HK crypto ETFs under fire, Binance warns over Maverick FOMO, Poly hack: Asia Express

The rise in popularity of Hong Kong crypto ETFs

during June 28 Interview With Hong Kong’s public broadcasting agency Radio Television Hong Kong, Hang Seng Investment Management chief executive and board member Peishan Li revealed that digital asset ETFs listed in China’s Special Administrative Region (SAR) now exceed HK$12 billion. ($1.532 billion) in assets under management (AUM). Lee noted:

“At present, there is no clear goal (on the part of our firm) to create an ETF with the theme of virtual assets, but it has paid close attention to the development of the relevant asset classes, and has explored the possibility of deploying virtual currencies in the existing Checking. investment product.”

According to data provided by Lee, the total AUM of Hong Kong crypto ETFs increased by 80% compared to December 2022, with a daily trading volume of $1.7 billion HKD. This represents 6% of the daily trading volume of all stocks on the Stock Exchange of Hong Kong. The SAR had earlier allowed the listing of crypto ETFs in July 2022, which initially struggled to gain traction.

Binance co-founder warns altcoins are doomed

On July 2, Binance co-founder and former Chinese television host Yi He warning “Please don’t trust trading signals from the community (who) blindly chase higher prices,” the price of major altcoins has “plunged by 80% to 90%” in recent days. The warning comes just days after the exchange listed permissionless decentralized finance token MAV and offered perpetual MAV contracts at 20x leverage.

Launched in March this year, Maverick boasts an advanced automated market maker liquidity provider network, which secured a $9 million founder round in June. The protocol is backed by major names such as Jump Crypto, Pantera Capital, Circle, and Gemini. Since its launch, the total value of ProtocolLocked has reached approximately $55 million.

Shortly after the listing, the MAV rose as high as $1.98 per piece on Binance before falling to $0.43 per piece at the time of publication, which is still well above the initial listing price of $0.05. she wrote:

“According to the history of previous cycles, the first day of IEO (initial exchange offering) is multiple (return), and pulling it to 10x or 20x (return) is not in line with the current market situation. Please DYOR (your own research)

Amid the retail frenzy, the Binance co-founder also warned, “The price of the coin is not controlled by Binance. The price is affected by both the buyer and the seller. Please note the investment risks. Despite the decline in crypto markets, the market capitalization of coins and tokens excluding bitcoin has remained stable over the past year at around $550 billion.

Although not as popular as his counterpart, Changpeng Zhao, Yi He is responsible for the overall marketing strategy and brand image of Binance and has been credited with the exchange’s rise to prominence, now taking on the additional role of director of Binance Labs. . She is also Zhao’s partner, both in business and romantically, and they have two children together.

Chinese DeFi Protocol Has Been Hacked Again

On July 2nd, Chinese DeFi protocol Poly Network announced its chopped off Once again, the breach affected 57 different asset types across 10 blockchains.

According to DeFi security analyst @0xArhat, the hackers allegedly exploited a smart contract vulnerability that allowed them to obtain an unlimited amount of coins from the Poly network’s multi-chain pool. An estimated $42 billion worth of tokens were minted, although reportedly only $5 million have been redeemed. The developers wrote:

“We request assistance from cyber security professionals and individuals with relevant knowledge. If you have any information that can assist us in this effort, we actively encourage you to contact us.

Immediately following the hack, the total value locked on the Poly network dropped from $277 million to $176 million. Earlier in August 2021, hackers stole at least $600 million from the Poly network in what cyber security firm Slowmist called “a long-planned, organized and prepared attack”.

However, only two days later, the hacker returned almost all of the stolen funds and declined the $500,000 White Hat bounty, saying “I’ll send all their money back,” and that the hack was only “for fun”. Because “cross”-chain hacking is hot.

Hong Kong launches Web3 task force

Hong Kong announced on June 30 Establishment A Web3 task force led by SAR Financial Secretary Paul Chan Mo-po. The team comprises 15 industry veterans along with regulators and government officials, all with two-year tenures. According to officials, the Web3 task force will be dedicated to the sustainable and responsible development of emerging Web3 technologies in Hong Kong, as well as submitting proposals to the government.

Chan commented: “The blockchain technology behind Web3 has the characteristics of arbitrage, security, transparency and low cost, and can solve many difficulties and pain points in finance, transactions, business operations and even life.” Is.” He further added that “an international financial centre” and “metropolis” such as Hong Kong should embrace Web3 development, albeit under “appropriate regulation”.

On July 3, Yat Siu, CEO of Animoca Brands, was appointed to the task force. Previously, the crypto executive said that crypto VCs (venture capital) are struggling only “from a US perspective” and that the industry is actually “very vibrant” in both the Middle East and Asia.

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Zhiyuan Sun

Zhiyuan Sun is a reporter at Cointelegraph who focuses on technology-related news. He has many years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.