[Hong Kong Police Force Officially Establishes the Virtual Asset Intelligence Taskforce (VAIT)] The Cyber Security and Technology Crime Bureau of the Hong Kong Police Force hosted the Web3 Intelligence and Law Enforcement Summit today and officially announced the establishment of the Virtual Asset Intelligence Taskforce (VAIT). It is reported that VAIT is led by the Hong Kong Police Force and comprises law enforcement agencies, financial regulators, and licensed virtual asset service providers. Its aim is to enhance the detection and prevention of crimes related to virtual assets and cybersecurity threats through intelligence sharing and collaborative mechanisms. Commissioner of Police Raymond Siu stated that a total of 1,463 virtual asset-related cases were recorded in the first eight months of this year, including 15 cases of hacking targeting Web3 organizations, with losses amounting to approximately HK$1.29 billion. The establishment of VAIT will promote the compliant and secure development of the virtual asset ecosystem through a "public-private collaboration" model, while strengthening market integrity and asset protection. Earlier reports indicated that the Hong Kong Security Bureau had formed a virtual asset intelligence taskforce and collaborated with relevant platforms to establish a payment suspension mechanism.