🚨 HONG KONG’S FIRST LICENSED STABLECOIN JUST FAILED A SECURITY REVIEW.
Just TWO DAYS after launch, blockchain security firm BlockSec flagged a critical weakness in HKDAP.
According to BlockSec, a single key could:
💥 Mint unlimited tokens
❄️ Freeze funds
🔥 Force-burn tokens
BlockSec called the smart contract “not production-ready” and said its design conflicts with Hong Kong’s regulatory requirements.
The issuer?
Anchorpoint a venture involving Standard Chartered, HKT and Animoca Brands.
That makes this bigger than just one smart-contract bug.
Hong Kong is positioning itself as a global digital-asset hub.
But stablecoins are supposed to be built around TRUST, SECURITY and strict controls.
If a single key can control the supply and users’ funds…
That trust gets tested immediately.
The crypto industry doesn’t just need regulatory approval.
It needs code that survives scrutiny.
#Crypto #Stablecoins #HongKong #Bitcoin #Blockchain
Just TWO DAYS after launch, blockchain security firm BlockSec flagged a critical weakness in HKDAP.
According to BlockSec, a single key could:
💥 Mint unlimited tokens
❄️ Freeze funds
🔥 Force-burn tokens
BlockSec called the smart contract “not production-ready” and said its design conflicts with Hong Kong’s regulatory requirements.
The issuer?
Anchorpoint a venture involving Standard Chartered, HKT and Animoca Brands.
That makes this bigger than just one smart-contract bug.
Hong Kong is positioning itself as a global digital-asset hub.
But stablecoins are supposed to be built around TRUST, SECURITY and strict controls.
If a single key can control the supply and users’ funds…
That trust gets tested immediately.
The crypto industry doesn’t just need regulatory approval.
It needs code that survives scrutiny.
#Crypto #Stablecoins #HongKong #Bitcoin #Blockchain