Hong Kong is termed to have one of the fastest-evolving cryptocurrency markets in Asia, but crypto-based scams and frauds in the region mimic the surged pace.
A regional media organization noted that around 13 investors lost HK$14.8 million after they processed their transactions by the shops in the Kowloon West area allegedly set up and operated by fraudsters.
On September 26, 2024, the police noted that the mastermind behind the activity lured victims by offering better exchange rates. Furthermore, a 43-year-old businessman became the top victim as he lost HK$4 million after he processed two transactions worth HK$400k and HK$800k for the store based in a shopping complex in Sham Shui Po.
In addition, Leung Wai-hin, the senior inspector for Sham Shui district, said the looted victim reported the cheating after he was held in a shop on September 23, 2024, when he was processing the third transaction. He additionally handed over HK$ 4 million in cash to the receptionist.
The SI Added, “After the victim handed over the cash to a female receptionist at the counter, she falsely claimed she needed to count the money and exited into a separate room.”
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In a recent report by a regulatory commission of Hong Kong, the crypto activity of the region in securities generated $77 million Yuan in Q1 2024 in revenue.
The report “Financial Review of the Securities Industry” writes, “In the Q1, 2024, total net profits of all securities dealers and securities margin financiers in Hong Kong rose 50% to $19 billion from $12.7 billion in the Q2, 2023.
KINGHOOD Group, a Jewellery & Gem World (JGW) HK, announced today the international version of its Smart Gold Store for the 1st time in the region. Despite harsh regulations in neighboring China, HK continuously lures international and multinational companies to establish headquarters in the region.
Other Market News Updates
PayPal, a leading payment aggregator, announced the ability to sell, buy, and hold cryptocurrencies for users in the United States with a business account. However, these services will not be available for New York state residents.
PayPal USD (PYUSD) is a stablecoin backed by U.S dollars in a ratio of 1:1, issued by Paxos Trust Company. It is the 162nd most traded crypto in the market with a trading volume of $29,060,083 and a market capitalization of $709,238,819.
Earlier in a press release dated September the US Securities and Exchange Commission noted its decision to postpone the decision over the application by BlackRock seeking approval to list and trade options contracts on iShare Ethereum Trust (ETHA).
Crypto Market Price Updates
When writing, the fear and greed index powered by CoinMarketCap was at 48 denoting a neutral sentiment in the vast market; at the same time cryptocurrency market capitalization was at $2.04 trillion with a surge of 5% in the past seven days.
Until publishing Bitcoin was trading at $63,600 registering a surge of 4% in a week, however, its intraday trading volume suffered losing 13.18% and reaching below $25 billion.
Since the past few days, Ethereum prices have been enjoying skyrocketing movement despite the unstaking from giant whales. At the time of writing it was trading at $2,615 with a surge of 7.32% in the past 7 days.
