Hong Kong Web3 Daily Must-Read: Kelp DAO Attacked, Leading to Emergency Withdrawal of 6.6 Billion Dollar Assets from Aave, Circle Launches USDC Bridge

Organizer: Cora, Techub News

Hong Kong

Vitalik and Ethereum Foundation Chair Aya confirm attendance at the opening event of the Hong Kong Ethereum Community Center

Vitalik Buterin and Ethereum Foundation Chair Aya Miyaguchi have confirmed their attendance at the opening event of the Hong Kong Ethereum Community Center and will deliver speeches on April 21.

Hong Kong police reveal an "AI quantitative trading" cryptocurrency scam, victims lose about 7.7 million HKD

Hong Kong police disclosed a fraud case that used "AI quantitative trading" as a lure to entice investment in cryptocurrencies, with one woman deceived out of approximately 7.7 million HKD. The scammers impersonated "investment experts," proactively approached the victim via Telegram, and claimed to be able to achieve stable high returns using "quantitative trading" and "AI algorithms." The victim transferred around 7.7 million HKD worth of USDT and ETH from her electronic wallet to specified addresses 17 times and only realized she had been scammed when her attempts to withdraw funds were rejected.

Chen Maobo: The new list of key enterprises will be announced tomorrow, covering cutting-edge fields such as artificial intelligence and fintech

Hong Kong Financial Secretary Chen Maobo published a secretary's essay titled "Introducing Strategic Enterprises—Accelerating the Development of Emerging Industries." He stated that tomorrow we will announce a new batch (the sixth batch) of key enterprises, including several companies with a market value of over 100 billion HKD, covering cutting-edge fields such as life and health technology, low-altitude economy, artificial intelligence, new energy materials, cross-border financial infrastructure, and fintech. The life and health technology companies mentioned are globally leading and will conduct clinical research in Hong Kong, further supporting Hong Kong's position in the international medical R&D field; also, several companies will set up R&D centers, treasury centers, and regional headquarters in Hong Kong, further solidifying Hong Kong's role as an important hub connecting the mainland with global markets, and allowing the local innovation and technology ecosystem to thrive.

Hong Kong Financial Services and the Treasury Deputy Secretary Chan Ho Lam: Hong Kong and the Middle East are engaged in two-way exchanges, the tokenized fund from Hong Kong has landed on a Middle Eastern platform

In response to the increasingly heated topic of "inflows of Middle Eastern funds" into Hong Kong, Chan Ho Lam, Deputy Secretary for Financial Services and the Treasury of the Hong Kong SAR government, stated that indeed more clients are inquiring about how to transfer funds to Hong Kong or open accounts in Hong Kong. He shared that Hong Kong has a licensed virtual insurance company that has expanded its operations in Saudi Arabia and the UAE, and the tokenized fund from Hong Kong has landed on a Middle Eastern wealth management platform; additionally, Asian funds can purchase Islamic bond ETFs in Hong Kong, providing a familiar and trustworthy market for Middle Eastern investors.

2026 Hong Kong Web3 Carnival Surrounding Activities Schedule Overview

From April 20 to 23, the Hong Kong Web3 Carnival, co-created by Wanxiang Blockchain Lab and HashKey Group, will gather high-level government officials, financial giants, technology leaders, and over 500 global core decision-makers, creating a high-dimensional dialogue space that breaks down barriers and integrates diversity at the Hong Kong Convention and Exhibition Centre.

Regulation/Macro

Sberbank: Once regulatory rules are introduced and standardized trading starts, we will be ready to provide cryptocurrency trading services

Sberbank's Senior Vice President and Head of Wealth Management Ruslan Vesterovsky stated at a Moscow Exchange forum that once regulatory rules are introduced and standardized trading begins, the bank will be ready to provide cryptocurrency trading services.

Projects/Company Updates

Ember: Today's outflow from Aave has reached 6.6 billion USD, with stablecoins accounting for 50%

According to X user Ember's monitoring, the outflow from Aave has reached 6.6 billion USD today following the Kelp DAO hacking incident, of which half (3.3 billion USD) consists of stablecoins. Following the large outflow of funds, both deposit and borrowing rates have soared, with deposit rates for USDT and USDC stablecoins reaching 13.4% and borrowing rates reaching 15%.

ACI: Due to the rsETH collateral situation, the Frontier staking plan will be terminated

Aave Chan Initiative (ACI) founder Marc Zeller stated that due to the rsETH collateral situation and the potential risks of wETH shortages and bad debts in Aave V3 Core and other instances, ACI will immediately terminate the Frontier staking plan. All ETH currently staked through Frontier will be unstaked and provided to Aave DAO, which will deploy it according to governance principles to protect the interests of wETH depositors. ACI will also forgo all potential returns associated with this service until its exit.

Strategy plans to change STRC dividend frequency from monthly to bi-monthly

Strategy has proposed to adjust the dividend frequency of STRC from monthly to bi-monthly. It believes that if this proposal is approved, it will help shorten the reinvestment lag time, improve liquidity, enhance market efficiency, and stabilize prices. The proposal has been submitted as an initial proxy on April 17, with formal documentation planned for submission on April 28 and voting to start, concluding on June 8. If approved in voting, the new dividend frequency will take effect from June 30, with the first payment on July 15.

RaveDAO denies price manipulation and will sell some tokens for operations

RaveDAO issued a statement regarding recent rumors and allegations surrounding the RAVE token, denying any involvement or manipulation by the team in the recent price trends. RaveDAO stated that it will sell some unlocked tokens according to the token release schedule (TRS) at an appropriate time, and the funds raised will be used for operations, global recruitment, marketing, strategic acquisitions, and charitable projects. Furthermore, the team is exploring price triggers or performance-triggered locking mechanisms linked to ecosystem growth, ensuring that team incentives align with community interests. RaveDAO positions itself as a connectivity layer between Web3 and real-world music events, currently donating 20% of all event profits to charity.

Rhea Finance releases investigation report on attack incident, losses amount to approximately 18.4 million USD

Lending protocol Rhea Finance released an official investigation report regarding the security attack it suffered on April 16. The report shows that attackers exploited a vulnerability in the slip protection mechanism of its leverage trading function, stealing assets worth approximately 18.4 million USD from the protocol's reserve pool, which led to direct impacts on the protocol's reserve and some user funds.

NYSE submits rule amendment application to the SEC, intending to allow tokenized securities to trade on the exchange

The New York Stock Exchange has submitted a rule amendment application to the U.S. Securities and Exchange Commission (SEC), intending to add Rule 7.50 to support the trading of tokenized securities under the DTC three-year pilot framework. This proposal primarily targets constituents of the Russell 1000 Index and mainstream ETFs, requiring tokenized securities to share the same CUSIP coding, trading symbols, and equivalent shareholder rights with traditional securities, and allowing both to be matched concurrently on the same order book.

Circle launches USDC Bridge, supporting native burn and mint and automatically handling Gas

Circle has launched a tool called USDC Bridge for cross-chain transfers of USDC. This tool, developed and operated by Circle, enables cross-chain transfers using native burning and minting methods, and provides transparent upfront fee disclosures and real-time status tracking. Users do not need to make complex routing decisions when using it, and the system will automatically handle the Gas payment for the target chain. The specific supported list includes Ethereum, Arbitrum, Optimism (OP Mainnet), Base, Polygon (PoS), Avalanche, Sei, World Chain, Linea, Unichain, Monad, Sonic, Ink, Codex, HyperEVM, Plume, XDC.

Singapore's Gulf Bank launches stablecoin minting and redemption services, supporting transactions over 100,000 USD in USDC

Singapore's Gulf Bank (SGB) has officially launched stablecoin minting and redemption services. Corporations and high-net-worth clients can now directly exchange fiat and stablecoins through their SGB accounts, achieving instant settlement around the clock. This service has currently been integrated into its proprietary clearing network, SGB Net, supporting transactions of over 100,000 USD in USDC in its initial phase, with plans to expand support for USDT, USDe, and USDG in the future.

In-Depth & Outlook

2026's largest DeFi heist, hackers take the opportunity to scam Aave

As of the writing of this article, the root cause analysis of Kelp DAO is still ongoing. How much of the stolen rsETH can be recovered through negotiations by security teams or white hats? Can Aave's Umbrella withstand this bad debt? Will rsETH holders on L2 trigger a bank run? Can the prices of AAVE and rsETH stand firm before the end of the weekend?

From "East and West Wings" to "Central Maximum": An industrial experiment concerning computing power accessibility is underway simultaneously in China's east and west

The signals from the policy are clear and powerful. Meanwhile, at the forefront of policy implementation, the pioneers' practices have already begun—Shanghai Telecom's "computing power supermarket" has gone online, and the Henan Airport Intelligent Computing Center has completed Token API interface deployment, supporting SMEs to call for domestic intelligent computing power as needed.

Views

The stock market has ignored the war! From "TACO trading" to the AI investment frenzy, a new round of bull market is unfolding?

BlackRock has upgraded the U.S. stock market and emerging market stocks to "overweight," noting that expected earnings growth in the technology sector for 2026 has risen to 43%; Citigroup has also raised U.S. stocks to "overweight," believing that the recent market valuation following the pullback is more attractive, and the contribution of American technology to global earnings growth continues to rise.

Web3 Compliance: Licensed Approaches for Stablecoin Payment Projects

Stablecoin payments are following the same path: one as a supplementary path for the cross-border payment market, and the other gives 1.4 billion unbanked people globally their first access to the financial network.

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Hong Kong Web3 Daily Must-Read: Kelp DAO Attacked, Leading to Emergency Withdrawal of 6.6 Billion Dollar Assets from Aave, Circle Launches USDC Bridge

Projects/Company Updates

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