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Hong Kong Police Bust Crypto Fraud Ring, Arrest 14-Year-Old in HK$11M Scam

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In a significant crackdown on crypto fraud, Hong Kong police have apprehended four individuals, including a 14-year-old boy, for allegedly using counterfeit banknotes to defraud victims. This arrest brings the total number of people detained in similar cases since October of the previous year to 14, with the total losses amounting to HK$11 million (US$1.4 million).

Chief Inspector Lo Yuen-shan of the Commercial Crime Bureau announced on Sunday that the recent arrests involved suspects aged between 14 and 39. They were apprehended on conspiracy charges to defraud, possession, and use of 5,000 counterfeit banknotes. Lo emphasized the organized nature of the syndicate, detailing how roles were distinctly divided among the members.

The syndicate operated by sourcing fake banknotes and setting up bogus cryptocurrency exchange shops to lure victims. The two masterminds behind the scheme sourced the counterfeit notes and identified potential victims online, posing as reputable cryptocurrency investors. They offered enticing deals above the cryptocurrency market rate, drawing unsuspecting individuals to their fake exchange setups.

Crypto Exchange Scam Unveiled

Once victims were enticed to the bogus exchange premises, they were shown stacks of counterfeit HK$1,000 banknotes, only the top and bottom of which were authentic. This display was intended to convince the victims of the transaction’s legitimacy.

After gaining their trust, the fraudsters persuaded the victims to finalize online transactions. Upon cryptocurrency transfer, the suspects swiftly moved the assets out of the victims’ accounts, reneging on the payment.

Senior Inspector Mak Wai-kwong highlighted the risk posed to young residents during the summer holidays, warning them against the temptation of quick money through illegal means. He stressed the importance of vigilance and urged residents to verify the authenticity of banknotes by checking for shimmering patterns, a common feature of genuine notes.

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Senior Inspector and Chief Inspector revealed the latest arrests on Sunday.

The authorities’ swift action underscores the serious penalties associated with the production, circulation, or use of counterfeit currency, which carries a maximum sentence of 14 years in prison in Hong Kong.

Inspector Mak also reiterated the public awareness and alertness in financial dealings that are especially pathname in the fast-rising area of cryptocurrency. The police will continue investigation with efforts to break up such syndicates, with a view to protecting members of the public from scams of this nature.

Related Reading | Analyst Forecasts Bitcoin Boom: Key Drivers Revealed

Hong Kong Monetary Authority Prepares For Second Tokenized Green Bond Launch

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Hong Kong is poised to launch its second tokenized green bond in the coming months, with the Hong Kong Monetary Authority (HKMA) utilizing blockchain technology to improve efficiency and transparency in the redemption process, according to a report from Chinese newspaper Ming Pao. CEO Yu Weiman disclosed the plans in anticipation of “Green Finance Week” in February 2024.

This event aims to foster discussions on green financial transformation, including a global climate business forum in collaboration with the International Finance Corporation under the World Bank. 

Hong Kong’s Global Green Brand Takes Center Stage During Green Finance Week

Weiman highlighted the goal of bolstering Hong Kong’s global green brand during the Green Finance Week, with various financial institutions organizing green finance activities to enhance the city’s reputation in the field.

Yu Weiman underscored the symbiotic relationship between green finance and financial technology, particularly in the issuance of the second tokenized green bond. The HKMA is actively exploring blockchain-based redemption processes to improve operational efficiency. 

Additionally, the authority is investigating the integration of blockchain technology and the Internet of Things (IoT) for tokenized green bonds, allowing bondholders to gain comprehensive insights into their investments and reduce the risk of “greenwashing.”

Weiman also noted the substantial growth in Hong Kong’s green bonds and green loans, which surged to approximately US$80 billion from US$11 billion just two years ago. He expressed confidence in the continued momentum of green finance, emphasizing the potential for further expansion.

In June, Hong Kong implemented new regulations for the crypto industry, allowing retail investors to trade virtual assets. This marked a departure from previous restrictions limiting digital asset trading to professional investors and traders with at least $1 million in bankable assets. 

As part of these regulations, the Securities and Futures Commission (SFC) has granted licenses to crypto exchanges, with OSL and Hashkey Group becoming the first in the city to receive such licenses. These exchanges also offer crypto-to-fiat conversion services through ZA Bank, Hong Kong’s largest online-only bank.

Notably, the crypto exchange Hong Kong VAEXC (VAEX) has recently applied for a virtual asset trading platform license with the SFC. The JPEX scandal, considered one of the largest financial frauds in Hong Kong’s history, has spurred the government to expedite the approval process for cryptocurrency products, aiming to promote compliance in the industry.

How MAXusdtDeFi is revolutionizing the financial industry

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It is not necessary to make an initial investment, and there is no danger involved in using the platform in any way. In order to get started, you will need either 10 USDT worth of ETH or 10 TRX ready to use as the gas fee. After that, you will need to click the receive button. The network that your cryptocurrency wallet is a part of decides how much the gas fee should be. After that point, the USDT balance in your cryptocurrency wallet needs to be at least ten for you to make a profit every six hours. Every six hours, a quantity of USDT corresponding to the current balance of USDT in your cryptocurrency wallet will be deposited into that wallet in the form of a proportional deposit. If you click on this link, you will be taken to a page where you can start building your profile by entering your information.

Decentralized finance, also known as DeFi, is a form of finance that manages financial transactions with the help of cryptocurrencies and blockchain technology. Peer-to-peer relationships that can provide a full spectrum of financial services, including everything from day-to-day banking, loans, and mortgages to complicated contractual relationships and asset trading are the focus of the DeFi initiative, which aims to democratize finance by displacing legacy, centralized institutions with them.

These days, virtually every facet of banking, lending, and trading is controlled by centralized systems that are run by regulatory agencies and gatekeepers. Regular consumers have to negotiate with a multitude of financial middlemen in order to gain access to a variety of financial services, including trading stocks and bonds, auto loans, and mortgages. Regulatory organizations in the United States, such as the Federal Reserve and the Securities and Exchange Commission (SEC), are responsible for establishing the rules that govern the world of centralized financial institutions and brokerages.

Over time, Congress may make changes to these rules. As a direct consequence of this, there are not many channels through which customers can gain access to capital and financial services. They are unable to avoid dealing with middlemen such as banks, exchanges, and lenders because these entities make a profit off of each and every financial and banking transaction. We must all pony up in order to participate.

The New Approach: Decentralized Finance

Peer-to-peer exchanges made possible by DeFi present a threat to the existing centralized financial system. This is accomplished by removing the power that is traditionally held by gatekeepers and middlemen. Lending, borrowing, and trading are some of the most important aspects of the work that is currently done by banks, exchanges, and insurers; however, DeFi places these responsibilities in the hands of regular people.

Blockchain is what DeFi is built on.

The underlying technologies that make decentralized finance possible are blockchain and cryptocurrencies like bitcoin. When you make a transaction using a traditional checking account, the details of that transaction are recorded in a private ledger known as your banking transaction history. This ledger is owned by a large financial institution and is managed by that institution. The blockchain is a public ledger that is decentralized and distributed, and it records monetary transactions using computer code.

When we say that blockchain is distributed, we mean that all parties that are using a DeFi application have an identical copy of the public ledger, which records each and every transaction in encrypted code. This is what we mean when we say that blockchain is distributed. This makes the system more secure because it gives users the ability to remain anonymous while still allowing for the verification of payments and the creation of a record of asset ownership that is (almost) impossible to change fraudulently.

When we talk about how blockchain is decentralized, we are referring to the fact that there are no gatekeepers or middlemen managing the system. Transactions are verified and recorded by parties that use the same blockchain, through a process that involves solving complex mathematical problems and adding new blocks of transactions to the chain. New blocks of transactions are added to the chain as they are processed.

The proponents of decentralized finance assert that the blockchain, which is used in decentralized finance, makes financial transactions more secure and transparent as compared to the private and opaque systems used in centralized finance.

How DeFi Is Being Used Now

The decentralized financial infrastructure (DeFI) is beginning to make its way into a diverse range of straightforward and intricate financial transactions. It is run by decentralized applications, also known as “dapps,” or other programs, which are referred to as “protocols.” Transactions involving the two most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum, are managed by decentralized applications (Dapps) and protocols (ETH). Although Bitcoin is the more widely used cryptocurrency, Ethereum is significantly more adaptable to a wider variety of applications. As a result, a significant portion of the code used in the landscape of decentralized applications and protocols is based on Ethereum.

The locked value is a metric that is used in the DeFi market to measure adoption. This metric calculates the total amount of money that is currently being processed by the various DeFi protocols. The total value of everything that is currently encrypted in DeFi protocols is close to 43 billion dollars. The ubiquitous quality of blockchain is the driving force behind the proliferation of DeFi. The instant a decentralized application (dapp) is encoded on the blockchain, it becomes accessible all over the world. Unlike the majority of centralized financial instruments and technologies, which are typically introduced gradually over time and are governed by the specific rules and regulations of regional economies, decentralized applications (dapps) operate independently of these rules, which increases their potential for reward but also increases the risks associated with using them.

What Lies Ahead for Defi

The future looks promising for DeFi, as the company plans to eliminate the need for a middleman and transform basketball highlights into digital assets with monetary value. Soon, investors will have more autonomy, which will enable them to deploy [assets] in creative ways that seem impossible today. As the big data industry matures and enables new ways to commoditize data, DeFi also carries significant implications for the big data industry.

OKX is not only a cutting-edge cryptocurrency exchange but also offers exceptional financial services to its clientele. We provide you with everything you need for successful trading and investing, and we do this by utilizing a technology called blockchain. You can choose from a huge variety of tokens and trade combinations, totaling in the hundreds. If you use OKX and remain compliant with the agreements, you will be eligible to become a participant in one of the cryptocurrency exchanges that has the highest trading volume. We serve millions of clients across more than a hundred different nations with our range of services. Mining, spot trading, margin trading, futures trading, options trading, perpetual swaps, trading, DeFi, and lending are just some of the other services that we offer.

After a number of years of utilizing the services provided by OKX, the day has at long last arrived. OKX has my sincere gratitude for the contribution they made to the most recent project. OKX is a cutting-edge cryptocurrency exchange that not only provides its customers with access to cutting-edge financial services but also has the ability to rebate up to 95% of their network fees. Downloading OKX is something we strongly advise every user to do so that they can feel secure in their own safety and avoid potential danger.

With the most recent version of OKX, all users will benefit from improved transactions as well as a reduction in the fees they pay to use the OKX network of up to 95%. Users who have completed transactions worth a combined total of more than 20,000 USDT will be eligible to receive a bonus of 200 USDT. Downloading it right this second will provide you with the most up-to-date version of OKX. You can access it through the following link:

OKX has now joined the SWFT cross-chain bridge and implemented it, which enables cross-chain transactions of any token between the TRON network and other networks such as Ethereum, USDT, OKC, BSC, Polygon, and Fantom. OKX has also joined the SWFT cross-chain bridge. OKX is the newest participant in the SWFT cross-chain bridge project. In the future, thanks to OKX, you will have access to an increasing number of transactions that take place across multiple chains.

Users are eligible for rebates on transactions involving any cryptocurrency with a value of more than 20,000 USDT if they use the most recent version of the OKX platform and become members of the OKX trading platform. In addition to receiving a rebate of 95% of the transaction fee for any transaction you complete, you will also receive a rebate of 200 USDT.

Links

Registration Link (DeFi) Telegram Channel Telegram Customer Support

Whatsapp Customer Support Facebook Twitter

White Paper Certificate Official Website Registration Link (TRX)

Crypto firm enters into lease agreement with Hong Kong’s biggest landlord

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Cryptocurrencies have certainly taken the world by storm. Despite cutting off ties with the dark web, regulatory systems from across the globe continue to haunt the industry. Even though the entire crypto industry was started to steer away from the shackles of centralized systems, the crypto market, unfortunately, found its way into extreme scrutiny. While garnering approval from a regulatory entity has become a must in the current world, cryptocurrency exchanges were seen grappling.

Similar to an array of governments across the globe, Hong Kong decided to jump onto the regulatory train and scrutinize the crypto-verse. After making it mandatory for digital asset exchanges functioning in the region to have a proper license, several firms were seen bidding adieu. However, a few others stuck around and managed to garner a license.

A firm called HashKey Group made news after amassing a license as well as a prominent property in Asia’s financial hub.

Crypto continues to boom in Hong Kong

Hong Kong’s major property landlord, Hongkong Land revealed that it had entered a lease agreement with HashKey Group, a local digital asset firm. This move comes after the financial watchdogs of Hong Kong clarified regulations surrounding crypto in the region.

Hongkong Land has leased out a commercial office space for the digital asset firm. An entire floor will be used by the firm in the Three Exchange Square. The executive president at HashKey, Michel Lee noted that the Three Exchange Square was one among the “most prestigious office buildings” in the region. This deal has reportedly put the firm right at the “center of the business community.”

Speaking about the latest lease agreement, the director and head of office, commercial property at Hongkong Land, Neil Anderson said,

“The SFC’s recent decision to regulate digital asset exchanges in Hong Kong gives us confidence that this new asset class has a regulatory framework, and therefore a future within the finance industry,”

Hong Kong Crypto Exchanges Will Soon Be Obligated To Follow Regulations

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Cryptocurrencies are finally finding their place in the global financial scene. Cities like Hong Kong have been making progress in the same. As the value of these assets has been surging, people have been veering towards the crypto industry. More people diving into the market has definitely sparked up some hacks and scams. In order to keep this in control, the regulators of different countries have been putting into place new laws and amendments to the existing ones. Hong Kong seems to be heading in that direction.

Regulation Is A Must In Hong Kong Crypto Scene

The Securities and Futures Commission [SFC] of Hong Kong revealed that every crypto exchange in the purview of the city was subject to regulations. In a Fintech Week program that took place on Tuesday, Ashley Alder, the Chief Executive Officer of Hong Kong’s Securities and Futures Commission affirmed that crypto platforms functioning in the city of Hong Kong would be regulated even if they do not trade security tokens.

Elaborating on the same, Alder said in his speech,

“Under the current legislative framework if a platform operator is really determined to operate completely off the regulatory radar it can do so simply by ensuring that its traded crypto assets are not within the legal definition of a security.”

Last year, the SFC proposed that the crypto platforms were to voluntarily abide by the regulatory framework put forth by the financial watchdogs of the city. However, certain exchanges continued to steer away from this and engaged in operations without keeping in mind the regulations.

Furthermore, the SFC will be initiating a new program with regard to licensing of platforms keeping in mind anti-money laundering schemes. While this is still underway, platforms that aid cryptocurrency trading in the city would be monitored and regulated as soon as the regimes are out and about.

With news pertaining to breach of regulations from across the globe, several governments have been sprucing up their game. BitMEX and OKEx’s latest swim in troubled waters is proof enough that irrespective of their popularity exchanges must abide by rules and regulations. The Hong Kong financial watchdog made it clear that anyone that fails to register their platform or abide by the regulations would be categorized as offenders of the law.

CoinFLEX Aims to Offer Physical Delivery of Bitcoin Contracts to Asian Traders

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CoinFlex exchange is targeting Asia’s retail investors who are looking for bitcoin futures contracts that are less prone to price manipulation. Accordingly, the exchange intends to offer physical delivery of Bitcoin contracts to Asian traders.

CoinFLEX Targets Asian Traders

The exchange was rebranded from Coinfloor to Coin Futures and Lending Exchange or CoinFLEX. The exchange is based out in Hong-Kong, spearhead by Mark Lamb as its CEO. CoinFLEX’s physical delivery of bitcoin futures means that the owner of the contracts will receive the delivery of Bitcoin instead of Cash upon the expiry of contracts.

The exchange claims that physical bitcoin futures will tend to face less price manipulation, whereas the process for settling contracts in cash could be manipulated.

Crypto industry counts under the list of burgeoning trends, which means, global investors eye on leveraging the maximum benefits meantime avoiding the price manipulations.

With Bitcoin holding the highest dominance in the crypto market, CoinFLEX states that retail investors from Asia can now invest in the bitcoin futures contract, which is rampant in cash-settlement contracts. It is the new cryptocurrency futures exchange; in fact, CoinFLEX claims itself as the first exchange to provide physical delivery of bitcoin futures contracts.

To note, Bitcoin price in the cash-settlement contract is calculated via a formula that uses bitcoin price of other exchanges. On a similar view, Mark said in an interview said;

Professional and retail traders alike are affected by price manipulation in the cash-settled futures market. In physically delivered contracts, anyone long at expiry receives the underlying bitcoin. There are no formulas involved.

Although CoinFLEX is from Hong Kong, the city’s Securities and Futures Commission is not fervent to companies that offer to the trade of futures and derivative contracts. When asked Mark on whether or not CoinFLEX provides this service in HongKong, he remains quiet.

Nevertheless, the exchange is likely to compete with Intercontinental Exchage Inc., which introduced Bakkt exchange with the similar service of CoinFLEX, they physically delivered futures contracts.

While the fact that physically delivered contracts are less-likely manipulated, Benjamin Roth who is the global head of trading at Kenetic Capital says that he hasn’t seen “much evidence of price manipulation in the cash-settlement market” as well.

With a trader’s perspective, he adds that traders naturally like to trade on volatility. Meantime he agreed that there was a demand for physically delivered bitcoin futures contracts. He says;

As traders we do not particularly worry about increased volatility going into a contract’s expiry, because traders naturally like to trade on volatility.

Also, the exchange had recently raised a US$ 10 million from several blockchain investors, including Polychain Capital, Divergence Digital Currency, NGC Ventures II, and Roger Ver, bitcoin cash advocate.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Hong Kong’s leading publication accepts Bitcoin and Bitcoin Cash as donation

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The leading non-profit online publication, Free Press is now accepting a donation in cryptocurrencies, specifically, Bitcoin and Bitcoin Cash via a payment platform, BitPay.

At press time, two of the most significant cryptocurrencies are flourishing – while Bitcoin crossed $10300 figure with 2.67 percent mark within 24 hours, Bitcoin Cash is also trading higher at the number of 309 against US dollar.

Free Press Accepts Crypto Donation

Observers hint that the quick reason behind the current Bitcoin and BCH market prices’ stability might be Free Press’s acceptance of crypto as a donation. It is a non-profit online news website based in Hong Kong, founded by an independent journalist. According to the latest report, Free Press is now accepting donations in Bitcoin, and you can donate it via BitPay.

It was first revealed by a Redditor, who defines himself as the paper’s editor-in-chief;

“We’ve seen a flurry of donations today! Help us pay for freelancers, safety gear, overtime, insurance, etc,”

The post on Reddit received significant interest and support from the crypto community wherein few contributors also confirmed that they have already donated to the Free Press. At the time of reporting, the website has activated only “Donate Bitcoin” button but seems the platform experiencing an issue with BitPay payment method. Echoing the similar concern, chief-in-editor says they’ll fix the problem after the protests settle.

However, Bitcoin Cash donate option is yet to make live, but according to the Reddit post, Hong Kong Free Press is also accepting BCH as a donation.

The Hong Kong Free Press accepts Bitcoin Cash as a donation method. Let’s come together as a community to help those under tyrannical governments

This news comes in the wake of an ongoing politico-economy situation as the city of Hong Kong since March 31st is witnessing the pro-democracy protests. To be specific, the Anti-extradition bill protest, which is currently happening across HK is against an extradition bill proposed by China. Following the rally, there have been over 600 people arrested but the protesters/demonstrators putting forth their five demands;

  • Withdrawal of the proposed extradition bill
  • Resignation of the Chief Executive, Carrie Lam
  • Government recognition of the protests as protest and not riots
  • Independent scrutinization into the police
  • Release those who have been imprisoned due to protests

HKFP isn’t the first to raise funds via crypto in the form of donations; earlier famous WikiLeaks had also witnessed a large number of funds via Bitcoin Donation. In fact, it had received a boost in crypto donations following its leader Julian Assange’s arrest back in early 2019.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.