PANews reported on October 10 that the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force held the Web3 Intelligence and Law Enforcement Summit today and officially established the Virtual Asset Intelligence Task Force (VAIT).

It is reported that VAIT is led by the Hong Kong Police Force and is composed of law enforcement agencies, financial regulatory agencies and licensed virtual asset service providers. It aims to enhance the detection and prevention capabilities of virtual asset-related crimes and cybersecurity threats through intelligence sharing and collaboration mechanisms.

Commissioner of Police Chow Yiu-ming stated that in the first eight months of this year, a total of 1,463 virtual asset-related cases were recorded, including 15 hacking attacks on Web3 institutions, resulting in losses of approximately HK$1.29 billion. The establishment of the VAIT will promote the compliant and secure development of the virtual asset ecosystem through a public-private partnership model, while strengthening market integrity and asset protection.

According to previous news, the Hong Kong Security Bureau has established a virtual asset intelligence working group to cooperate with relevant platforms to establish a stop payment mechanism.