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Tag Archives: hong kong

Here’s How Much Crypto Hong Kong’s Web3 Giant Animoca Brands Holds on Balance Sheet

Animoca Brands reported $558 million in digital assets on its balance sheet, as per its latest unaudited financial disclosures. Since December 2023, the company has acquired an additional $266 million in digital assets through various recent investments and token launches. According to the official announcement released earlier this week, the Hong Kong-based Web3 giant disclosed a cash and stablecoin balance of $291 million. Off the balance sheet, Animoca Brands’ Web3...

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Hong Kong Authorities Arrest Over 72 in Connection to JPEX Scandal

Hong Kong authorities have arrested over 70 individuals linked to the HK$1.6 billion JPEX cryptocurrency scandal that shook the city-state. According to the latest report by SCMP, approximately HK$230 million – worth around $29.37 million – in assets has been frozen, as disclosed by Police Commissioner Raymond Siu Chak-yee. Hong Kong Authorities Crack Down on JPEX In an update provided to the legislative body, Siu also revealed that the number of arrests in connection to the...

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Bloomberg Analyst Issues a Warning for the Upcoming Hong Kong Bitcoin, Ethereum ETFs

Hong Kong regulators recently approved spot Bitcoin and Ethereum exchange-traded fund applications, but Bloomberg ETF analyst Eric Balchunas predicts that the local ETF market may not perform as well as the US due to the current lack of big players and the possibility of high fees. According to Balchunas, the Hong Kong Bitcoin and Ether ETF market may generate $500 million in inflows, which is small compared to the over $15 billion from BlackRock’s spot Bitcoin ETF product...

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Bitrace Trains Hong Kong Police on Crypto Crime Investigation

With increasing cryptocurrency-related crimes in Hong Kong, Bitrace has ramped up its efforts to tackle the problem. The prominent data analysis company has reportedly conducted training sessions on on-chain fund tracking for members of the Hong Kong Police Force. Bitrace Bolsters Efforts to Combat Crypto Crimes The latest initiative is part of the company’s Corporate Social Responsibility efforts that aim to improve law enforcement’s understanding of blockchain technology,...

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3 Suspects Arrested as Hong Kong Police Rescue Teen in Crypto-Related Attack (Report)

Hong Kong authorities captured three teenagers and rescued a 19-year-old who had fallen victim to a harrowing ordeal involving assault and unlawful detention last month. The police are actively hunting the remaining six individuals – comprising four males and two females – suspected to be involved. Hong Kong Teen Assaulted Over Crypto Profits According to a report by SCMP, the victim was lured under the guise of meeting people and trading crypto assets. Upon arrival in a room...

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Binance-Linked HKVAEX Withdraws Hong Kong License

The Hong Kong-based crypto exchange HKVAEX, reportedly associated with Binance, withdrew its license application from the Securities and Futures Commission of Hong Kong (SFC) on March 28th. HKVAEX announced its intention to apply for a license in October last year while clarifying that it operates as a distinct entity from Binance under BX Services Limited in Hong Kong. However, there are shared resources between the companies, including the use of Binance servers for content...

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Here’s How a Hong Kong Housewife Lost $908K to Crypto Scammers: Report

A 46-year-old housewife in Hong Kong has reported losses of 7.1 million Hong Kong dollars ($908,000) after investing in a fraudulent crypto investment platform. According to a report by the South China Morning Post, people familiar with the matter revealed that the woman did not realize she had been scammed until a year after the incident when she discussed the investment with her family. Hong Kong Housewife Scammed of $908K One of the fraudsters contacted the victim through...

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Hong Kong’s CSOP Bitcoin Futures ETF Sees 5-Fold Surge in Assets Amid BTC Rally

CSOP Asset Management, a capital market firm in Hong Kong, disclosed in an interview with Reuters that its exchange-traded product, the CSOP Bitcoin Futures ETF (3066.HK), has witnessed a surge in assets under management (AUM) over the past five months. The ETF’s Assets Under Management (AUM) has soared five-fold to over $100 million. Rising Trading Volumes and AUM Regarding trading volumes, the CSOP Bitcoin Futures ETF has increased in average daily turnover, reaching $2.8...

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HTX Withdraws Hong Kong License Application

The Virtual Asset Trading Platform (VATP) is a license provided by the government of Hong Kong that allows crypto exchanges to operate within the bounds of the region. Although the license has been available for several years now, only two exchanges – HashKey and OSL – are currently in possession of one. A number of applicants have been on the waitlist for a while – including HTX, formerly known as Huobi, until yesterday, when the firm withdrew its application. Earlier Plans...

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