent pronouncement sank previous hopes that Beijing might have softened its stance on cryptocurrencies amid the global regulatory shift toward the sector, led by the United States. Moreover, it could affect Hong Kong’s efforts to become a hub for the stablecoin sector, analysts recently stated.
In a blog post cited by SCMP, Liu Honglin, founder of Shanghai-based Mankun Law Firm, affirmed that “all the ambiguity, speculation and room for wishful thinking surrounding stablecoins over the past few years has vanished as of today.”
Similarly, Brian Tang, founding director of the Law, Innovation, Technology and Entrepreneurship Lab at the University of Hong Kong’s Faculty of Law, told the news media outlet that Beijing’s latest stance means that applicants for Hong Kong’s stablecoin licenses would need to “‘carefully reconsider’ whether the use cases they had submitted to the HKMA ‘touch mainland China issuers and users.’”
Hong Kong Licenses Approval Risks Delay
The statement also adds to the challenges that Hong Kong’s stablecoin push faces, the report noted. Earlier this year, the Hong Kong Monetary Authority (HKMA) enacted the Stablecoins Ordinance, which directs any individual or entity seeking to issue a fiat-referenced stablecoin (FRS) in the jurisdiction, or any Hong Kong Dollar (HKD)-pegged token, to obtain a license from the financial regulator.
Following the rollout, multiple companies have applied for the license, with more than 30 applications filed, according to SCMP, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.
E-commerce giant JD.com, through its fintech arm JD Coinlink, started testing HKD-pegged tokens under the regulator’s sandbox program earlier this year. In August, Wang Hua, CFO and Board Secretary of PetroChina, also disclosed that the company is closely monitoring the latest developments regarding the HKMA Stablecoins Ordinance.
It’s worth noting that Hong Kong’s regulatory agency previously affirmed that the first batch of stablecoin issuer licenses would be approved at the start of 2026. However, some industry players told the news media outlet that the PBOC’s recent declarations could delay HKMA’s timeline.
An HKMA spokesperson stated that the regulator is currently reviewing the application and aims to begin with a few permits. Nonetheless, the spokesperson added that even if Hong Kong proceeds with the original schedule, projects involving the yuan or mainland Chinese institutions could be delayed.
“I do not think we will see offshore yuan stablecoin projects [in Hong Kong] within the next one or two years … as that conflicts with the current tone,” he said. Meanwhile, Syed Musheer Ahmed, founder of FinStep Asia, concluded that institutions from the mainland “will have to wait” before issuing stablecoins in the city.
A Russian military blogger affiliated with the Russian Aerospace Forces has triggered a wave of criticism in China after publicly suggesting the use of Kh-31A anti-ship missiles to sink China’s newest and largest amphibious assault ship, the Type 076 Sichuan. The remarks were posted on Telegram by Ilya Tumanov, a well-known Russian blogger writing under […]
China's central bank has flagged stablecoins as a specific concern in its latest push against virtual currencies, warning that the tokens fail to meet requirements for customer identification and anti-money-laundering controls and risk being used for fraud, money laundering, and unauthorized cross-border fund transfers.
The People's Bank of China released a statement Saturday following a Friday meeting on virtual currency regulation, saying crypto speculation has recently increased due to various factors and now presents new challenges for risk control. Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender, the bank said, adding that all virtual currency-related business activities are "illegal financial activities."
China banned cryptocurrency trading in 2021. The bank said it will intensify efforts to combat illegal financial activities to maintain economic and financial stability. In October, PBOC Governor Pan Gongsheng said the central bank would closely track and evaluate the development of overseas stablecoins.
China’s central bank has reasserted its strict prohibition on crypto trading following signs of renewed speculation in virtual assets.
The People’s Bank of China convened a high-level meeting on November 28, 2025, with 13 government agencies to coordinate enforcement and crack down on illegal digital currency activities that have recently resurfaced despite years of sweeping bans.
The meeting specifically flagged stablecoins as posing risks for money laundering, fraud, and illegal cross-border fund transfers.
Officials emphasized that virtual currencies lack legal tender status and cannot function as money in China’s markets, while related business activities constitute illegal financial conduct that undermines economic stability.
Source: Pan Gongsheng, Central Bank Governor. | Source: Reuters
Hong Kong Stocks Tumble on Central Bank Warning
According to Reuters, Hong Kong-listed companies with crypto exposure saw sharp losses following the announcement of a renewed crackdown.
Yunfeng Financial Group, which has been expanding into tokenization businesses, dropped more than 10% in early Monday trading. Bright Smart Securities fell roughly 7%, while digital-asset platform OSL Group lost over 5%.
The selloff reflected market fears that Beijing’s hardline stance could derail Hong Kong’s ambitions to become a digital asset hub.
The city passed stablecoin legislation in May and received expressions of interest from more than 40 firms seeking licenses under its new regulatory framework, including major financial institutions like Circle and Standard Chartered.
Liu Honglin, founder of Man Kun Law Firm, said the central bank statement “has erased any ambiguity, speculation and illusions” around China’s stablecoin policies, noting that “regulators have drawn a concrete red line on what used to be a vague borderline.“
Underground Mining and Enforcement Challenges Persist
Despite China’s comprehensive ban on crypto trading and mining since 2021, enforcement remains difficult.
Authorities have uncovered multiple underground operations in recent months.
China was once the undisputed center for Bitcoin mining. Known for its cheap power and access to leading hardware manufacturers, all of this positioned China as a leader in global Bitcoin mining. However, this changed when mining was banned by the Chin…https://t.co/pdUtTHeFKw
Investigators noted that 18 out of 49 underground banking cases in 2023 involved digital currency transactions, demonstrating how criminals adapt to exploit digital assets.
In May, the Cyberspace Administration of China closed more than a dozen accounts on Weibo, Douyin, and WeChat that were spreading false information and inducing citizens to participate in virtual currency transactions through offshore exchanges.
Local governments in Beijing, Suzhou, and Zhejiang have issued warnings about illicit fundraising linked to virtual currencies.
At the same time, over-the-counter crypto trading volumes reached an estimated $75 billion in the first nine months of 2024.
Stablecoins Draw Intensified Regulatory Scrutiny
Chinese officials have expressed particular concern about the global expansion of dollar-backed stablecoins, which they view as a strategic threat to the renminbi’s internationalization.
The sector’s total market capitalization surpasses $300 billion, with Tether and USD Coin processing over $27 trillion in settlements over the past year.
Pan Gongsheng, governor of the People’s Bank of China, previously warned that stablecoins “have amplified weaknesses in the global financial system” and fail to meet basic requirements for customer identification and anti-money laundering controls.
The central bank has blocked major Chinese tech firms, including Ant Group and JD.com, from issuing stablecoins in Hong Kong, arguing that currency issuance must remain a state monopoly.
Wang Yongli, former deputy governor of the Bank of China, wrote in June that the dominance of USD-pegged stablecoins “poses a strategic challenge” to the renminbi’s internationalization, warning that China’s efforts to promote its currency abroad could face “serious obstacles” without competitive digital alternatives.
The meeting concluded with officials vowing to deepen coordination across agencies, improve monitoring capabilities, and severely crack down on illegal activities to protect citizens’ property and maintain economic order.
Beijing continues promoting its state-backed digital yuan as the only legitimate alternative to private cryptocurrencies while maintaining zero tolerance for them.
Images of a new prototype attack helicopter in China—designated the Z-21—have surfaced on Chinese social media, showing what appears to be a twin-seat, twin-engine platform closely modeled after the American AH-64 Apache. The Z-21, painted matte black and bearing the tail number 6232, was photographed during a new test flight. Based on visible design features, […]
China and Egypt have agreed to cooperate on the local production of armed unmanned aerial vehicles (UAVs), signaling a new stage in bilateral defense ties. The deal was formalized through a memorandum of understanding signed today between Egypt’s Arab Organization for Industrialization (AOI) and China’s NORINCO, officially known as the China North Industries Corporation. According […]
HashKey moves closer to IPO after clearing Hong Kong listing hearing, boosting regulated crypto ambitions.
HashKey leads Hong Kong’s licensed crypto trade but remains unprofitable despite a large client asset base.
Firm expands globally with approvals in Dubai, Bermuda, and Ireland ahead of planned public listing.
Hong Kong’s push to build a tightly regulated digital asset market has taken another step as HashKey Holdings secures approval to move forward with an initial public offering.
The operator of the city’s largest licensed crypto exchange confirmed in a Dec. 1 disclosure that it cleared the Hong Kong Stock Exchange’s listing hearing, a milestone that positions the company to advance its plans.
The development arrives as Hong Kong continues to present itself as a controlled and legally defined alternative to the crypto restrictions on the mainland, while seeking to attract institutional and retail participation through licensed platforms.
HashKey has not revealed the size or timing of the IPO, but earlier reports in October indicated that the company had explored raising to $500 million.
The filing shows that JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International are acting as joint sponsors, reinforcing the city’s intention to anchor crypto activity within traditional financial structures.
Local media reported that funds raised through the offering would be directed toward technology upgrades, wider product development, stronger operational capacity, and the expansion of services into new markets.
HashKey is also prioritising the improvement of its risk management systems as part of a broader plan for long-term growth.
Licensing gives HashKey a strategic foothold
HashKey operates under the Securities and Futures Commission’s regulatory framework and was among the first digital asset companies approved to serve both institutional and retail investors under Hong Kong’s updated licensing regime.
The company holds a Type 1 licence, permitting it to deal in securities that include tokenised versions of assets categorised as securities.
It also holds a Type 7 licence, which allows it to run an automated trading platform.
Alongside this, HashKey’s asset management arm is licensed to manage portfolios consisting of up to 100 percent virtual assets.
It is one of 11 licensed virtual asset trading platforms serving retail users in Hong Kong.
This stands in contrast to mainland China, where crypto activity remains banned, highlighting Hong Kong’s continued position as a regulated gateway within the region.
Market share grows but losses persist
According to the filing, HashKey handled more than three quarters of the region’s onshore digital asset trading volume in 2024. It also held nearly HK$20 billion (US$2.56 billion) in client assets, underscoring its dominance within Hong Kong’s regulated crypto landscape.
Despite its scale, the company remains unprofitable. HashKey recorded a net loss of HK$506 million in the first half of 2025, though this represented an improvement from the HK$777 million loss logged during the same period a year earlier.
The filing noted that performance has shifted in line with market volatility, which continues to shape activity across the sector.
HashKey has been working to expand its presence through investment initiatives, including the launch of a $500 million perpetual fund focused on institutional participation in digital asset treasury projects.
The fund aims to support blockchain ecosystems such as Ethereum and seeks to contribute to long term adoption and capital movement.
Global approvals broaden HashKey’s reach
In addition to its Hong Kong operations, HashKey has extended its regulatory footprint in 2025 by securing conditional approval to operate in Dubai.
It has also obtained regulatory permissions to run licensed platforms in Bermuda and Ireland, signalling an effort to widen its global relevance ahead of its public listing.
These gains support Hong Kong’s attempt to reinforce its position as a regulated crypto centre and highlight how the city is using licensed actors to shape a defined market structure for digital assets.
According to CoinWarz, the next difficulty adjustment is expected at block 927,360, moving the target from 149 trillion to close to 150 trillion. That is a modest rise, but it matters because Bitcoin miners are already working with very thin margins. Hashpower is strong enough to push difficulty up even while returns stay near record lows.
Hashprice Sits Near Break-Even
Hashrate Index data shows hashprice is hovering around $38.3 PH/s per day, a touch up from a recent trough below $35 PH/s on November 21. Reports indicate that $40 PH/s is roughly the break-even level for many operations.
When revenue per petahash drifts under that mark, some miners face a hard choice as they usher in December: switch off rigs or keep paying to mine. Average block times have been close to the 10-minute goal, with the network recently averaging about 9.97 minutes, which helped trigger the most recent adjustment that dropped difficulty from 152.2 trillion to 149.3 trillion.
Hardware, Politics And Supply Risks
Reports have disclosed a US Department of Homeland Security probe into Bitmain, the China-based ASIC maker, over concerns its machines could be accessed remotely. Bitmain is reported to control about 80% of the ASIC market, according to the University of Cambridge.
That market concentration leaves the industry vulnerable. If US officials impose restrictions, tariffs, or other limits, miners could face higher hardware costs and slower deliveries. Some equipment orders might be delayed or rerouted, and expansion plans would be tested.
China Unlikely To End Bitcoin Mining Ban Despite Uptick
Meanwhile, overseas, a mild uptick in China’s bitcoin mining has led some scholars to urge Beijing to relax its ban so miners can use excess energy, but experts say a formal reversal is unlikely.
According to Hashrate Index, China’s share of global hash rate rose from 13.75% in Q1 2025 to 14% in the current quarter, placing it third behind the US and Russia.
Historical data from the Cambridge index shows China’s hash rate fell to zero in July 2021 before unofficial activity pushed it back to 22.29% by September 2021; Cambridge stopped updating its mining map in February 2022.
Beijing has tightened rules on crypto in recent years, arguing such activity disrupts financial order and can enable illegal behavior. Experts believe those political and policy concerns make an official lift of the mining ban unlikely, despite the recent rise in activity.
Featured image from Getty Images, chart from TradingView
The People’s Bank of China (PBOC) has reaffirmed its commitment against cryptocurrency trading after confirming a resurgence in market speculation. The Chinese apex bank is nudging several government institutions to strengthen their crackdown on business and financial activities involving virtual currencies and curb related illegal operations.
Stablecoins Yet To Meet AML Requirements, China Says
In 2021, China issued a ban on all cryptocurrency trading and mining activities, citing a potential threat to the nation’s financial stability and energy control system. Prior to this policy, the Asian giant had been one of the fastest-growing crypto hubs with the highest mining activity in the world. Four years later, the PBOC has reiterated this hostile stance against virtual assets despite a significant increase in cryptocurrency adoption and regulation globally. This development came on November 28, 2025, in a meeting centered on “The Coordination Mechanism for Combating Cryptocurrency Trading Speculation.”
Notably, this policy discussion involved representatives from 13 government departments and agencies, including the Ministry of Justice, the State Financial Regulatory Commission, and the China Securities Regulatory Commission, among others. While the PBOC acknowledged the steadfast implementation of the government’s “Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation” issued in 2021, they also highlighted an increase in trading speculations and related illicit activities, requiring new methods for risk prevention and control.
In particular, the meeting reaffirmed that no form of cryptocurrencies qualifies as a legal tender, including stablecoins, which they claim still fail to satisfy certain regulatory requirements.
The statement read:
Virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, and currently cannot effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers.
Moving forward, the People’s Bank of China admonished all concerned government institutions to bolster regulatory actions in enforcing the existing prohibitive policy on cryptocurrencies and all related criminal actions, in line with President Xi Jinping’s Thought on Socialism with Chinese Characteristics for a New Era.
The directive read:
All units should deepen coordination and cooperation, improve regulatory policies and legal basis, focus on key links such as information flow and capital flow, strengthen information sharing, further enhance monitoring capabilities, severely crack down on illegal and criminal activities, protect the property safety of the people, and maintain the stability of the economic and financial order.
Crypto Market Overview
At the time of writing, the total market crypto cap stands at $3.06, reflecting a 0.12% gain in the last day. Meanwhile, total trading volume is down 32.95% to $81.28 billion.
Chinese-made AH4 155mm howitzers have appeared for the first time with the UAE-backed Southern Giants Brigades in Yemen, marking another overseas deployment of the lightweight artillery system as the conflict’s dynamics continue to shift. The same model was recently documented with the UAE-supported Rapid Support Forces (RSF) in Sudan. According to data from the Stockholm […]
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