Chinese social media influencers have been targeted in a wave of WeChat account hacks, with attackers suspected of exploiting the messaging platform’s own security feature.
Since April, multiple victims claim hackers gained access to their WeChat login credentials and then triggered the platform’s “friend verification” system. This security feature, one of three login options on WeChat, allows a user’s contacts to receive verification requests on their behalf when logging into a new device. It’s intended as a backup when SMS or QR code authentication is unavailable.
“Cos,” co-founder of blockchain security firm SlowMist, broke down the method in a June 17 post on X. He noted that attackers appear to target contacts with whom victims had minimal interaction, increasing the chances those users might mindlessly approve the request and forward the code.
In one case reported by X user “yyd8888” on April 15, the hackers allegedly used the “Moments” feature — similar to Instagram Stories — to post fake offers to buy Tether (USDT) at 7.42 yuan per dollar. At the time, the actual exchange rate was around 7.32 yuan, making it appear to be a favorable deal.
Another X user, “liangxihuigui,” also reported being hacked on April 15, though he claims the hacker used the SMS verification method.
“The login came from a device labeled ‘Chen Zhihui,’ clearly meant to make me suspect someone close to me,” he wrote. “But I know that person doesn’t have the skills to pull this off.” He said he placed his account under emergency freeze and still doesn’t know how many people may have been scammed using his name.
Cos warns WeChat users to avoid adding unknown individuals to WeChat.
South Korean cryptocurrency exchange Korbit has denied being hacked after an unannounced maintenance event on June 16 that left users locked out for half a day.
The abrupt maintenance began at 2:30 pm local time on June 16 and was initially scheduled to end at 11:00 pm. However, repeated delays pushed the resumption of trading to 3:00 am.
The company publicly stated that the issue has been resolved and that user funds remain safe.
Netizens — a common term for online community members in East Asian countries — expressed concern and even speculated whether the exchange had been hacked and was scrambling behind the scenes.
“There were absolutely no issues related to hacking, external attacks or data leaks,” a Korbit spokesperson told Magazine. “The system disruption was caused by internal network instability and has now been fully resolved.”
Founded in 2013, Korbit is one of South Korea’s oldest crypto exchanges and one of the five local platforms legally permitted to provide crypto-to-fiat services.
It operates under the NXC umbrella, which owns a 61.85% stake in the exchange and recently lent 28.2 billion Korean won ($20 million) worth of crypto to Korbit.
NXC also owns Nexon, a South Korean game developer listed in Tokyo and currently the 21st largest publicly traded Bitcoin-holding company, according to BitcoinTreasuries.NET.
Nexon has also been making waves in the blockchain gaming scene with the launch of MapleStory N — a blockchain revival of the classic side-scrolling RPG that was a hit in the 2000s and early 2010s. The game is paired with a related cryptocurrency issued on Avalanche.
Hong Kong Financial Secretary Paul Chan confirmed that the Stablecoin Ordinance, recently passed by Hong Kong’s Legislative Council, will take effect on Aug. 1 as part of the city’s broader digital finance roadmap.
The law establishes a formal regulatory framework for stablecoin issuers, requiring them to obtain licenses from the Hong Kong Monetary Authority (HKMA) and demonstrate real-world use cases with clear economic utility.
In a June 15 blog post, Chan said that licensed issuers will be allowed to peg their stablecoins to a variety of fiat currencies, not just the Hong Kong dollar.
“This approach is conducive to attracting a diverse array of institutions from around the world to issue stablecoins in Hong Kong, driven by real-world use cases. This will significantly enhance liquidity and the competitiveness of the Hong Kong market,” Chan wrote.
The new regime comes amid rising global interest in stablecoins. In the US, the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) passed the Senate and is now headed to the House of Representatives. President Donald Trump has expressed urgency, stating he wants the bill on his desk as soon as possible.
In China, while the central government has not made an official statement on stablecoins, a major state-backed policy think tank recently warned that US stablecoins could pose a threat to China’s monetary sovereignty. Meanwhile, Chinese e-commerce giant JD.com reportedly intends to apply for stablecoin permits in multiple jurisdictions.
Hong Kong-based crypto payments startup Infini announced on June 17 that it is terminating its card services, just six months after launch.
The company had offered Visa- and Mastercard-branded cards funded through stablecoins deposited into user accounts. These stablecoins could be used for yield generation and everyday payments, with asset conversion handled behind the scenes. Users paid with stablecoins, while merchants received local fiat currency.
The service enabled crypto payments without requiring off-ramping and was compatible with third-party apps such as China’s WeChat and Alipay, even though cryptocurrency transactions are prohibited in the mainland.
Infini suffered a $50 million exploit in February, but the company claimed that the shutdown of its card services was not directly related to the incident. Instead, executives cited the unsustainable economics and heavy compliance burden of operating crypto-funded payment cards.
CEO Christian Li said the company will now shift its focus to developing decentralized payment solutions and asset management products.
