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 […]
Hong Kong’s SFC has raised concerns about the rise of digital asset treasuries, companies that put crypto on their balance sheet. Hong Kong SFC Is Closely Monitoring Crypto Treasury Developments As reported by the South China Morning Post, Hong Kong’s Securities and Futures Commission (SFC) is keeping an eye on how firms are using crypto […]
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 […]
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 […]