The U.S. Department of the Treasury has imposed sanctions on a network accused of helping North Korea generate illicit revenue through overseas information technology workers and cryptocurrency transactions.

U.S. blacklists facilitators of DPRK scheme that used crypto to move illicit earnings

In a statement, the Treasury’s Office of Foreign Assets Control (OFAC) said the targeted individuals and entities facilitated a scheme in which North Korean IT workers obtained remote jobs using stolen identities and false personas, allowing them to earn income from companies around the world.

Officials say the wages from these jobs were often funneled back to the North Korean government, helping finance the country’s weapons of mass destruction and ballistic missile programs.

The regime has relied on such overseas workers to generate hundreds of millions of dollars annually.

According to the Treasury, the network also relied on cryptocurrency to move and disguise the proceeds. Facilitators allegedly converted digital assets into cash or used crypto transactions to obscure the origin of funds before transferring them to accounts linked to the regime.

The scheme typically involved North Korean developers posing as freelance programmers or software engineers on global contracting platforms. Using fabricated identities and stolen personal information, they secured jobs at unsuspecting firms in the United States and other countries.

In some cases, authorities say these operatives introduced malware into company networks or exfiltrated sensitive data once they gained access to corporate systems.

Treasury officials said the action forms part of a broader U.S. effort to cut off revenue streams that North Korea uses to evade international sanctions and finance its military programs.

The department added that the sanctions freeze any U.S.-based assets belonging to the designated individuals and entities and generally prohibit U.S. persons from engaging in transactions with them.

Washington has repeatedly warned that North Korea increasingly uses cybercrime, cryptocurrency theft and fraudulent IT work schemes to fund its weapons development, posing growing risks to global businesses and the digital asset ecosystem.

Bitcoin BTC$71,329.00 rose above $71,500 on Friday, outperforming U.S. equities even as the dollar strengthened and oil prices remained elevated as the war with Iran was set to enter its third week.

A stronger dollar can tighten global financial conditions and often weighs on risk assets such as equities and cryptocurrencies. Higher oil prices — both Brent crude and West Texas Intermediate are hovering around $100 per barrel — reinforce inflation concerns and heighten expectations of interest-rate increases. Higher rates also detract from the attraction of such investments.

Despite these macro and geopolitical pressures, including the Middle East conflict, bitcoin has remained resilient and is among the best-performing macro assets since the war began on March 1. Historically, Fridays during this period have seen the largest cryptocurrency fall some 3%, a pattern that has not repeated so far today.

The Dollar Index (DXY), which measures the strength of the U.S. currency against a basket of major global currencies, topped 100 for the first time since late November. U.S. Treasury yields are also rising, with the benchmark 10-year bond yield climbing above 4.2%, reflecting tighter financial conditions and higher borrowing costs.

The Invesco QQQ Trust (QQQ), an exchange-traded fund that tracks the Nasdaq 100 index, meanwhile, was recently little changed.

In crypto-linked equities, Strategy (MSTR), the largest publicly traded corporate holder of bitcoin, added 1% before the start of official trading. The company has acquired roughly 11,000 BTC this week using proceeds from its perpetual preferred security Stretch (STRC).

Today marks the ex-dividend date for STRC, which means it has slipped slightly below its $100 par value to around $99.50.

Meanwhile, AI repurposed bitcoin miners such as IREN (IREN) and Cipher Digital (CIFR) opened slightly lower, while crypto exchange Coinbase (COIN) added about 2%.

Singapore-based fintech MetaComp has closed a Pre-A+ funding round backed by Alibaba, lifting its cumulative total to US$35 million across two rounds in just three months, according to the company’s announcement. The latest round also brought in European early-stage investor Spark Venture, with Beijing-based 100Summit Partners serving as exclusive financial adviser. The capital infusion is aimed at accelerating MetaComp’s StableX Network, a cross-border payments platform designed to weave together fiat rails and stablecoin infrastructure for regulated institutions and high-net-worth clients. MetaComp previously disclosed a US$22 million Pre-A round in December 2025, signaling robust early-stage interest in regulated web2.5 payments infrastructure across Asia.

Key takeaways

• MetaComp’s Pre-A+ round, anchored by Alibaba, raises the company’s total funding to US$35 million in three months, underscoring strong demand for regulated cross-border stablecoin infrastructure.
• The round introduces Spark Venture from Europe as an investor and names 100Summit Partners (Beijing) as exclusive financial adviser, highlighting cross-regional interest.
• MetaComp previously closed a US$22 million Pre-A round in December 2025 with investors including Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund and Beingboom Capital, illustrating sustained backing for hybrid fiat-stablecoin payments.
• The company intends to scale the StableX Network to connect regulated financial institutions, stablecoin issuers and partners across Asia, the Middle East, Africa and Latin America for real-time cross-border settlement.
• Industry context points to ongoing investor appetite for regulated stablecoin infrastructure in Asia, with forecasts suggesting the stablecoin market could reach around US$2 trillion by 2028.

Sentiment: Neutral

Market context: The funding activity aligns with a broader push to build regulated stablecoin rails that complement traditional banking systems. While regulators in some jurisdictions pursue stricter issuance controls, the Alibaba-backed round signals continued strategic interest in cross-border settlement infrastructure. The market backdrop includes forecasts that place stablecoins on a trajectory toward multi-trillion-dollar scales in the coming years, underscoring a shift toward institutional-grade crypto rails alongside established fiat systems.

Why it matters

MetaComp’s expansion of the StableX Network sits at the intersection of conventional finance and tokenized wealth management. By offering a hybrid model that merges fiat rails with stablecoin networks, the platform aims to provide faster, auditable cross-border settlements for banks, wealth managers and corporate clients. The vision is to enable real-time settlement that adheres to regulatory standards, a critical requirement for institutions seeking to incorporate digital assets into traditional portfolios without sacrificing compliance or risk controls.

The leadership’s explicit framing of a “Web2.5” architecture — where fiat rails and stablecoins operate as a single, interoperable ecosystem — underscores a broader sector trend toward hybrid solutions that deliver both speed and governance. If MetaComp can successfully onboard a network of banks, regulators and stablecoin issuers across multiple regions, the company could help accelerate the adoption of regulated stablecoins for international payments and cross-border trade. The mix of investors—Alibaba alongside European and Asian advisers—signals confidence in MetaComp’s ability to navigate the regulatory and operational complexities inherent in multi-jurisdiction collaborations.

Alibaba’s involvement comes at a sensitive juncture for stablecoins issued outside mainland China. The company has previously explored deposit-token technology for overseas transactions even as authorities tighten issuance rules within the country. The contrast between policy posture and private-sector experimentation highlights a nuanced landscape where international collaborations may unlock regulated cross-border flows, even as domestic issuance remains constrained. The broader market context, including forecasts of substantial growth for stablecoins, suggests a potential win for platforms that can demonstrate robust compliance, interoperability and measurable settlement improvements.

MetaComp’s strategic direction also rests on a global expansion blueprint. By extending the StableX Network to Asia, the Middle East, Africa and Latin America, the company aims to capture markets with rising demand for compliant, real-time settlement services. The model envisions a hub-and-spoke arrangement, linking financial institutions with stablecoin issuers and technology partners to streamline remittances, supplier payments and institutional treasury operations. Such an approach could address persistent inefficiencies in traditional cross-border rails while offering a path for asset managers and financial institutions to participate more directly in tokenized wealth solutions.

What to watch next

• Regulatory updates in target regions as MetaComp expands the StableX Network and pilots cross-border settlement solutions.
• New partnerships with banks, stablecoin issuers and wealth-management platforms to demonstrate live use cases and scale pilots.
• Possible follow-on funding rounds or strategic investments, including potential continued support from Alibaba and additional strategic investors.
• Public milestones on onboarding institutions and the rollout timeline for expansion into Asia, the Middle East, Africa and Latin America.

Sources & verification

• MetaComp press release: Alibaba-backed Pre-A+ round, total US$35 million in three months (PR Newswire)
• MetaComp press release: December 2025 Pre-A round totaling US$22 million, with investors including Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund and Beingboom Capital (PR Newswire)
• Summary of MetaComp’s expansion and regional focus (MetaComp page) (MetaComp)
• Stablecoin market projections and regulatory context cited by industry coverage (Standard Chartered projection; referenced via Cointelegraph) (Cointelegraph — Stablecoin forecast)
• Regulatory stance on stablecoins and issuance (China crackdown context referenced in coverage) (Cointelegraph — Alibaba and stablecoins in China)

MetaComp expands StableX Network to accelerate cross-border finance

Singapore-based MetaComp announced a new Pre-A+ funding round led by Alibaba, raising the cumulative total to US$35 million across two rounds in three months. The round also features Spark Venture, a European early-stage investor, with 100Summit Partners (Beijing) acting as exclusive financial adviser. The capital infusion follows MetaComp’s earlier December 2025 disclosure of a US$22 million Pre-A round, which included a roster of notable investors such as Eastern Bell Capital, Noah, Sky9 Capital, Freshwave Fund and Beingboom Capital. The company said the funds will be directed at expanding the StableX Network, a platform designed to harmonize regulated financial institutions, stablecoin issuers and other partners through blockchain-based infrastructure.

At the heart of MetaComp’s strategy is a belief in a Web2.5 architecture where traditional fiat rails and stablecoin networks function together as a single, interoperable system. Tin Pei Ling, MetaComp’s co-president, underscored this vision, saying, “MetaComp was built on a single conviction: that the future of cross-border finance is neither purely traditional nor purely digital — it’s the integrated Web2.5 architecture where fiat rails and stablecoin networks operate as one.” The capital infusion is expected to accelerate the scaling of StableX Network beyond its current footprint into new markets and partnerships that can support real-time settlement with compliance at the forefront.

MetaComp’s expansion plan targets Asia, the Middle East, Africa and Latin America, areas where regulators are increasingly receptive to cross-border settlement innovations that preserve safety and oversight while delivering faster settlement times. The network aims to create a bridge between regulated financial institutions and stablecoin issuers, enabling institutions to access tokenized wealth products and stablecoin-based liquidity tools within a compliant framework. The move aligns with a broader industry trend toward building scalable, regulator-friendly infrastructure that can support institutional participation in the digital asset ecosystem.

The partnership profile around this round—Alibaba alongside European and Chinese advisers—reflects a cross-border approach to building out the infrastructure that could underpin more efficient remittances, cross-border corporate payments and wealth-management solutions in the years ahead. While regulatory policies differ across jurisdictions, the strategic emphasis on compliance and interoperability suggests that MetaComp intends to pursue a steady, institution-focused growth path rather than a rapid, consumer-facing rollout.

Ethereum co-founder Vitalik Buterin said Friday that he is no longer closely aligned with the Future of Life Institute, a group that received SHIB tokens from him in 2021. 

Buterin said the institute originally pitched him a broad roadmap for reducing existential risks, including those tied to artificial intelligence, biology and nuclear threats, along with wider pro-peace and pro-epistemics initiatives. He said that helped motivate the Shiba Inu (SHIB) donation.

Buterin said the institute later moved toward cultural and political advocacy around AI risks, an approach he described as materially different from the strategy outlined when he donated.

“My worry is that large-scale coordinated political action with big money pools is a thing that can easily lead to unintended outcomes, cause backlashes, and solve problems in a way that is both authoritarian and fragile, even if it was not originally intended that way,” he wrote.

Buterin expresses disagreements to FLI’s current approach

The FLI describes its mission as reducing extreme risks and steering transformative technologies to benefit humanity.

“We need policies to help ensure that AI development improves lives everywhere – rather than merely boosts corporate profits,” the organization states on its website. 

However, Buterin said some of the group’s proposals focus on placing safeguards in biosynthesis devices and AI models so that they refuse to produce harmful outputs.

“I view this as a very fragile solution: there are many ways to jailbreak, fine-tune or otherwise get around such restrictions,” he added. 

Cointelegraph reached out to the FLI for comments, but had not received a response by publication.

Related: Vitalik says ‘at present’ his donations yield better gains than investments

FLI cashed out $500 million from the SHIB donation

In 2021, Buterin received large amounts of SHIB tokens and other dog-themed tokens as developers attempted to use his name as a marketing tactic. He later allocated some of those tokens to charitable causes.