Hong Kong hedge fund OVATA to close, team joins Exodus Point

Hong Kong police crack down on HKD 230 million money laundering case, a mainland woman sentenced to 47.5 months in prison According to HK01, the Hong Kong police have cracked a cross-border money laundering case. The group involved used 43 Hong Kong bank accounts to handle 34 fraud cases from June to September 2024, defrauding HKD 18 million and using cryptocurrency transactions to launder HKD 230 million in criminal proceeds. A 34 year old mainland woman who opened a puppet account to assist in the laundering of HKD 9.29 million in criminal proceeds and purchased cryptocurrency through a virtual asset exchange shop was sentenced to 47.5 months in prison. The Hong Kong police remind that assisting criminal groups in handling funds can face up to 10 years in prison, and money laundering can result in a maximum fine of HKD 5 million and 14 years in prison.

[Tanya Denisova Joins Agora as Head of Operations] According to CoinDesk, former Robinhood Crypto Chief Operating Officer Tanya Denisova has joined stablecoin company Agora as Head of Operations. She will assume the role of Chief Operating Officer of Agora's proposed national trust bank after the Office of the Comptroller of the Currency approves Agora's national trust charter application. Tanya Denisova served at Robinhood Crypto for six years, leading the department's growth from a 3-person team to a regulated entity operating across the U.S. and EU, with a business scale reaching $10 billion.

According to Onchain Lens monitoring, a newly created address has withdrawn 1683 BTC worth $105 million from Binance.

[Prediction Market Platform Kalshi Adds India to Restricted Jurisdictions] According to Cointelegraph, prediction market platform Kalshi has added India to its list of restricted jurisdictions, bringing the total number of restricted regions to 55.

The Bank of England issued the draft regulatory framework for stable currency, set a ceiling of 40 billion pounds, prohibited the payment of interest to holders, required the reserve to include 70% of short-term British treasury bond bonds and 30% of Bank of England deposits, and enforced a 24-hour redemption mechanism. （CoinDesk）