Hong Kong allows residents to make cross-border electronic RMB payments
The Hong Kong Monetary Authority (HKMA) announced that Hong Kong residents can now open personal digital wallets for China’s central bank digital currency (e-CNY) to enable cross-border payments between the two places.
Residents only need a Hong Kong mobile phone number to set up an e-CNY wallet. They can then top up their wallets using the city's instant payment system through 17 retail banks in Hong Kong. However, the wallet only supports cross-border transactions, not transfers between individuals within Hong Kong.
The launch of the e-CNY wallet is part of the deepening financial integration between Hong Kong and mainland China.
Cyber currency platform claims former employee was involved in $1.9 million attack
Pump.fun, a Solana-based cryptocurrency creation platform, claims that a former employee illegally obtained nearly $2 million through a “bonding curve” attack. The employee allegedly used privileged access to hack into internal systems and initiate unauthorized withdrawals.
The platform said that despite the hack, its smart contracts remain secure and now plans to compensate affected users within 24 hours.
U.S. Bitcoin ETF inflows hit $257.34 million
U.S. spot bitcoin exchange-traded funds (ETFs) recorded a total of $257.34 million in net inflows on Thursday, marking the fourth consecutive day of inflows. Several major funds, including BlackRock, Fidelity and Ark Invest, saw large inflows.
The inflows came after Wall Street firms disclosed their holdings in these bitcoin ETFs during the first quarter 13F reporting season. Some of the disclosed holdings were larger than expected.
Grayscale’s GBTC product, which has been seeing outflows since its transition to a spot ETF in January, recorded $4.64 million in inflows on Thursday.
US Senate rejects SEC’s cryptocurrency accounting rules
The U.S. Senate voted 60 to 38 to reject an SEC accounting rule that could affect cryptocurrency custody services provided by financial institutions. The bipartisan resolution seeks to repeal the SEC’s Accounting Advisory Bulletin No. 121.
However, the White House has indicated that President Joe Biden may veto the resolution. The House of Representatives is concerned that limiting the SEC's ability to regulate crypto assets could lead to financial instability and market uncertainty.
For the resolution to pass beyond a presidential veto, it would require a two-thirds majority vote in both houses of Congress.
Binance helps Taiwan solve $6.2 million crypto fraud case
In other cryptocurrency news, Binance is partnering with Taiwan, with the exchange’s financial crime compliance unit having signed an agreement with Taiwanese authorities to resolve a money laundering case involving $6.2 million in cryptocurrency.
The operation involved criminals using forged documents, fake IDs and tampered communication records to launder illicit proceeds through cryptocurrency transactions.
Through a joint effort with Binance, Taiwanese prosecutors were able to gather evidence against nine individuals, all of whom were charged with money laundering, fraud, and organized crime.
Follow CoinChapter for daily cryptocurrency news headlines!