Hong Kong Web3 Daily Must-Read: HSBC to Offer Tokenized Deposit Services to the US and UAE, Malaysian Power Company Suffers Over $1 Billion in Theft Losses Over 5 Years
Fear and Greed Index: 15 (Extreme Fear)
Bitcoin Price: $92,381
BTC/ETH Spot ETF Fund Flow (11.19)
BTC Net Inflow: $53.84 M
ETH Net Outflow: $15.69 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (11.19)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, revealed in a recent interview that Hong Kong is continuously optimizing its tax exemption policies, planning to expand the current scope of tax exemptions from family offices and funds to emerging product categories such as private credit, carbon credits, and digital assets. A bill will be submitted to the Legislative Council next year.
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[Digital asset prime broker and fintech service provider LTP announced that its subsidiary LiquidityTech Limited (LTP HK) has officially received confirmation from the Hong Kong Securities and Futures Commission, upgrading its Type 1 regulated activity (securities trading) license. This upgrade signifies that LTP HK can provide clients with licensed services for complete virtual asset deposits (VA-in) and withdrawals (VA-out).
]( HK Obtains Confirmation from the Hong Kong Securities and Futures Commission for License Upgrade, Launching Virtual Asset VA Deposit and Withdrawal Services
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]( Selected Activities in Hong Kong for November
We have specially compiled noteworthy activities in the crypto field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[]( Selected Activities in Hong Kong for November
We have specially compiled noteworthy activities in the crypto field in Hong Kong for November, which will open a window to the future of Web3 for you.
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]( The Dilemma: How to Maintain Current Strategies in a Bear Market
If most of your company's assets are cryptocurrencies, the situation is dire. Worse still, if the market no longer sees you as a company but as a publicly listed cryptocurrency wallet, treating your employees as part of its value.
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[]( The Dilemma: How to Maintain Current Strategies in a Bear Market
If most of your company's assets are cryptocurrencies, the situation is dire. Worse still, if the market no longer sees you as a company but as a publicly listed cryptocurrency wallet, treating your employees as part of its value.
<p class=)[The $1 billion Ethereum DAT plan led by Li Lin, Shen Bo, Xiao Feng, Cai Wensheng, and others has been shelved, and the funds raised have been returned. This plan was the largest DAT led by Asian investors, and industry insiders speculate that the main reason for its suspension is the bear market following the 1011 incident, with many DAT companies experiencing significant stock price declines recently.
]( $1 billion<p class=)
[Regulation/Macro]( $1 billion<p class=)
[The Thames Valley Police in the UK reported that on the afternoon of November 4, two men and three women were attacked while traveling from Oxford to London. The robbers stole watches and the victims' phones, forcing one of them to transfer cryptocurrency from their account. Ultimately, a watch worth £450,000 and £1.1 million (approximately $1.44 million) in cryptocurrency were stolen.
]( $1.4 million in cryptocurrency<p class=)
[]( $1.4 million in cryptocurrency<p class=)[According to reports from Yonhap News Agency, the South Korean Customs Service has launched a special operation against illegal fund flows in transnational crime. Over the past five years, the scale of illegal "underground remittances" has reached 11.4 trillion won, with approximately 83% conducted through crypto assets. Recently, a gang using stablecoins (such as USDT) for illegal fund transfers was arrested, involving an amount of 920 billion won. Additionally, foreign currency smuggling activities have also increased, with a scale of about 240 billion won over the past five years. The Customs Service has formed a 126-person team to strengthen currency concealment checks and combat illegal fund flows and money laundering.
]( Over 11.4 trillion won in illegal money laundering over 5 years, 83% conducted through crypto assets<p class=)
[]( Over 11.4 trillion won in illegal money laundering over 5 years, 83% conducted through crypto assets<p class=)[
The Malaysian Ministry of Energy stated that the national power company TNB has suffered losses exceeding $1.1 billion due to electricity theft by cryptocurrency miners from 2020 to August 2025. The Ministry of Energy and Water Transformation pointed out in a written response to Parliament that there were a total of 13,827 locations where electricity meters were illegally modified or bypassed for mining. Although Malaysia does not have specific legislation targeting crypto mining, such actions violate the Electricity Supply Act. The Ministry stated that through joint actions with the police, communication regulatory agencies, anti-corruption agencies, and other law enforcement agencies, the national energy company has seized Bitcoin mining machines at the involved locations.
]( Over $1.1 billion in losses due to miners stealing electricity over 5 years<div class=)
[The New Hampshire Business Finance Authority (BFA) has approved a $100 million Bitcoin-backed conduit bond, allowing companies to borrow against over-collateralized Bitcoin held by private custodians. Although the BFA is a state government agency, the bond is not guaranteed by the state government or taxpayers. The BFA acts only as an intermediary, responsible for approving and supervising transactions without bearing repayment risks, while investors' rights are secured by Bitcoin held in custody by BitGo.
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[Project/Company Updates](<p class=)
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Fidelity's International Discovery Fund (code FIGRX) recently disclosed that it purchased 3 million shares of Bitcoin treasury company Metaplanet in the third quarter, valued at $7.42 million.
]( FIGRX Purchased $7.42 Million Worth of Metaplanet Shares in Q3<div class=)
[]( The foundation plans to transfer MOVE from the Ethereum mainnet strategic reserve to the Movement Network strategic reserve
The Movement Network Foundation stated that it has completed its buyback commitment for 4 months and intends to transfer some MOVE from the Ethereum mainnet strategic reserve to the Movement Network strategic reserve for ecological projects and incentives.
Balancer released a post-exploitation analysis on November 3, stating that Balancer V2 was attacked on November 3 at 15:46, resulting in losses of approximately $121.18 million. Due to coordinated responses from various parties, multiple security measures were deployed after the issue was discovered, allowing approximately $45.7 million of user funds to be protected or recovered. Balancer stated it would explain the return of recovered funds as transparently as possible. Since the recovered assets are currently controlled by a DAO multi-signature, a proposal needs to be submitted to the veBAL governance to decide on the next steps. As for the funds in the pools that have not yet been recovered, each pool's recovery work will be handled independently.
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HSBC Holdings Plc will begin offering tokenized deposit services to corporate clients in the United States and the United Arab Emirates in the first half of next year. HSBC's tokenization services have already been launched in Hong Kong, Singapore, the UK, and Luxembourg, currently supporting transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars. When the service expands to the Middle East next year, the UAE dirham will be added.
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[In-Depth & Outlook](
HSBC Holdings Plc will begin offering tokenized deposit services to corporate clients in the United States and the United Arab Emirates in the first half of next year. HSBC's tokenization services have already been launched in Hong Kong, Singapore, the UK, and Luxembourg, currently supporting transactions in euros, pounds, dollars, Hong Kong dollars, and Singapore dollars. When the service expands to the Middle East next year, the UAE dirham will be added.
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[Prior to this, Ethereum achieved scalable expansion through Rollup technology, significantly reducing transaction costs and providing ample block space, marking the gradual realization of its vision as a global computing platform. However, the development of things often has two sides, and this technological evolution has also brought unexpected side effects, the most prominent of which is the fragmentation of user experience.
]( L2 "Single Chain" Experience<p class=)
[]( L2 "Single Chain" Experience
Last night, Filecoin announced the official launch of its on-chain cloud platform Filecoin Onchain Cloud (FOC). Although its functions do not overlap with Cloudflare, the timing of this release makes it a precise response from the Web3 world to the centralized "malady."
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[What they have always hoped for is not a powerless "deep bear," but to completely eliminate the "noise bull" that hinders true innovation.
]( Do Builders Actually Hope for the Arrival of a Deep Bear?<p class=)
