Million

Security

JPEX

<div class="insidebitcoins">
 Hong Kong police warned that 11 Binance users fell prey to a series of phishing scams that resulted in total losses of more than HK$3.5 million ($450,000).&nbsp;
 “Fraudsters posing as Binance sent text messages claiming that users must click the link in the message to verify their identity details before a deadline, otherwise their account would be deactivated,” it said.
 The police quickly issued a warning on Facebook through its CyberDefender program.
 <img decoding="async" class="alignnone wp-image-446614" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20664%20651'%3E%3C/svg%3E" alt="Hong Kong Police Scam warning" width="664" height="651" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/10/10/e627566a227843f101714e5154203c4e.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/e627566a227843f101714e5154203c4e.webp 542w" data-lazy-sizes="(max-width: 664px) 100vw, 664px" data-lazy-src="https://cdn.thebittimes.com/images/2023/10/10/e627566a227843f101714e5154203c4e.webp">
 <noscript><img decoding="async" class="alignnone wp-image-446614" src="https://cdn.thebittimes.com/images/2023/10/10/e627566a227843f101714e5154203c4e.webp" alt="Hong Kong Police Scam warning" width="664" height="651" srcset="https://cdn.thebittimes.com/images/2023/10/10/e627566a227843f101714e5154203c4e.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/e627566a227843f101714e5154203c4e.webp 542w" sizes="(max-width: 664px) 100vw, 664px">
 </noscript>
 After clicking on the fake link and going through the verification process, the hackers managed to get into the Binance accounts of the victims.&nbsp;
 To prevent additional harm, the police are encouraging anyone who believes they may have received a suspicious message to report it using the “fraud prevention” section on the official police website.
 In an effort to assist residents in identifying legitimate exchanges and safeguarding their investments, the police shared the Hong Kong Securities and Futures Commission’s (SFC) newly published list of authorized virtual asset platforms. Currently, only HashKey and OSL possess full retail operating licenses from the SFC, providing a safer haven for cryptocurrency traders.
 <h2 id="span-style-font-weight-400-hong-kong-cyberdefender-program-s-ongoing-efforts-span">Hong Kong CyberDefender Program’s Ongoing Efforts</h2>
 Founded in May, the CyberDefender program, launched by the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force, seeks to enhance the understanding of online security threats among residents of the city. The initiative is particularly significant as Hong Kong’s cryptocurrency community has recently experienced a wave of scams and deceptive practices.
 The recent scandal involving the JPEX cryptocurrency exchange has had a negative impact on the cryptocurrency scene in Hong Kong. This incident resulted in approximately $180 million in losses and led to over 2,300 investors from Hong Kong filing complaints with the local police. JPEX, which operated without a license, attracted investors through appealing advertisements and promised high returns on lending products that were not sustainable.
 <h2 id="span-style-font-weight-400-sfc-s-crypto-platform-transparency-drive-span">SFC’s Crypto Platform Transparency Drive</h2>
 In light of the JPEX controversy, the SFC (Securities and Futures Commission) has committed to publish a list of crypto platforms that are fully licensed, as well as those that raise suspicions. This action aims to address potential fraudulent activities within the cryptocurrency industry.
 <figure id="attachment_446621" aria-describedby="caption-attachment-446621" style="width: 100%" class="wp-caption alignnone"><img decoding="async" class=" wp-image-446621" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201152%20265'%3E%3C/svg%3E" alt="List of licensed virtual asset trading platforms" width="1152" height="265" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp 768w" data-lazy-sizes="(max-width: 1152px) 100vw, 1152px" data-lazy-src="https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp">
 <noscript><img decoding="async" class=" wp-image-446621" src="https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp" alt="List of licensed virtual asset trading platforms" width="1152" height="265" srcset="https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp 300w, https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp 1024w, https://cdn.thebittimes.com/images/2023/10/10/f9ae5b6359c4dcaca66dbaa567167b39.webp 768w" sizes="(max-width: 1152px) 100vw, 1152px">
 </noscript>
 <figcaption id="caption-attachment-446621" class="wp-caption-text">
 List of licensed virtual asset trading platforms (Source: Securities and Futures Commission )
 </figcaption>
 </figure>
 Some analysts are concerned that the fallout from the JPEX scandal may pose significant challenges for virtual asset companies and hinder government efforts to expand the sector. 
 &nbsp;“The JPEX case has created a negative impression for people in Hong Kong on digital assets and the broader Web3 industry, especially at a time when people still don’t completely understand what Web3 is,” Cyrus Ip, a crypto venture investor and chief business officer at artificial intelligence start-up DreamWld Technology told the South China Morning Post,
 <h3 id="b-related-articles-b">Related Articles</h3>
 <ul>
 <li style="font-weight: 400">Two More Detained In JPEX Scandal as Hong Kong Sets Up Group To Crack Down on Rogue Crypto Platforms</li>
 <li style="font-weight: 400">Hong Kong Continues its Push toward Becoming a Major Crypto Centre</li>
 <li style="font-weight: 400">Hong Kong Blocks Access to JPEX Sites Amid $152 Million Fraud Allegations As Exchange Calls Action ”Suppression”</li>
 </ul>
 Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-users-in-hong-kong-hit-by-450k-phishing-scam-as-local-police-issue-urgent-warning-tbt65788.html">https://thebittimes.com/binance-users-in-hong-kong-hit-by-450k-phishing-scam-as-local-police-issue-urgent-warning-tbt65788.html</a>
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Binance Users in Hong Kong Hit By $450K Phishing Scam As Local Police Issue Urgent Warning

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