Hong Kong Cryptocurrency ETFs Gain Popularity

On June 28, Li Peishan, CEO and member of the board of directors of Hang Seng Investment Management Co., Ltd., was interviewed by Hong Kong public broadcasting organization Radio Hong Kong disclosed It is understood that the assets under management of digital asset ETFs listed in the special administrative region of China have exceeded 12 billion Hong Kong dollars (1.532 billion U.S. dollars). Lee pointed out:

“Currently, our company has no clear goal to create virtual asset-themed ETFs, but we are closely following the development of related asset classes and are studying the possibility of deploying virtual currencies in existing investment products.”

According to the data provided by Li, the total management scale of cryptocurrency ETFs in Hong Kong has increased by 80% compared with December 2022, and the daily trading volume has reached 1.7 billion Hong Kong dollars. That equates to 6% of the daily trading volume of all stocks on the Hong Kong Stock Exchange. The Hong Kong Special Administrative Region previously allowed the listing of crypto ETFs in July 2022, but initially struggled to gain traction.

Binance Co-Founder Warns of Altcoin Rout

On July 2, Binance co-founder and former Chinese TV host He Yi warn“Please don’t trust trading signals from the community blindly chasing prices,” noting that the prices of major altcoins “have dropped 80% to 90%” recently. The warning comes days after the exchange listed MAV, the token of permissionless decentralized finance protocol Maverick, and offered perpetual MAV contracts with 20x leverage.

Launched in March with an advanced network of automated market maker liquidity providers, Maverick raised $9 million in funding in June. The protocol is backed by big names like Jump Crypto, Pantera Capital, Circle, and Gemini. Since its launch, the total value locked in the protocol has reached nearly $55 million.

Shortly after the listing, MAV surged to $1.98 per coin on Binance before falling to $0.43 at the time of publication, still significantly higher than its initial listing price of $0.05. He wrote:

“According to the history of previous cycles, the first-day yield of IEO is several times (return), and it is not in line with the current market situation to increase it to 10 times or 20 times (return). Please Dill.”

Amid the retail frenzy, the Binance co-founder also warned: “The price of tokens is not controlled by Binance. The price is affected by both buyers and sellers. Please be aware of investment risks.” The market capitalization of coins and tokens other than Bitcoin has remained stagnant at around $550 billion over the past year.

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While not as popular as Changpeng Zhao, he is responsible for Binance’s overall marketing strategy and branding, and has been credited with the exchange’s rise. She also now serves as the Director of Binance Incubator. She also happens to be Zhao’s partner, both in business and love, and the pair have two children together.

He Yi featured in Binance’s ad campaign. (Binance)

Chinese DeFi Protocol Hacked Again

On July 2, China’s DeFi protocol gathered the network Announce It was hacked again, this time affecting as many as 57 different asset types across 10 blockchains.

According to DeFi security analyst Arhat, hackers allegedly exploited a smart contract vulnerability to mint an unlimited number of tokens from Poly Network’s multi-chain pool. An estimated $42 billion worth of tokens were minted, but only $5 million was reportedly cashed out. The developers wrote:

“We implore cybersecurity professionals and individuals with relevant knowledge to help. If you have any information that can help us make this happen, we encourage you to reach out.”

Shortly after the hack, the total value locked in Poly Network plummeted from $277 million to $176 million. Previously, in August 2021, hackers stole at least $600 million from Poly Network in what cybersecurity firm SlowMist called “a well-planned, organized, and well-prepared attack.”

However, just two days later, the hacker returned almost all the stolen funds and rejected the $500,000 white hat bounty, saying “I will return all their money” and saying that the hack was just “for fun” , because “crossover”-chain hacking is hot. “

The Poly cyber hacker explained his alleged rationale in a Q&A. (Oval Twitter)

Hong Kong sets up Web3 working group

Mr. Paul Chan Mo-po, Financial Secretary of Hong Kong
Mr. Paul Chan, Financial Secretary of Hong Kong.

June 30, Hong Kong Announce A Web3 working group led by the Financial Secretary of the Hong Kong Special Administrative Region, Chen Maobo, was established. The team consists of 15 industry veterans, as well as regulators and government officials, who serve two-year terms. According to officials, the Web3 working group will work on the sustainable and responsible development of emerging Web3 technologies in Hong Kong and submit proposals to the government.

Chan commented: “The blockchain technology behind Web3 has the characteristics of disintermediation, security, transparency, and low cost, and can solve many difficulties and pain points in finance, transactions, business operations, and even life.” He continued, “International “Financial centers” and “metropolises” like Hong Kong should embrace the development of Web3, albeit subject to “appropriate regulation”.

Animoca Brands CEO Yat Siu was appointed to the task force on 3 July. Previously, the cryptocurrency executive said that “from a U.S. perspective,” crypto venture capital is just struggling, while the industry is actually “very active” in both the Middle East and Asia.

Zhiyuan Sun

Zhiyuan Sun is a reporter for Cointelegraph, focusing on technology-related news. He has years of experience writing for major financial publications including The Motley Fool, Nasdaq.com, and Seeking Alpha.


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