1. Hong Kong’s Weekly Summary

1.1 Hong Kong Monetary Authority: Will Not Solicit Public Funds for Related Programs link

The Hong Kong Monetary Authority (HKMA) announced on March 20th that they have received public inquiries regarding companies falsely claiming to be selected for the Hong Kong Dollar Digital Pilot Scheme, promoting related products to attract public investment. The HKMA reminds that all companies selected for the Digital Pilot Scheme will be announced by the HKMA and will not raise funds from the public or offer any investment products in the name of the scheme. The HKMA has reported the incident to the Hong Kong Police Force.

1.2 SFC: Caution Against Suspicious Websites Operating Under the Name “KKR Global” link

The Securities and Futures Commission (SFC) of Hong Kong issued a warning on March 19th, cautioning the public to beware of suspicious websites operating under the name “KKR Global.” These websites are impersonating a licensed entity and are suspected of engaging in fraudulent activities related to virtual assets. The fraudulent websites impersonate KKR Capital Markets Asia Limited, a licensed entity regulated by the SFC, and are alleged to be involved in fraudulent activities related to virtual assets, claiming to be headquartered in Hong Kong. Victims reported being solicited to invest in cryptocurrency products on these websites through instant messaging applications. Subsequently, they encountered difficulties withdrawing funds from the relevant websites and were asked to pay exorbitant “fees” to “verify their wallets.”

2. South Korean Exchanges Witness Significant USDT Premium, Upbit’s Premium Rate Exceeds 10% link

On March 19th, the Korean community (변창호 코인사관학교) shared that the premium of USDT on Korean exchanges continues to rise. Currently, the exchange rate for the US dollar to the Korean won is 1,339 KRW, while on Bithumb, USDT is priced at 1,469 KRW, resulting in a premium rate of 9.7%. On Upbit, USDT is priced at 1,489 KRW, with a premium rate of 11.2%. It is noteworthy that at the time of drafting, OKX and Binance USDT over-the-counter prices also have a premium of approximately 2%.

3. Vitalik Discusses Centralization Risks in Staking at ETH Taipei link

Vitalik continued his discussion on the centralization risks of staking at ETH Taipei, expressing concerns about the excessive dominance of entities like LIDO, Coinbase, and Binance in ETH STAKER. He also introduced the latest community concept of “Rainbow Staking,” aiming to establish a segregation between heavyweight (reducible) and lightweight (non-reducible or partially reducible) services. This separation allows different types of service providers to operate with maximum efficiency within each service category, rather than consolidating all services within an expected range.

4. IMF Urges Pakistan to Expand Capital Gains Tax to Include Cryptocurrency link

Local media reports that negotiations between Pakistan and the International Monetary Fund (IMF) regarding a $3 billion standby arrangement concluded on March 18th. The IMF has requested the Federal Board of Revenue (FBR) of Pakistan to levy capital gains tax on cryptocurrency investments and has asked the FBR to rigorously review tax standards for real estate and listed securities to ensure all relevant incomes are taxed. If negotiations proceed smoothly, the IMF will disburse the remaining approximately $1.1 billion of the aid package.

5. OKX to Cease Operations in India Due to Regulatory Reasons link

On March 21st, OKX notified its Indian users to close their accounts and redeem their funds by April 30th. The cryptocurrency exchange cited local regulatory barriers as the primary reason for this action. Earlier, the Financial Intelligence Unit (FIU) under the Indian Ministry of Finance had issued violation notices to nine foreign cryptocurrency exchanges.

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6. Hong Kong-listed Company Yuxing Technology Acquires $14.4 Million in Stablecoins link

The Hong Kong-listed company, Yuxing Technology, engaged in cryptocurrency transactions from March 18th to 20th, 2024, acquiring approximately $14.4 million worth of stablecoins (around 9.6 million USDC and about 4.8 million USDT). They subsequently sold an equivalent amount of Bitcoin (selling 113 BTC at an average price of $66,000) and Ethereum (selling 2012 ETH at an average price of $3436). The board of directors deemed it an appropriate time to convert the company’s holdings of Bitcoin and Ethereum into stablecoins to realize investment returns.

7. ManKunLawFirm: Victims Fall into Pig Killing Scams and Fake Lawyer Traps link

Lawyer Liu Honglin from Man Kun Law Firm revealed that a victim was misled by a fraudster on Twitter to invest in virtual currency (which turned out to be a Ponzi scheme), resulting in an inability to withdraw funds after investment, leading to a loss of approximately 700,000 yuan. Subsequently, an individual claiming to be a lawyer from Da Cheng Law Firm added the victim and provided a lawyer’s certificate as proof. Under the guidance of this fake lawyer, the victim fell into the trap step by step and was defrauded again, resulting in a loss of 500,000 yuan. Similar cases of fraudulent lawyers have occurred multiple times in the cryptocurrency community, and victims need to exercise extra caution.

8. Terraform Co-founder Do Kwon Released from Montenegrin Prison link

Terraform co-founder Do Kwon is set to be released from prison in Montenegro, but due to facing criminal charges in multiple countries, he can only remain in the Balkan region. The High Court of Montenegro ordered the confiscation of his passport on Friday to prevent him from leaving. Do Kwon left the prison on Saturday. Following his release from prison in Montenegro, Do Kwon is awaiting an extradition decision from the Supreme Court. It is only possible for him to be extradited to any country after further court review, and no timetable for the final decision was provided when the court announced this move on Friday.

9. 3AC Founder Kyle Davies Strives to Return to Singapore to Avoid Imprisonment Risks link

Three Arrows Capital founder Kyle Davies stated in his latest podcast that his professional reputation remains intact and he does not feel saddened by the bankruptcy of 3AC, as “companies always go bankrupt.” He expressed his determination to avoid returning to Singapore to mitigate the risk of imprisonment similar to Zhu Su, and mentioned his intention to shuttle between Europe and Asia.

10. Azuki Founder Zagabond Reveals Chinese Nationality, Born in Harbin link

Zagabond, the founder of Azuki, attended the recent Azuki event in Shanghai where he expressed his identity as a Chinese born in Harbin. This marked his first return to China in over five years since the outbreak of the pandemic. He expressed his hope to better connect the Eastern and Western communities. Last year, Azuki raised 20,000 ETH through Elementals. However, the community raised concerns due to the lack of differentiation in images and the opaque nature of the 20,000 ETH usage.

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