🏦 CMB Wing Lung Bank Launches Virtual Asset ETF Trading in Hong Kong

🌟 CMB Wing Lung Bank has launched virtual asset exchange-traded fund (ETF) trading services in Hong Kong, becoming one of the first mainland-funded banks to do so. This new service enables customers to trade virtual asset ETFs, including those linked to major cryptocurrencies like Bitcoin and Ethereum, as well as ETFs focused on blockchain technology.

📈 The bank's offerings include access to both spot and futures ETFs on the Hong Kong Stock Exchange. A dedicated ETF section has been added to its mobile app, providing users with tools for real-time market tracking, educational materials, and seamless trading for both Hong Kong and U.S. stocks. Additionally, a Popular ETF Rankings feature has been introduced to help investors monitor market trends and identify potential opportunities.

🌍 Lam Suk-fan, Assistant General Manager of CMB Wing Lung Bank, emphasized that this new offering aligns with Hong Kong’s vision of becoming a global hub for virtual assets. He stated,

The Hong Kong Special Administrative Region Government is actively promoting the development of an international virtual asset centre.

Lam also mentioned that the bank will leverage its professional advantages in securities trading and wealth management, adhere to a customer-centric approach, and fully comply with regulatory policies to provide efficient and convenient virtual asset investment services to Hong Kong residents.

🚀 The press release indicated that CMB Wing Lung Bank plans to continue promoting financial innovation and enhancing its financial products and service system. The bank aims to develop into a commercial bank in Hong Kong that offers customers comprehensive cross-border and local financial services.

🛡 Transak Faces Ransomware Attack by Stormous

🔍 Transak, a fiat-to-crypto payment gateway, recently fell victim to a ransomware attack by the group Stormous on October 20, compromising the data of thousands of users. The company revealed that an attacker gained unauthorized access to an employee's laptop through a sophisticated phishing attack. This breach allowed the attacker to log into the system of a third-party KYC vendor used for document scanning and verification, resulting in access to specific user information stored in the vendor's dashboard.

📊 During the incident, the attacker obtained names, dates of birth, ID documents, and user selfies of over 92,000 customers. However, no financially sensitive information was compromised, including credit cards, Social Security Numbers, email addresses, phone numbers, and passwords. Transak assured that their financial systems' security measures remain robust and that they continue to protect all critical data to ensure the highest level of privacy and security for their users.

🔍 In response to the incident, Transak has engaged a cybersecurity firm and top forensic experts to investigate the hacking incident. The company has promised to contact affected users with resources to help them further protect themselves. Despite the breach, Transak stated that there is "no indication" that any of the stolen data has been misused.

We deeply empathize with how frustrating and disappointing this must be for the affected users

Our top company priority is taking action to protect users and fix any vulnerabilities to ensure nothing like this ever happens again.

🌟 The Stormous ransomware group has claimed responsibility for the attack and has even published some of the stolen Transak user data on its website. While an unnamed ransomware group reportedly claimed to have obtained financial data in the hack, Transak appears unwilling to negotiate with the alleged attacker.

⚠️ This breach could have significant repercussions as major players in the crypto industry, including Coinbase, BinanceUS, Trust Wallet, and others, rely on Transak's services. According to reports, the employee involved in the incident has since "exited" Transak.

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💰 US Government-Linked Crypto Wallet Hacked for $20 Million

🚨 A crypto wallet associated with the US government, which contained Bitfinex seized funds, was reportedly hacked on Thursday, resulting in a loss of $20 million. According to blockchain intelligence firm Arkham, hackers drained Tether (USDT), USD Coin (USDC), aUSDC, and Ethereum (ETH) from the wallet. The stolen stablecoins were converted into ETH and transferred to multiple addresses labeled "Binance Deposit." Arkham suggests that the hacker has already started laundering the stolen funds through suspicious addresses linked to money laundering services.

⏳ Minutes before the hack, the US government withdrew $5.4 million from Aave, marking its first activity on that address in eight months. Additionally, another $1.12 million in Tether (USDT) was also pulled out. This timing raises questions about the security of government-linked crypto assets.

🔍 Blockchain investigator ZachXBT described the hack as "nefarious" and indicated that the flow of funds suggests theft was involved. This incident highlights the vulnerabilities even government-associated wallets face in the cryptocurrency space.

↪️ The hacked wallet was previously linked to a 2016 incident where a duo stole 120,000 Bitcoin (BTC), valued at approximately $8.2 billion today. The US Department of Justice seized these assets, marking it as one of the largest crypto seizures at that time. Investigators noted that the hacker's wallet used 1inch, an exchange aggregator, to swap stablecoins for Ethereum.

🔗 After the conversion, the Ethereum was shuffled in $40,000 chunks to a Binance deposit address. However, ZachXBT clarified that this was not a direct transfer to Binance but rather to "a nested exchange which uses Binance for liquidity." This incident underscores the complexities of tracing crypto transactions and the ongoing challenges in combating cryptocurrency-related crimes.

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📈 Hong Kong to Launch Benchmark Indices for Bitcoin and Ethereum

🌐 Hong Kong's bourse operator, HKEX, is set to enhance its role as Asia's digital asset hub by launching benchmark indices for Bitcoin and Ethereum on November 15. This initiative aims to address the global price discrepancies of virtual assets and provide investors with real-time benchmark prices to aid their decision-making.

💱 The HKEX Virtual Asset Index Series will include volume-weighted indices for Bitcoin and Ethereum, denominated in US dollars and updated in real-time. It will also feature daily exchange rates calculated at 4:00 pm Hong Kong time for settling financial products. This series will adhere to the European Union’s Benchmark Regulation (BMR) standards and will be managed in collaboration with a UK-registered benchmark administration entity, with contributions from CCData, a specialist in virtual asset data and index services.

📊 This launch aligns with Hong Kong's 2022 policy to build a robust virtual asset ecosystem and is expected to increase public awareness of virtual asset investment patterns through accurate, real-time data. Key components of this transformation include establishing licensing requirements for virtual asset service providers and formulating crypto regulations.

🛡 The Securities and Futures Commission (SFC) has played a crucial role in expanding retailv investor access to virtual assets by introducing mechanisms like Exchange Traded Funds (ETFs) for cryptocurrencies. Additionally, the SFC is expediting the licensing process for Virtual Asset Trading Platform (VATP) applicants with provisional approval. This accelerated process will involve on-site assessments and discussions with the senior leadership of these entities, with the regulator expecting to issue the first round of official licenses to VATP applicants before the year ends.

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💰 MicroStrategy Poised for Profitability by 2025

📈 MicroStrategy may soon transition to profitability due to its significant Bitcoin holdings and expected changes in crypto asset accounting rules. A recent Bloomberg report indicates that new standards permitting firms to value digital assets at market prices could enable MicroStrategy to shift from negative to positive earnings by 2025.

➡️ The company's extensive Bitcoin reserves, acquired under Chairman Michael Saylor's strategy to mitigate inflation, could play a crucial role if revalued at current market rates. Analysts suggest that adjusting Bitcoin's valuation on MicroStrategy's balance sheet could add billions to its reported income.

📊 Lance Vitanza, managing director of equity research at TD Cowen, remarked on the potential stabilization of MicroStrategy's stock performance following its recent surge. He stated,

I think that the stock is going to stop skyrocketing

and projected that the stock price will settle between $200 and $215.

🔄 Analyst estimates suggest that MicroStrategy could achieve a net income of $2 billion next year, a significant turnaround from the anticipated $200 million loss for this year. Mark Palmer, managing director at Benchmark Co., expressed optimism about the company's financial outlook, stating,

The company will be in a position pretty much overnight to flip from negative earnings to positive earnings

📈 The recent rise in Bitcoin's value to $71,995, marking a 7.9% weekly gain and a new all-time high against the euro, underscores the favorable market conditions for MicroStrategy's Bitcoin-heavy portfolio. This potential shift towards profitability could make MicroStrategy eligible for inclusion in more investment indexes, thereby expanding its investment reach and appeal.

💼 With over $18 billion in Bitcoin, MicroStrategy stands as one of the largest corporate investors in the cryptocurrency space.

➡️ Memecoins, Market Manipulation, and Michael Saylor's Controversial Comments

🎉 Last week in the crypto world was filled with excitement, from the influence of memecoins to allegations of market manipulation involving Polymarket, and Michael Saylor's controversial remarks about custodial bitcoin.

💫 Memecoins continue to demonstrate their power in the market. Many serious traders and builders have been discussing them enthusiastically, showing that even the most serious individuals can be drawn in by their appeal. Two notable memecoins currently in the spotlight are FARTCOIN and KWIF, which are both humorous and intriguing.

📉 This week, Polymarket faced criticism due to its prediction market showing Trump leading in comparison to polls. Skeptics, particularly from mainstream media, accused it of market manipulation, claiming that wealthy individuals with agendas were skewing the odds. However, it's important to remember that anyone can take the opposite side of those bets.

If you think people are using millions of dollars trying to influence an outcome instead of making predictions, you should take the other side!

🔍 A more legitimate criticism of Polymarket is that it publishes its trading volume while obscuring open interest (OI). This could create a false perception of robust market depth. Despite this, Polymarket still has the most liquid betting market for the U.S. presidential election.

📊 Two papers were released this week from central bank-affiliated individuals criticizing Bitcoin. The first claimed Bitcoin exacerbates wealth inequality, while the second argued that prohibiting Bitcoin could help governments manage permanent primary deficits.

🤪 Michael Saylor stirred controversy with his comments suggesting that custodial bitcoin is safer from government seizure. He dismissed those who disagreed as "paranoid crypto anarchists." This sparked widespread backlash, including a response from Vitalik who called Saylor's remarks

batshit insane.

💰 On a positive note, payments company Stripe acquired stablecoin platform Bridge for $1.1 billion. This marks the largest acquisition in the crypto industry to date and legitimizes crypto to Silicon Valley funds and companies that are still uncertain about it.

🌐 Bahrain's Strategic Move in Digital Finance

🌟 Bahrain-backed Singapore Gulf Bank has introduced digital asset custody and trading services, positioning Bahrain as a key player in the digital finance sector and facilitating connections between Asian and Middle Eastern markets.

📈 The bank's new offerings include digital banking services for corporate clients, allowing them to manage both traditional and digital assets on a unified platform. This initiative was announced during an investment forum focused on the Gulf Cooperation Council (GCC)'s investment opportunities.

🗣 Edmund Lee, the bank's Founding Chairman, emphasized the importance of this development:

We are laying the foundation for an era where traditional and digital finance converge.

🌍 Noor bint Ali Al-Khulaifi, Bahrain’s Minister of Sustainable Development, underscored the country's role in enhancing connectivity between Asian and MENA markets. She stated,

As the digital economy continues to grow, our kingdom will serve as a gateway connecting Asian enterprises with opportunities across traditional and digital financial markets.

🔗 Khalid Humaidan, Governor of the Central Bank of Bahrain, noted that the launch of these services by Singapore Gulf Bank reflects Bahrain's commitment to promoting innovation while maintaining regulatory standards.

💼 Supported by the Bahrain sovereign wealth fund Mumtalakat and Whampoa Group, Singapore Gulf Bank is poised to become a crucial link between conventional financial services and the digital asset economy.