The Rise in Popularity of Hong Kong Crypto ETFs
On a June 28 interview with Hong Kong’s public broadcasting agency Radio Television Hong Kong, Peishan Li, Managing Director and Board Member of Hang Seng Investment Management, revealed that digital asset ETFs listed in the Special Administrative Region (SAR ) from China have now surpassed HK$12 billion ($1.532 billion) in assets under management (AUM). Li noted:
“At this time, there is no clear goal (on our company’s part) to create a virtual asset-themed ETF, but it has paid particular attention to the development of asset classes. and is examining the possibility of deploying virtual currencies in existing investment products.
According to figures provided by Li, the total AUM of Hong Kong crypto ETFs increased by 80% compared to December 2022, with a daily trading volume of HK$1.7 billion. This represents 6% of the daily trading volume of all stocks on the Hong Kong Stock Exchange. The SAR previously cleared crypto ETFs for listing in July 2022, which initially struggled to catch on.
Binance co-founder warns of altcoin rout
On July 2, Binance co-founder and former Chinese TV host Yi He warned “Please don’t trust community trading signals (who) blindly chase higher prices,” noting that the price of major altcoins “has dropped 80% to 90%” lately. The warning came just days after the exchange listed MAV, a permissionless decentralized finance token, and offered 20x leveraged perpetual MAV contracts.
Launched in March this year, Maverick has an advanced network of automated market maker liquidity providers, securing a $9 million funding round in June. The protocol is backed by prominent names such as Jump Crypto, Pantera Capital, Circle, and Gemini. Since its launch, the protocol has reached nearly $55 million in total value locked.
Shortly after listing, MAV skyrocketed to $1.98 coin on Binance before dropping to $0.43 coin at press time, which is still significantly higher than its original listing price of $0.05. She wrote:
“According to the history of previous cycles, the first day of the IEO (Initial Exchange Offer) is several times (return), and it is not in line with the current market situation to pull it up to 10 times or 20 times (return).Please DYOR (do your own research)
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 pay attention to investment risks. Despite a thaw in crypto markets, the market capitalization of non-Bitcoin coins and tokens has remained stagnant over the past year at around $550 billion.
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Although not as popular as her counterpart Changpeng Zhao, Yi He is responsible for Binance’s overall marketing strategy and brand image and is credited with the rise of the exchange, now playing the role additional Director of Binance Labs. She also happens to be Zhao’s partner, both business and romantically, and they have two children together.


The Chinese DeFi protocol hacked again
On July 2, Chinese protocol DeFi Poly Network announced that it had been pirate again, the breach affecting up to 57 different asset types across 10 blockchains.
According to DeFi security analyst @0xArhat, hackers have exploited a smart contract vulnerability allowing them to mint an unlimited amount of tokens from Poly Network’s multi-chain pools. An estimated $42 billion worth of tokens were minted, although only $5 million was cashed out. The developers wrote:
“We seek the assistance of cybersecurity professionals and people with relevant knowledge. If you have information that could help us in this endeavor, we encourage you to actively contact us.
Shortly after the hack, the total value locked on Poly Network went 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 long-planned, organized, and prepared attack.”
Just two days later, however, the hacker returned nearly all of the stolen funds and refused a $500,000 white hat bounty, saying, “I’m going to send all their money back,” and that the hack was fair.” for fun” because “cross-chain hacking is hot.


Hong Kong launches Web3 Task Force


On June 30, Hong Kong announced the establishment of a Web3 working group led by Paul Chan Mo-po, SAR Financial Secretary. The team is made up of 15 industry veterans, as well as regulators and government officials, all with a two-year term. According to officials, the Web3 task force will focus on 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 disintermediation, security, transparency, and low cost, and can solve many difficulties and pain points in finance, transactions, business operations, and even life. ” He continued that “an international financial center” and “metropolis” like 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 chief said that the crypto VC (Venture Capital) is only struggling “from an American point of view” and that the industry is actually “very dynamic” in the Middle East and Asia.
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