{"id":16980,"date":"2023-07-04T11:17:12","date_gmt":"2023-07-04T15:17:12","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-21\/"},"modified":"2023-07-04T11:17:12","modified_gmt":"2023-07-04T15:17:12","slug":"asia-express-cointelegraph-magazine-21","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-21\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<h2 id=\"h-hong-kong-crypto-etfs-rise-to-popularity\">Hong Kong crypto ETFs\u2019 rise to popularity<\/h2>\n<p>During a June 28 interview with Hong Kong\u2019s public broadcast agency, Radio Television Hong Kong, Hang Seng Investment Management chief executive and board member Peishan Li <a href=\"https:\/\/gbcode.rthk.hk\/TuniS\/news.rthk.hk\/rthk\/ch\/component\/k2\/1706631-20230628.htm?spTabChangeable=0\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">disclosed<\/a> that digital asset ETFs listed in the special administrative region of China have surpassed $12 billion Hong Kong dollars ($1.532 billion) in assets under management. Li noted:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cAt present, there is no clear goal [from our firm] to create an ETF with the theme of virtual assets, but it has paid close attention to the development of related asset classes, and is examining the possibility of deploying virtual currencies in existing investment products.\u201d<\/p>\n<\/blockquote>\n<p>According to figures provided by Li, the total AUM of Hong Kong crypto ETFs grew by 80% compared with 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 previously allowed the listing of crypto ETFs in July 2022, which initially struggled to gain traction.<\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fhk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fhk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fhk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fhk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fhk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fhk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<h2 id=\"h-binance-co-founder-warns-of-altcoin-rout\">Binance co-founder warns of altcoin rout<\/h2>\n<p>On July 2, <a href=\"https:\/\/cointelegraph.com\/magazine\/sec-calls-etf-filings-inadequate-binance-loses-euro-partner-and-other-news-hodlers-digest-june-25-july-1\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Binance<\/a> co-founder and former Chinese television host Yi He <a href=\"https:\/\/twitter.com\/heyibinance\/status\/1675374568456835072\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">warned<\/a>, \u201cPlease don\u2019t trust the community\u2019s trading signals that blindly chase higher prices,\u201d noting the price of major altcoins \u201chave fallen by 80% to 90%\u201d in recent times. The warning came just days after the exchange listed MAV, the token of permissionless decentralized finance protocol Maverick, and offered perpetual MAV contracts at 20x leverage.<\/p>\n<p>Launched in March, Maverick boasts an advanced automated market maker liquidity provider network, 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.<\/p>\n<p>Shortly after the listing, MAV skyrocketed to $1.98 a piece on Binance before slumping to $0.43 at the time of publication, which is still significantly higher than its initial listing price of $0.05. He wrote:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cAccording to the history of previous cycles, the first day of an IEO yields several times [return], and it is not in line with the current market situation to pull it up to 10x or 20x [return]. Please DYOR.\u201d<\/p>\n<\/blockquote>\n<p>Amid the retail frenzy, the Binance co-founder also warned, \u201cThe price of tokens is not controlled by Binance. The price is affected by both buyers and sellers. Please pay attention to investment risks.\u201d Despite a thaw in crypto markets, the market cap of coins and tokens excluding Bitcoin has remained stagnant over the past year at around $550 billion.<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/all-rise-for-robot-judge-ai-blockchain-transform-courtroom\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>All rise for the robot judge: AI and blockchain could transform the courtroom<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/hong-kong-crypto-frenzy-defi-token-surges-550-nba-china-nfts-asia-express\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Asia Express<\/span><\/p>\n<p>Hong Kong crypto frenzy, DeFi token surges 550%, NBA China NFTs \u2014 Asia Express<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<p>Though not nearly as popular as her counterpart, Changpeng Zhao, He is responsible for the overall marketing strategy and branding of Binance and is credited with the exchange\u2019s rise to prominence. She now also serves in the additional role of director of Binance Labs. She also happens to be Zhao\u2019s partner, both on a business and a romantic level, with the two sharing two children together.<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-21629\" width=\"392\" height=\"554\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-724x1024.jpg 724w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-212x300.jpg 212w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-770x1088.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb.jpg 827w\" data-lazy-sizes=\"(max-width: 392px) 100vw, 392px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-724x1024.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-724x1024.jpg\" alt=\"\" class=\"wp-image-21629\" width=\"392\" height=\"554\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-724x1024.jpg 724w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-212x300.jpg 212w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb-770x1088.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/DGtCWT5UMAEQFPb.jpg 827w\" sizes=\"(max-width: 392px) 100vw, 392px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Yi He appears in a Binance advertising campaign. (Binance)<\/em><\/figcaption><\/figure>\n<h2 id=\"h-chinese-defi-protocol-hacked-yet-again\">Chinese DeFi protocol hacked yet again<\/h2>\n<p>On July 2, Chinese DeFi protocol Poly Network <a href=\"https:\/\/twitter.com\/PolyNetwork2\/status\/1675592129727418370\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">announced<\/a> it had been hacked yet again, with the breach affecting as many as 57 different asset types across 10 blockchains.<\/p>\n<p>According to DeFi security analyst Arhat, hackers allegedly exploited a smart contract vulnerability allowing them to mint an unrestricted amount of tokens from Poly Network\u2019s multichain pools. An estimated $42 billion worth of tokens were minted, although only $5 million have been reportedly cashed out. Developers wrote:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWe kindly request the assistance of cybersecurity professionals and individuals with relevant knowledge. If you possess any information that could aid us in this endeavor, we encourage you to actively contact us.\u201d<\/p>\n<\/blockquote>\n<p>Shortly after the hack, the total value locked on Poly Network plunged from $277 million to $176 million. Previously in August 2021, <a href=\"https:\/\/cointelegraph.com\/magazine\/ethics-101-crypto-projects-negotiate-hackers\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">hackers stole at least $600 million<\/a> from Poly Network in what cybersecurity firm SlowMist called \u201ca long-planned, organized and prepared attack.\u201d<\/p>\n<p>Just two days later, however, the hacker returned almost all of the stolen funds and refused a $500,000 white hat bounty, saying, \u201cI will send all of their money back,\u201d and that the hack was just \u201cfor fun\u201d because \u201ccross-chain hacking is hot.\u201d<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-21625\" width=\"501\" height=\"512\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--1002x1024.png 1002w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--293x300.png 293w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--770x787.png 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A-.png 1264w\" data-lazy-sizes=\"(max-width: 501px) 100vw, 501px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--1002x1024.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--1002x1024.png\" alt=\"\" class=\"wp-image-21625\" width=\"501\" height=\"512\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--1002x1024.png 1002w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--293x300.png 293w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A--770x787.png 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/E8hZhMKXMAU7_A-.png 1264w\" sizes=\"(max-width: 501px) 100vw, 501px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Poly Network hacker explaining his alleged rationale in a Q&amp;A. (Elliptic via Twitter)<\/em><\/figcaption><\/figure>\n<h2 id=\"h-hong-kong-launches-web3-task-force\">Hong Kong launches Web3 Task Force<\/h2>\n<figure class=\"wp-block-image alignright size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"240\" height=\"320\" alt=\"Hong Kong's Financial Secretary Mr. Paul Chan\" class=\"wp-image-21624\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mr-Paul-Chan.jpg 240w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mr-Paul-Chan-225x300.jpg 225w\" data-lazy-sizes=\"(max-width: 240px) 100vw, 240px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mr-Paul-Chan.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"240\" height=\"320\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mr-Paul-Chan.jpg\" alt=\"Hong Kong's Financial Secretary Mr. Paul Chan\" class=\"wp-image-21624\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mr-Paul-Chan.jpg 240w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/07\/Mr-Paul-Chan-225x300.jpg 225w\" sizes=\"(max-width: 240px) 100vw, 240px\"\/><\/noscript><figcaption class=\"wp-element-caption\">Hong Kong\u2019s Financial Secretary Mr. Paul Chan.<\/figcaption><\/figure>\n<p>On June 30, Hong Kong <a href=\"https:\/\/www.info.gov.hk\/gia\/general\/202306\/30\/P2023063000578.htm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">announced<\/a> the establishment of a Web3 Task Force spearheaded by Paul Chan Mo-po, the SAR\u2019s financial secretary. The team is comprised of 15 industry veterans, along with regulators and government officials, all with a term of two years. According to officials, the Web3 Task Force will be dedicated to the sustainable, responsible development of emerging Web3 technologies in Hong Kong, along with the submission of proposals to the government.<\/p>\n<p class=\"has-text-align-left\">Chan commented: \u201cThe 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.\u201d He continued that \u201can international financial center\u201d and a \u201cmetropolis\u201d such as Hong Kong should embrace the development of Web3, albeit under \u201csuitable regulation.\u201d<\/p>\n<p>On July 3, <a href=\"https:\/\/cointelegraph.com\/magazine\/yat-siu-metaverse-here-now\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Animoca Brands CEO Yat Siu<\/a> was appointed to the task force. Previously, the crypto executive stated that crypto VC is only struggling \u201cfrom an American perspective\u201d and that the industry is actually \u201cvery vibrant\u201d in both the Middle East and Asia.<\/p>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/hk-crypto-etfs-binance-maverick-poly-network-hacked-asia-express\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong crypto ETFs\u2019 rise to popularity During a June 28 interview with Hong Kong\u2019s public broadcast agency, Radio Television Hong Kong, Hang Seng Investment Management chief executive and board member Peishan Li disclosed that digital asset ETFs listed in the special administrative region of China have surpassed $12 billion Hong Kong dollars ($1.532 billion) in assets under management. Li noted: \u201cAt present, there is no clear goal [from our firm] to create an ETF with the theme of virtual assets, but it has paid close attention to the development&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40],"tags":[89,148,2621,130],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/16980"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=16980"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/16980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/15246"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=16980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=16980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=16980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}