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Crypto Crime Falls in China, Surges in Hong Kong, Reports Reveal
China’s cryptocurrency transactions related to criminal activities have decreased significantly over the past couple of years, a new report suggests. At the same time, its special administrative region of Hong Kong is seeing a spike in crypto-related crime this year, with authorities attributing the rise to the popularity of crypto investments. Chinese Crime-Related Crypto Transactions Drop, According to Chainalysis China has been a leader in the global crypto space, not only because of its control over a large portion of bitcoin’s hashrate but also in terms of activity of its....
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Two Hong Kong based financial institutions recently became the victim of a Bitcoin ransom crime, reports The Standard. According to the available information, both Bank of China and Bank of East Asia were attacked with a Distributed-Denial-of-Service hack that later caused some irregularities in their websites' functionalities. The hackers, which are believed to be operating from foreign locations, threatened these institutions to extend the attack if they don't pay a hefty ransom, in Bitcoin. The matter however was reported to the local police, and it is now being investigated by Hong....
Crypto crime in Hong Kong has soared to its highest level ever. In the first half of this year, almost 500 crypto crimes were recorded in the former British colony, with one user losing out to the tune of $16 million. Total losses for the 496 cases came in at HKD$214 million ($27.5 million), making […]
Reports reveal that subsidiaries of Bithumb Hong Kong are facing a civil suit due to a contract breach. According to the report, a Thai firm says that Bithumb’s Hong Kong subsidiaries halted its business in Thailand. This halt led to serious business damage for the Thai firm. Korea Times reported on Tuesday that a former […]
Hayes says the next crypto bull run will be tied to when China embraces the crypto market again, and Hong Kong could be the gateway for this to happen. Arthur Hayes, the former CEO of crypto derivatives giant BitMEX, believes the next crypto bull run will start when China moves back into the market, and Hong Kong has a vital part to play in this process. In his Oct. 26 blog post titled "Comeback", Hayes outlined why he thinks the Hong Kong government's announcement about introducing a bill to regulate crypto is a sign China is trying to ease its way back into the market. This could be....
The People’s Bank of China (PBOC) digital currency cryptocurrency regulation’s importance in its recently published 2024 Financial Stability Report. This reiteration is particularly noteworthy given the contrasting approach of crypto between mainland China and Hong Kong. Notably, while mainland China maintains its strict ban on cryptocurrency trading and mining, Hong Kong continues to diverge by actively […]