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Cryptocurrency News Articles
Hong Kong Crypto ETFs Flounder as AUMs Lag Far Behind
May 03, 2024 at 07:03 am
Weekly Asia crypto news roundup: Disappointing HK ETFs, airdrop fraud, and Binance HK closure. Hong Kong's spot Bitcoin and Ether ETFs have underperformed, attracting only $200 million in assets under management. An individual was arrested in China for impersonating a Starknet developer and fraudulently claiming airdrop tokens. Binance-affiliated crypto exchange HKVAEX has ceased operations in Hong Kong. Binance's former CEO, Changpeng Zhao, has been sentenced to four months in prison for money laundering.
Hong Kong Spot Bitcoin and Ether ETFs Underwhelm with Meager Assets Under Management
Despite the astronomical expectations stoked by the billions of dollars raked in by U.S. spot Bitcoin ETFs, their Hong Kong counterparts have fallen disastrously short, accumulating a mere $200 million in assets under management (AUM) since their launch on April 30.
The dismal performance has left industry analysts and market participants alike expressing disappointment. As Bitcoin and Ether have shed 10% of their value in the past month, data from Arkham Intelligence reveals that the vast majority of the AUM for two ETFs, the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, originated from pre-listing subscriptions, with trading volume remaining anemic post-debut.
Factors contributing to the lackluster reception include capital restrictions that limit accessibility to the city's 7.5 million residents and some overseas traders, excluding the 1.4 billion mainland Chinese residents. Additionally, Hong Kong residents already had access to U.S. spot Bitcoin ETFs prior to the local ETFs' approval.
Despite the tepid performance, some remain optimistic about the ETFs' prospects. A recent survey by Hong Kong crypto exchange OSL indicates that 77% of crypto investors in the city intend to invest in the local spot Bitcoin and Ether ETFs.
Chinese Police Apprehend Airdrop Farmer for Fraudulently Claiming STRK Tokens
In a crackdown on crypto-related fraud, Chinese police have arrested an individual known as "Lan" for impersonating a Starknet developer and fraudulently claiming 40,000 STRK tokens from the Ethereum layer-two solution's official airdrop.
The theft, worth approximately $120,000 at the time, was reported to authorities, who traced the stolen coins to Lan's OKX wallet. Investigation revealed that Lan had falsely claimed the funds by submitting multiple forms using the identities of other contributors.
Starknet developers had allocated 700 million STRK tokens to reward participants in its airdrop program. Despite warnings against airdrop farming, accounts from fraudulent actors were allegedly included in the official distribution, leading to the project's fully diluted market capitalization exceeding $13 billion.
Binance Shuts Down Hong Kong-Affiliated Entity HKVAEX
HKVAEX, a crypto exchange allegedly tied to Binance, has ceased operations as of May 1. The exchange has withdrawn its application for a license in Hong Kong, citing unspecified reasons.
HKVAEX will impose custodian fees on users who fail to withdraw their assets after the closure, sparking speculation that the move may be related to compliance issues.
Binance Co-Founder Changpeng Zhao Sentenced to Prison for Money Laundering
In a stunning development, Binance co-founder and former CEO Changpeng Zhao has been sentenced to four months in prison after pleading guilty to a charge of money laundering.
Zhao expressed remorse and vowed to focus on compliance in the next chapter of his life. Binance's rapid growth has been marred by allegations of inadequate compliance measures, leading to a $4.3 billion settlement with the U.S. Department of Justice and Zhao's resignation as CEO.
Current Binance CEO Richard Teng asserted that the exchange's compliance gaps are a relic of the past and that it is now fully compliant.
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