Hong Kong continues to spread its wings into the Web3 industry.
The Cyber Security and Technology Crime Bureau (CSTCB), a division of the Hong Kong Police Force, has announced the rollout of the Metaverse platform constructed to inform the public about potential risks connected with Web3 world, called CyberDefender.
The initiative, as per a May 27th announcement, was established by the CSTCB to prepare Hong Kong residents for upcoming “digital age challenges,” focusing particularly on crime prevention.
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On May 27th, CSTCB hosted an interactive event titled “Exploring the Metaverse.” The event focused on developing strategies for crime prevention within the Metaverse realm.
It is worth noting that there was a significant surge in virtual asset crimes reported in Hong Kong during Q1 2023. Therefore, the Hong Kong Police Force intends to increase its efforts in educating the public, especially the youth, about technology crimes.
In the Q1 of 2023, there were 663 virtual asset crime cases with a total loss of $570 million, marking a 75% increase compared to Q1 of 2022. Regarding the matter, the police stated:
Police will continue to organize public education initiatives on different themes through the "CyberDefender Metaverse" platform, raise the awareness among teenagers regarding the latest advancements in information technology, potential pitfalls, and the importance of preventing technology crimes.
During the "Exploring the Metaverse" event, the chief inspector of the CSTCB, Ip Cheuk-yu, addressed the audience and underscored the necessity of maintaining vigilance within the Metaverse. He compared the need for cautious online behavior to that in the Metaverse, highlighting potential risks such as investment fraud, unauthorized system access, theft, and sexual offenses.
Additionally, he expressed concern that the decentralized nature of virtual assets in Web3 could possibly enhance the risk of asset theft.
The decentralized nature of virtual assets in Web3 may also increase the likelihood of cyber criminals targeting endpoint devices, virtual asset wallets and smart contracts.
This move comes on the heels of Nanjing launching the China Metaverse Technology and Application Innovation Platform on May 22nd to enhance Metaverse research nationwide.
CyberDefender aims to reinforce cybersecurity awareness in this rapidly evolving digital landscape, demonstrating Hong Kong's proactive approach to technology crime prevention.
