Hong Kong Police Launch Their Own Metaverse

The Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police launched the CyberDefender metaverse to inform the public about new opportunities and threats in Web3-segment.

The bureau has already held its first online event devoted to exploring digital worlds, with around 120 participants.

Chief Inspector Ip Cheuk-yu of the CSTCB noted during his remarks that metaverses are rife with classic fraud schemes, hacks and harassment.

The decentralised nature and the use of digital assets also increase the likelihood that cybercriminals will target users’ devices and wallets, as well as smart contracts themselves, according to the head of the division.

The speakers at the event included Eric Young, president of the Hong Kong Esports Association, and Aska Yeung, chairman of the local association of media designers. They discussed entrepreneurial opportunities in digital worlds and career prospects for artists in the field of non-fungible tokens.

“To raise digital literacy among the younger generation, the police will continue to organise public educational initiatives on various topics through CyberDefender, increasing teenagers’ awareness of the latest developments in information technology, potential traps and the importance of preventing cybercrimes,” CSTCB said.

According to police, in 2022 Hong Kong logged 2,336 cases related to digital assets, causing losses of $1.7 billion. In the first quarter of 2023 authorities recorded 663 such cases with losses of $570 million. The majority related to investments in cryptocurrencies.

In May, the Chinese city of Nanjing launched a platform for innovative blockchain technologies and applications aimed at promoting and developing metaverses.

Later, the initiative was backed by Zhengzhou, publishing a project to launch a hub with a $1.42 billion fund for startups focused on virtual worlds.