The 1.5 million registered user platform ran away?

Also call the user a leek?

The platform's emergency response: it is a malicious rumor, and it is running normally!

Hong Kong Securities Regulatory Commission reminds NFT risks

　　On June 6, an announcement about the runaway of the Tianqiongyuan universe digital collection platform was circulated on the Internet.

In response, Tianqiong Shuzang responded that the platform is operating normally, and the originator of malicious rumors and PS is being traced.

　　Despite a false alarm, the risks of NFTs (non-fungible tokens) are cause for concern.

On the same day, the Hong Kong Securities Regulatory Commission issued a document to remind investors to pay attention to the risks associated with the recently increasingly popular non-fungible tokens (NFTs).

　　run away?

Responses say the platform is functioning normally

　　Recently, an announcement about the runaway of the Tianqiongyuan universe digital collection platform was circulated on the Internet.

In the screenshot of the so-called "final announcement" circulated on the Internet, it said that it ran away due to poor management, and referred to the user as a leek.

　　In this regard, the official announcement of Tianqiongshuzang said that the platform is running normally, and the new version of the function and optimization is currently being tested. For the originator of malicious rumors and PS, the platform is tracing the source.

　　At the same time, Tianqiong Shuzang reminds users that for players who have used any third-party software, they should modify their login passwords and transaction passwords in time.

　　According to the data, Tianqiong Shuzang App is a blockchain digital collection trading platform. It was just launched in April this year, but the number of registered people on the platform has exceeded 1.5 million.

Prior to May 17, an abnormality occurred on the Tianqiong Digital Collection platform. The price of its collections on the secondary market skyrocketed thousands of times, and collections with a price of nearly 10 million yuan were sold in seconds.

Tianqiong Shuzang announced at the time that the platform was maliciously attacked by hackers and used false balances to purchase and steal player collections, and the platform has called the police to deal with it.

　　The concept of digital collections has been extremely popular this year

　　The rapid development of Tianqiong Digital Collection is a microcosm of the popularity of the concept of digital collections.

　　On May 30th, the digital collection "Chunxian Heshou Tu" was officially released. A total of 2,999 digital collections were sold out. The number of onlookers reached 69,076 and 32,361 were snapped up.

　　On the afternoon of May 20, Moutai International’s official Weibo released the “Notes on Suspension of “Maotai in Solar Terms” series activities, announcing the suspension of the “Maotai in Solar Terms” digital collection series activities released a day earlier.

The announcement stated that since the launch of the "Maotai in Solar Terms" series of activities, the attention has rapidly increased, and the actual number of participants in the activities has exceeded 400,000. Beginning on May 20, the "Number One Collection" platform of the event collaborator found a large number of "virtual accounts" flooding. In addition, there is the use of plug-ins to participate in the lottery in batches, which infringes on the rights and interests of normal users, and goes against the original intention of holding the event.

For this reason, after negotiating with the platform, it was decided that the series of activities of "Maotai in the solar term" will be suspended.

　　According to data, as of April this year, more than 200 platforms in my country have participated in the issuance of digital collections.

　　It is reported that the concept of digital collections in my country extends from the popular overseas NFT, the full name of which is Non-Fungible Token, which refers to non-fungible tokens. It is an application based on blockchain technology and is the only cryptocurrency token used to represent digital assets. .

　　In the first quarter of 2022, the total global NFT transaction volume reached US$11.397 billion, an increase of nearly 40% from the fourth quarter of last year, and an astonishing 2,156% year-on-year increase compared with US$505 million in the first quarter of last year.

　　Hong Kong Securities Regulatory Commission reminds investors to pay attention to NFT risks

　　At the same time as the development is booming, due to the lack of supervision and policy constraints, the NFT trading market is mixed, and chaos occurs frequently.

In November 2021, the person in charge of the "Evolution Ape" series of NFT projects was run away.

Tianqiangshuzang was also maliciously attacked by hackers in May, using fake balances to buy and steal player collections.

　　On June 6, the Hong Kong Securities Regulatory Commission issued a document to remind investors to pay attention to the risks associated with NFTs. In the article, the Hong Kong Securities Regulatory Commission stated that NFTs, like other virtual assets, face higher risks, including insufficient liquidity in the secondary market, price fluctuations, and pricing. Investors should be aware of the risks of lack of transparency, hacking and fraud, and should not invest in these assets without fully understanding NFTs and suffering potential losses.

　　The SFC said that most NFTs are intended to represent their underlying assets, such as a unique version of an electronic image, artwork, music or video.

Overall, if an NFT is a true collectible in digital form, the activities associated with it do not fall within the scope of the SFC's supervision.

　　However, there are some NFTs that straddle the line between collectibles and financial assets, such as segmented or homogenized NFTs that have a similar structure to "securities" or, especially, interests under "collective investment schemes".

The SFC stated that if an NFT constitutes an interest under a collective investment scheme, the promotion or distribution of the NFT may constitute a "regulated activity".

Anyone wishing to carry on a regulated activity (whether in Hong Kong or targeting Hong Kong investors) must be licensed by the Securities and Futures Commission of Hong Kong unless exempted.

　　In addition, if the NFT-related arrangement involves an offer to the Hong Kong public to participate in a collective investment scheme, it may also trigger the authorization requirement under the Securities and Futures Ordinance.

　　There are also relevant risk warnings in the Mainland.

In April of this year, China Internet Finance Association, China Banking Association, and China Securities Association jointly issued an initiative to prevent NFT-related financial risks to curb the tendency of NFTs to be financialized and securitized, including the issuance and trading of financial products without change and the development of tokens without change. Issuance financing (ICO), do not set up trading venues in violation of regulations, do not use virtual currencies such as Bitcoin, Ethereum, Tether and other virtual currencies as the pricing and settlement tools for NFT issuance transactions, and do not provide financing support for investment in NFTs.

　　In October last year, the National Copyright Exchange Center Alliance, China Academy of Art, Ant Group, Tencent and other institutions jointly issued the "Digital Cultural and Creative Industry Self-discipline Convention", which clearly stated that they would resist any form of digital cultural and creative works as a gimmick, substantive distribution and speculation The behavior of virtual currency to prevent speculation and financialization risks.