Cointelegraph: Lam Chun-yin (32), former relationship manager of Bank of Communications (Asia) in Hong Kong, was sentenced to four years in prison by the Regional Court for alleged fraudulently issued standby letters of credit worth over US$1.6 billion and for receiving approximately US$470,000 in cryptocurrency (Tether, USDT) as bribes. He must refund all bribery proceeds; he had previously pleaded guilty. The judge stressed that even for a first-time offender, deterrent sentencing is necessary, saying that banking and insurance are pillars of Hong Kong’s economy and that the case harmed the city’s status as a financial hub. The ICAC has also issued arrest warrants for the other suspects. Insider risk in trade finance—settlement channels have been swapped to stablecoins, but criminal liability has not been eased. #加密监管 #Hong Kong