The Hong Kong Police Cybersecurity and Technology Crime Bureau (CSTCB) has unveiled a new meta-universe platform called CyberDefender
The Cyber Police and the Police Technology Crime Bureau (CSTCB) launched a platform called CyberDefender of the Metaworld and held its first online event, “Exploring the Metaworld.”
They decided to educate the public about the threats and opportunities associated with Web3 and the meta universe, to raise their awareness of crimes associated with new technologies, and to provide new experiences.
Themed session, CSTCB Chief Inspector Yip Chuk-yu highlighted the potential problems and opportunities associated with Web3 and the meta universe, and measures to prevent crimes associated with new technologies.
In the topic session, CSTCB Chief Inspector Yip Chuk-yu highlighted potential problems in the meta universe and measures to prevent crime.
“All crimes in cyberspace can also take place in the meta universe. For example, investment fraud, system hacking, theft, and sex crimes,” he said.
The decentralized nature and use of virtual assets in Web3 could also increase the likelihood that cybercriminals will target users’ devices, virtual asset wallets and smart contracts, Ip Chuk-yu added.
The topics of discussion included the potential impact of NFT art created by artificial intelligence on the art industry and the integration of cybersports in the development of Web3 concepts.
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According to the department, there were 2,336 cases of virtual asset crime in Hong Kong in 2022, with losses of $1.7 billion.
In the first quarter of this year, police reported 663 cases with a total loss of $570 million, an increase of 44% and 75%, respectively, over the first quarter of last year.
Most of these cases involve investments in virtual assets.
Cybercriminals took advantage of the public’s ignorance of virtual assets and lured them into non-existent investment schemes, resulting in significant financial losses and social consequences.
But the rise in cybercrime is not stopping Hong Kong from developing a cryptocurrency industry.
In October 2022, regional authorities announced their desire to turn Hong Kong into a cryptohub.
Since then, the city has introduced numerous initiatives to recognize the cryptosphere.
Some of the most recent are the regulation of stabelcoins, as well as the licensing of cryptocurrency exchanges.
In addition, Hong Kong has begun to actively poach cryptocurrency companies from mainland China.
In addition, Hong Kong has begun to actively poach cryptocurrency companies from mainland China.
On an unofficial level, China supports this initiative. In addition to Chinese companies, cryptocurrency firms are also targeting the Hong Kong market.