Hong
Kong authorities reported that 145 customers fell sufferer to a rip-off orchestrated by
the unlicensed cryptocurrency change Hounax. It has resulted in a lack of 148
million HKD ($18.9 million), as reported by native media Shenzhen Industrial
Information on November 27. Throughout an preliminary press convention on November 25, native
police knowledgeable the general public in regards to the experiences concerning Hounax.
The
Hong Kong Securities Regulatory Fee (SFC) disclosed that, as of yesterday
(Monday), that they had obtained 18 complaints in regards to the change, starting from
quantities of 12,000 HKD to 10 million HKD. Regardless of claiming to be a licensed
platform in collaboration with authorized monetary establishments, Hounax was listed
by the SFC as a suspicious platform earlier, with a warning in regards to the
related dangers.
The
platform allegedly attracted native clients by falsely asserting it was
based by the unique Coinbase technical staff, possessed a license from
Canadian authorities, and was exploring investments from entities like Sequoia
Capital and IDG Capital.
Chief
Inspector Ke Yongn of the Industrial Crime Investigation Part of the Hong
Kong Police said that Hounax additionally used social media to lure victims. Nevertheless,
the official Fb web page of the platform is reportedly now not on-line. The
SFC has recognized 9 suspicious crypto funding platforms, together with
Hounax, JPEX, Hong Kong Digital Analysis Institute, BitCuped, FUBT,
futubit/futu-pro, EFSPD, OSL buying and selling, and arrano.community.
This
incident adopted a main scandal involving the JPEX
change in Hong Kong earlier this 12 months, the place over 2,000 complaints have been obtained,
leading to roughly $180 million in losses. Up to now, 66 people have
been arrested in connection to the JPEX scandal. These occasions have prompted
native regulators in Hong Kong to reinforce crypto regulation to forestall additional
business catastrophes. Nevertheless, regulators have affirmed that the nation’s
one-year grace interval for crypto exchanges will stay unchanged.
🇭🇰 Hounax Trade Rip-off Shakes Hong Kong: Buyers Demand Justice 🇭🇰
Hong Kong has been rattled by one other cryptocurrency change scandal, this time involving Hounax, leaving traders counting their losses and demanding justice.https://t.co/4AYg24jkJL pic.twitter.com/h4CZsCTsOW
— Blockhead (@blockhead_co) November 28, 2023
Joint
Working Group Shaped for Hong Kong’s Crypto Sector
Finance Magnates reported that in a joint effort
to strengthen vigilance and enforcement towards unlawful actions inside
Digital Asset Buying and selling Platforms (VATPs), the SFC has established a working group in collaboration with the Hong
Kong Police Pressure (HKPF).
Following
a high-level assembly on September 28, 2023, the working group comprised
representatives from the HKPF’s Industrial Crime Bureau, Cyber Safety and
Expertise Crime Bureau, Monetary Intelligence and Investigations Bureau, as
properly because the SFC’s Enforcement Division and Intermediaries Division. This
partnership goals to reinforce vigilance and enforcement within the digital asset
buying and selling sector.
The
key goals of the working group embrace facilitating info sharing
associated to suspicious actions and breaches related to VATPs,
implementing a mechanism for danger evaluation, and enhancing coordination in
investigations linked to digital asset buying and selling platforms.
Eve
Chung, the Assistant Commissioner of Police, highlighted the importance of
this collaboration in responding to challenges arising from VATPs to raised
defend most people of Hong Kong. This partnership signifies a step
ahead in combating illicit actions within the digital asset buying and selling sector.
Hong
Kong authorities reported that 145 customers fell sufferer to a rip-off orchestrated by
the unlicensed cryptocurrency change Hounax. It has resulted in a lack of 148
million HKD ($18.9 million), as reported by native media Shenzhen Industrial
Information on November 27. Throughout an preliminary press convention on November 25, native
police knowledgeable the general public in regards to the experiences concerning Hounax.
The
Hong Kong Securities Regulatory Fee (SFC) disclosed that, as of yesterday
(Monday), that they had obtained 18 complaints in regards to the change, starting from
quantities of 12,000 HKD to 10 million HKD. Regardless of claiming to be a licensed
platform in collaboration with authorized monetary establishments, Hounax was listed
by the SFC as a suspicious platform earlier, with a warning in regards to the
related dangers.
The
platform allegedly attracted native clients by falsely asserting it was
based by the unique Coinbase technical staff, possessed a license from
Canadian authorities, and was exploring investments from entities like Sequoia
Capital and IDG Capital.
Chief
Inspector Ke Yongn of the Industrial Crime Investigation Part of the Hong
Kong Police said that Hounax additionally used social media to lure victims. Nevertheless,
the official Fb web page of the platform is reportedly now not on-line. The
SFC has recognized 9 suspicious crypto funding platforms, together with
Hounax, JPEX, Hong Kong Digital Analysis Institute, BitCuped, FUBT,
futubit/futu-pro, EFSPD, OSL buying and selling, and arrano.community.
This
incident adopted a main scandal involving the JPEX
change in Hong Kong earlier this 12 months, the place over 2,000 complaints have been obtained,
leading to roughly $180 million in losses. Up to now, 66 people have
been arrested in connection to the JPEX scandal. These occasions have prompted
native regulators in Hong Kong to reinforce crypto regulation to forestall additional
business catastrophes. Nevertheless, regulators have affirmed that the nation’s
one-year grace interval for crypto exchanges will stay unchanged.
🇭🇰 Hounax Trade Rip-off Shakes Hong Kong: Buyers Demand Justice 🇭🇰
Hong Kong has been rattled by one other cryptocurrency change scandal, this time involving Hounax, leaving traders counting their losses and demanding justice.https://t.co/4AYg24jkJL pic.twitter.com/h4CZsCTsOW
— Blockhead (@blockhead_co) November 28, 2023
Joint
Working Group Shaped for Hong Kong’s Crypto Sector
Finance Magnates reported that in a joint effort
to strengthen vigilance and enforcement towards unlawful actions inside
Digital Asset Buying and selling Platforms (VATPs), the SFC has established a working group in collaboration with the Hong
Kong Police Pressure (HKPF).
Following
a high-level assembly on September 28, 2023, the working group comprised
representatives from the HKPF’s Industrial Crime Bureau, Cyber Safety and
Expertise Crime Bureau, Monetary Intelligence and Investigations Bureau, as
properly because the SFC’s Enforcement Division and Intermediaries Division. This
partnership goals to reinforce vigilance and enforcement within the digital asset
buying and selling sector.
The
key goals of the working group embrace facilitating info sharing
associated to suspicious actions and breaches related to VATPs,
implementing a mechanism for danger evaluation, and enhancing coordination in
investigations linked to digital asset buying and selling platforms.
Eve
Chung, the Assistant Commissioner of Police, highlighted the importance of
this collaboration in responding to challenges arising from VATPs to raised
defend most people of Hong Kong. This partnership signifies a step
ahead in combating illicit actions within the digital asset buying and selling sector.
