In the context of Hong Kong actively embracing Web3 and the increasingly vibrant stablecoin market, some criminals have taken the opportunity to use the name of state-owned enterprises for false propaganda, attempting to confuse the public and deceive investors. Recently, China Poly Group issued an urgent statement regarding the recent online dissemination of information about "Hong Kong Poly Stablecoin," "Poly Stablecoin Fund," and related entities, clearly stating that Poly Group and its subsidiaries have not organized or participated in any business or activities related to Hong Kong stablecoins or stablecoin funds. This clarification is not only to protect the reputation of Poly Group but also serves as a warning to all sectors of society to be vigilant against crypto scams that impersonate state-owned enterprises.
- Poly Group's Urgent Clarification: Distancing from "Hong Kong Poly Stablecoin"
On October 24, 2025, China Poly Group issued a statement clarifying the recent online dissemination of information regarding "Hong Kong Poly Stablecoin," "Poly Stablecoin Fund," and related entities.
Clear Distinction: Poly Group and its subsidiaries explicitly stated that they have not organized or participated in any business or activities related to Hong Kong stablecoins or stablecoin funds.
No Equity or Affiliation: The statement pointed out that the companies registered in Hong Kong, namely "Poly Digital Industry Group Co., Ltd.," "Poly Digital Asset Co., Ltd.," and "Poly Digital Asset Issuance Co., Ltd.," have no equity or affiliation with Poly Group and its subsidiaries, nor do they have any investment, cooperation, or business relationships; all their actions are unrelated to Poly Group.
Public Warning: Poly Group reminds all sectors of society to be vigilant, to discern carefully, and to conduct investment cooperation cautiously. If any illegal activities are discovered, please report them to the public security authorities as soon as possible.
This statement aims to maintain social and economic order and protect the legitimate rights and interests of the public, preventing criminals from using Poly Group's brand influence to commit fraud.
- The "New Tactic" of Crypto Scams: Impersonating State-Owned Enterprises
Poly Group's urgent clarification reveals a "new tactic" in current crypto scams: impersonating state-owned enterprises for false propaganda.
Exploiting State-Owned Enterprise Endorsement: Criminals exploit the credibility and influence of state-owned enterprises, fabricating cooperative relationships with them, packaging so-called "stablecoins," "stablecoin funds," and other projects to attract investors with a "national team" background.
High Return Temptation: These scams often promise high returns, using investors' trust in state-owned enterprises and their desire for wealth to lure them into investing.
Information Asymmetry: There is a severe information asymmetry in the virtual asset field, making it difficult for ordinary investors to discern the truth of the information, easily falling prey to false propaganda.
- The Severe Situation of Cryptocurrency Crimes: North Korean Hackers and Money Laundering Networks
Against the backdrop of increasingly rampant crypto scams, the situation of cryptocurrency crimes is also becoming more severe.
Threat of North Korean Hackers: A recent report from the Multilateral Sanctions Monitoring Team (MSMT), composed of 11 countries including the U.S., Japan, and South Korea, stated that from January 2024 to September 2025, North Korean hacker organizations stole at least $2.837 billion in cryptocurrency through attacks on global exchanges, with the scale of theft reaching $1.645 billion in the first nine months of 2025.
Money Laundering Networks: The report pointed out that North Korea launders money through intermediaries based in Russia, Hong Kong, and Cambodia, and uses platforms like "Huione Group" and "Huione Pay" to convert crypto assets into cash. North Korea also collaborates with Russian ransomware groups and uses AI tools like ChatGPT to enhance the concealment of attacks.
Illegal Labor: Additionally, there are about 1,000 to 2,000 IT personnel from North Korea working remotely under false identities in Russia, Laos, Cambodia, and several African countries, sending their salaries back to North Korea to fund nuclear and missile projects.
These criminal activities not only cause significant losses to investors but also pose threats to global financial stability and national security.
- Hong Kong's Regulation and Challenges: Combating Crypto Crimes and Maintaining Market Order
As an international financial center, Hong Kong is actively embracing Web3 but also faces challenges in combating crypto crimes.
Stablecoin Regulation: Hong Kong's "Stablecoin Ordinance" officially came into effect on August 1, 2025, aiming to provide a clear legal framework for the issuance and trading of stablecoins.
Combating Virtual Asset Crimes: Hong Kong's Secretary for Security, Tang Ping-keung, previously stated that a virtual asset intelligence task force has been established to work with virtual asset platforms to set up a "stop payment mechanism" for fraud cases, aiming to combat virtual asset-related scams.
Conclusion:
Poly Group's urgent clarification once again reminds all sectors of society to be vigilant in the virtual asset market and to be wary of crypto scams impersonating state-owned enterprises. The situation of cryptocurrency crimes is severe, and the methods of criminals are becoming increasingly diverse. Investors should verify information through official channels, choose compliant platforms for investment, and remain cautious of any projects promising high returns. At the same time, regulatory agencies and law enforcement departments need to strengthen cooperation to jointly combat crypto crimes, maintain market order, and protect the legitimate rights and interests of investors.
Related Reading: China's Ban Ineffective? Luxor Report: China is the Third Largest Contributor to Global Bitcoin Mining
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