In this edition of Asia Express, we cover some of the latest developments in the Asian cryptocurrency market. Here are the highlights:
- Hong Kong crypto ETFs listed in the special administrative region of China have surpassed $12 billion Hong Kong dollars ($1.532 billion) in assets under management.
- Binance co-founder, Yi He, warns of an altcoin rout and advises against blindly chasing higher prices.
- Chinese DeFi protocol, Poly Network, gets hacked for the second time, with an estimated $42 billion worth of tokens minted.
- Hong Kong announces the establishment of a Web3 Task Force to promote the responsible development of emerging Web3 technologies in the region.
Hong Kong Crypto ETFs’ Rise to Popularity
Hong Kong’s crypto ETFs listed in the special administrative region of China have seen significant growth in assets under management. According to Hang Seng Investment Management’s CEO, Peishan Li, the total AUM of these ETFs has surpassed $12 billion Hong Kong dollars, 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.
Binance Co-founder Warns of Altcoin Rout
Binance co-founder, Yi He, cautions against blindly following community trading signals that chase higher prices. She highlights that major altcoins have fallen by 80% to 90% recently. This warning comes after Binance listed the token of decentralized finance protocol Maverick (MAV) and offered perpetual MAV contracts at 20x leverage.
Chinese DeFi Protocol Hacked Yet Again
Poly Network, a Chinese DeFi protocol, announces another hack, with hackers exploiting a smart contract vulnerability to mint an unrestricted amount of tokens. The estimated value of the tokens minted is $42 billion, with only $5 million reportedly cashed out. The protocol previously suffered a major hack in August 2021, where hackers stole over $600 million.
Hong Kong Launches Web3 Task Force
Hong Kong establishes a Web3 Task Force led by Paul Chan Mo-po, the SAR’s financial secretary. The task force, composed of industry veterans, regulators, and government officials, aims to promote the sustainable development of Web3 technologies in Hong Kong. Animoca Brands CEO, Yat Siu, has been appointed to the task force.
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