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Police in Hong Kong have reportedly broken up a crypto scam that used face-swapping technology to persuade lonely men to part with HK$360 million (US$46 million) via a fake investment platform. According to a statement issued on Monday, police arrested 21 men and six women for their part in the plot that saw them swap their faces with those of beautiful women during video calls to persuade victims to hand over money. Victims included men from Taiwan, China, Singapore, and India. “The syndicate’s operation began with online romance,” said Senior Superintendent Fang Chi-kin, head of the New Territories South regional crime unit. “Following initial contact with victims on social media platforms, they first sent artificially generated photos using AI technology to create attractive individuals in terms of appearance, personality, occupation, education, and other aspects,” he added. “Despite engaging in video calls, the victims continued to believe they were building a romantic relati...

The Hong Kong Spot Bitcoin and Ethereum ETFs have seen $11 million in volume on what was their first trading day according to data from the Hong Kong Stock Exchange. Indeed, the six inaugural offerings for the Chinese regions officially debuted early Tuesday. Of the product’s issuers, ChinaAMC led all Spot Bitcoin ETF s with $4.75 million. Comparatively, the United States Spot Bitcoin ETF approval saw $4.6 billion in volume on its first day of trading. However, those circumstances are very different in terms of who has access to the trading of the investment products. Still, it remains a landmark moment for the digital asset market overall. Also Read: Hong Kong CBDC Program Enters Crucial Second Phase Hong Kong Bitcoin and Ethereum ETF First Trading Day Sees $11 Million Volume Throughout this year, the digital asset industry has seen increased interest in crypto ETFs. That was driven by the product’s approval in the United States. The Newborn Nine, as they ha...

The rate of crypto crime in Hong Kong has reportedly tripled over the past three years, with documented crypto cases in 2023 involving almost 4.4 billion yuan (roughly $611 million), local outlets report.  Hong Kong’s Financial Services and Treasury Minister Hui Ching-yu reportedly revealed that the city’s Securities and Futures Commission (SFC) recorded 1,397 and 2,336 cases of crypto crime in 2021 and 2022 respectively. This figure rose to 3,415 in 2023. According to Hui, the SFC reportedly listed 14 crypto exchanges on its ‘List of Suspected Virtual Asset Trading Platforms’ as of February 14.  The South China Morning Post (SCMP) also reported that 5,105 cases of online investment fraud were handled by the police last year, a 170% jump in cases from the previous year .  Hong Kong bans two more crypto sites for misleading investors Read more: Police probe HK crypto exchange after users lose $15M to scams The same outlet has also reported that a financial manag...

Cryptocurrency exchange HashKey announced the upcoming listing of Litecoin (LTC). On Jan. 10, HashKey Exchange announced the listing of LTC on a licensed virtual asset exchange in Hong Kong. Deposits and withdrawals are now available, with trading set to begin on Jan. 12 between the LTC/USD pair. LTC deposits and withdrawals are available through the Litecoin network, with trading open only to professional investors. In addition, the exchange is launching a “Learn How to Earn HSK” campaign to give away a reward pool of 5,000 HSK to qualified HashKey exchange customers. Rewards will be distributed on a first-come, first-serve basis to the first 250 customers who submit a quiz with correct answers. The LTC price showed virtually no reaction to the news. Over the past 24 hours, the coin has risen in price by 1.66%, according to CoinMarketCap data, to $67.25. At the same time, trading volume in the token has increased by 17.5% reaching $483 million. Source: CoinMarketCap Litecoin...

China Mobile Hong Kong, a leading mobile communication brand in Hong Kong, is launch ing its own NFT marketplace , LinkNFT.  It will be Hong Kong’s first telecom-operated NFT marketplace . This launch coincides with the breakthrough of their comprehensive smart living mobile application, MyLink, which has acquired over seven million users. LinkNFT will offer NFT minting services for businesses, facilitating digital asset creation, trade, and circulation through various scenarios such as SocialFi, DeFi, and GameFi. It will use a trio of cross-chain standards – web3 Center cross-chain service protocol, cross-chain adapter, and cross-chain smart contract – for seamless web3 interoperability. Hong Kong residents can easily access their digital assets, including Ethereum-based ones like Opensea, through MyLink’s exclusive digital wallet “LinKey.” You might also like: SEC is taking ‘new look’ at spot Bitcoin ETF applications China Mobile Hong Kong (CMHK...

Over 11% of global VC funding in blockchain and crypto was funneled towards ventures based in Hong Kong and Singapore throughout 2023. The findings mark a significant rise from the mere 2% allocation in 2021.  That’s according to analysts at PitchBook who attributed this change to several factors, including the collapse of Sam Bankman-Fried’s FTX crypto exchange and the subsequent bankruptcy domino effect it created that compelled many U.S.-based crypto companies to reassess their strategies. According to the report, regulatory uncertainties and the effect of major crypto firms like Binance and Gemini falling foul of authorities have forced many companies to reduce the size and magnitude of their U.S. operations.  Some have even sought refuge in global crypto hubs overseas. The report quoted Bryan Chow, partner at web3 VC investor Side Door Ventures, who stated that many crypto companies had shifted their base of operations to Hong Kong to leverage its supportive governm...

According to a Hong Kong Stock Exchange filing, Boyaa plans to purchase crypto over the next 12 months. Chinese publicly traded online game developer Boyaa Interactive is set to dive deep into the crypto market. In a recent filing with the Hong Kong Stock Exchange, the firm revealed its plans to purchase up to $100 million worth of crypto within the next 12 months. In the document published on Nov. 13, Boyaa said that cryptocurrencies align with the firm’s web3 business, adding that digital currencies are considered an “important part of the group’s asset allocation strategy.” Once Boyaa gets approval from its shareholders, it plans to put up to $90 million into Bitcoin (BTC) and Ethereum (ETH). The remaining $10 million the firm plans to spend on stablecoins Tether (USDT) and USD Coin (USDC). You might also like: Bitget abandons registration plans in Hong Kong The crypto purchases are expected through HashKey Exchange, one of the few licensed cryp...

The Taipei District Prosecutors Office has detained two individuals connected to the crypto exchange JPEX in relation to an investigation into potential fraud . According to local reports, Chang Tung-Ying, the lead partner at the Taiwan branch of the embattled crypto exchange, and Shi Yu, an academic linked to JPEX, have been arrested on accusations of infringing upon banking and anti-money laundering legislation. Prosecutors have instructed the local justice investigation bureau to conduct investigation s at nine sites, leading to the questioning of four individuals. A suspect with the last name Liu was granted bail for NT$50,000 (equivalent to $1,550), while another, named Niu, was released following their interrogation. The probe into JPEX’s activities began after reports emerged in June of the exchange promoting cryptocurrency products and seeking investments. You might also like: JPEX to become DAO, to freeze assets for 2 years The investigation also draws in...

Hong Kong official reinforces that retail investors cannot trade stablecoins until they are regulated, likely in 2024. This follows that the virtual asset trading platform JPEX has come under suspicion for its alleged involvement in a conspiracy to commit fraud. Hong Kong’s security concerns Hui Ching-yu, Hong Kong’s Secretary for Financial Services and the Treasury, addressed these concerns during an interview on the Investment Committee program on Oct. 6.  In the interview, he goes on to state the seriousness of the fraud case involving JPEX and how this underscores the need for enhanced supervision for virtual asset trading . He also states that service providers have been using stablecoins like USDT on a broad scale. However, some of these stablecoins have experienced volatility issues in the past. You might also like: Hong Kong Stock Exchange launches smart contract-powered settlement platform Because of these reasons, Hui shares, retail trading of s...

Sources familiar with the matter said that the Hong Kong Monetary Authority (HKMA) recently questioned the two UK-based lenders along with the Bank of China on why they are not willing to take crypto clients. advertisement In a letter dated April 27, seen by Financial Times, the HKMA told banks that due diligence on crypto firms shouldn’t “create undue burden”, particularly “for those setting up an office in Hong Kong to look for the opportunities here”. Despite no ban on crypto, top banks stay hesitant to serve crypto clients under the fear that they could face prosecution if these clients turn to platforms for money laundering or other illegal activity. However, this could serve as a roadblock to Hong Kong ’s push of establishing itself as a global center for cryptocurrencies. A source familiar with the matter told Financial Times: “HKMA encouraged the banks to not be afraid. There is resistance from a conventional ba...

China and Hong Kong are pouring money into the blockchain logistics industry to take the lead. After Danish logistics firm Maersk terminated its blockchain-based supply chain platform last year, industry builders have not given up on blockchain applications in global trade. Hong Kong-based Global Shipping Business Network (GSBN), a non-profit consortium focused on blockchain trade applications, is bullish on blockchain as a crucial Logistics tool in the long term. According to a report by The South China Morning Post, GSBN currently operates one of the world’s largest platforms that can be described as an alternative to Maersk’s TradeLens tool. The platform is based on a permissioned blockchain with strong data governance, allowing only authorized parties to contribute and consume shipping-related data. Since launching its blockchain -based shipping platform in 2021, GSBN has tapped major shipping partners like Cosco, OOCL and Hapag-Lloyd. The organization has also reached partnersh...