Hong Kong's compliant exchange Hashkey is about to be listed on the Hong Kong Stock Exchange with a valuation of HKD 19 billion. However, a closer look at the prospectus reveals many issues. For example, no matter how badly HSK performs in the market, the company's balance sheet will not be affected, which hides the risks of token price volatility. Researchers also warn that Hashkey's reported total digital assets do not detail the proportions of Bitcoin, Ethereum, and its own token HSK. The public cannot know how much of its assets are high-liquidity mainstream coins and how much are HSK, which is issued by the company itself and has lower liquidity. I would add: this risk is very similar to what happened with FTX and FTT in the past. In addition, Hashkey uses the concept of unexercised rights (Breakage) to recognize revenue in advance, thereby beautifying its financial statements. It's similar to the purchase of Starbucks gift cards—if you assume 95% of people will not use them, you can then...

HashKey exchange has passed the review of the Listing Committee of the Hong Kong Stock Exchange, but has suffered losses for consecutive years, with losses reaching HKD 585 million to HKD 1.19 billion from 2022 to 2024. Its Platform Token HSK has fallen sharply by 90%, and the revenue from the operating HashKey chain is meager, facing a Crisis of Confidence. The listing may impact its balance sheet, and the industry is skeptical about its future development.

According to Mars Finance, the HSK price has surpassed $0.34, with an increase of 20.09%. HashKey Global is a fully licensed virtual asset exchange that offers a variety of trading services.

Recently, Xtormfrog, a member of the HashKey Korean community, published an "Open Letter to Dr. Xiao Feng" on the community platform, expressing strong dissatisfaction with HashKey's current strategy and HSK Token policy, accusing the company of wagering on a high-risk business gamble, the consequence of which is losing all credibility. This open letter has spread widely within the Korean and Chinese communities in just a few days, raising high concerns about HashKey's Compliance strategy and community management. The Korean community accuses Hashkey of focusing solely on compliance, ignoring the original intention of HSK issuance. Xtormfrog pointed out straightforwardly in the letter that since HashKey entered the South Korean market in April 2024, he has witnessed the entire process through multiple personnel changes and strategic shifts. From the personnel codenamed K and J leading, to currently being led by

HTX will launch HSK deposit and spot trading on October 13, with withdrawal services opening on October 15, and new Margin Trading for HSK/USDT. HSK is the ecological Token of HashKey Group, used for its various businesses and HashKey Chain.

Mars Finance reports that the HSK price has surpassed 0.4407 USD, with a 24-hour rise of 20.6%. HashKey Global is a global virtual asset exchange that has been licensed by the Bermuda Monetary Authority, offering a variety of trading services.

Hotcoin exchange launched the HSK/USDT and C/USDT trading pairs on July 14. $HSK is the Token of HashKey Platform, providing Compliance trading services; $C is the Token of Chainbase, supporting Decentralization data infrastructure.

According to Deep Tide TechFlow news, on July 10th, HashKey Chain announced the launch of the veHSK (vote-escrowed HSK) governance mechanism on its Mainnet, marking a significant leap in its community governance. veHSK is a non-transferable governance certificate obtained by staking HSK, allowing users to participate in on-chain governance voting based on veHSK, and enjoy ecological rights such as priority participation in projects and profit distribution proposals. The newly launched veHSK introduces a dual-track governance system, consisting of daily governance that does not require the consumption of veHSK and major governance that requires the consumption of part of the veHSK, to ensure a balance between governance activity and decision-making rigor. In the future, veHSK will be more widely applied in key decision-making scenarios such as Grants distribution, ecological asset management, and RWA parameters, promoting the deep integration of governance and incentives. HashK

HashKey Global has officially completed the final unlock of its $HSK Genesis Trading rewards, marking a major milestone since its April 2024 launch. The program was designed to reward early users and traders who backed the platform from day one. Now that the final batch of $HSK has been

Hotcoin exchange will launch multiple trading pairs on July 1-2, including NXCM/USDT and SOGNI/USDT spot trading pairs, as well as HSK/USDT Futures Trading pairs, supporting up to 25x leverage.

> From Guotai Junan International to HashKey, from Hong Kong stock brokerage stocks to the platform token HSK, the capital market is collectively pricing the smoothness of the "compliance path" with prices. Written by: Sanqing Introduction On June 25, the Hong Kong stock market and the cryptocurrency market experienced rare simultaneous fluctuations: Guotai Junan International (01788.HK) surged sharply in the afternoon, closing up nearly 200%; the platform token HSK of HashKey Exchange skyrocketed over 70% on the same day. This was not a coincidence. A notice of "Virtual Asset Service Qualification Upgrade" has triggered the market's re-evaluation of the "Compliance Dividend," bringing traditional brokerages and compliant crypto platforms into the market spotlight. 1. Event Summary In the morning session, the Hong Kong stock broker sector quickly strengthened, with Citic Securities International at 1.25 HKD.

According to Deep Tide TechFlow news, on June 25, HashKey Chain officially announced that it will distribute HSK Airdrop rewards to early users to thank them for their active participation and support in the early stages of the project. The first phase of rewards covers users who complete transactions and interactions on-chain from December 2024 to the end of March 2025, with distribution expected to be completed within the next two weeks. This distribution has undergone strict Bot behavior filtering and a value-weighted mechanism to ensure a fair and just process. HashKey Chain states that the points system not only affirms historical contributions but will also become a long-term mechanism for incentivizing ecological activity in the future. Next, HashKey Chain will collaborate with ecological project parties to continuously launch more incentive programs based on on-chain behavior, covering a richer variety of interaction scenarios, encouraging real users and developers to contribute to ecological development.

As one of the early licensed crypto exchanges in Hong Kong, HashKey was once highly anticipated. However, in the context of the Platform Token falling 85% in six months and a series of public opinion crises including layoffs, its "Compliance path" is facing severe challenges. Foresight News recently elaborated on HashKey's predicament in an article titled "Deep in the Storm of Public Opinion, What Happened to HashKey?", elucidating the issues surrounding HashKey and the Hong Kong Web3 ecosystem behind it. The big dump of coin prices and internal pressure: from employees to the entire ecosystem being hit hard. CoinGecko data shows that HashKey Platform Token HSK has plummeted from a high of 2.38 dollars to 0.35 dollars since the beginning of last year, a fall of as much as 85%. This not only caught investors off guard but also severely impacted internal morale. Internal employees revealed that they can receive up to 50% of their salary in HSK.

Has Hong Kong's first licensed cryptocurrency exchange HashKey encountered bad news? According to Foresight's report today (30th), HashKey has only six months of cash flow left and is undergoing large-scale layoffs, with the Platform Token HSK also experiencing a significant fall of 85% in the past six months... What exactly happened? (Background: HashKey Cloud and Google Cloud released a White Paper: the future of staking, re-staking, and RWA) (Additional context: HashKey's OTC brand has been upgraded to 'HashKey OTC Global' to strengthen its global compliance layout) The Platform Token has fallen 85% in six months; what has happened to HashKey, the first licensed retail cryptocurrency exchange in Hong Kong? According to

The HashKey exchange responded to the negative news reported earlier by Foresight News, saying that HashKey is operating normally and that there is a suspected capital connection behind Foresight News' report, and HashKey called for resisting malicious smear behavior and maintaining fair competition in the industry. (Synopsis: Hong Kong's HashKey exchange reported: only half a year's cash flow, one-third of the layoffs, employees holding the platform coin $HSK plummeted 85%.. (Background supplement: HashKey three license layouts completed: in-depth analysis of its globalization strategy) Foresight News broke the news earlier today (30) that HashKey, Hong Kong's first licensed cryptocurrency exchange, is facing a crisis, Foresight News listed the following: HashKey cash flow on the account

> big dump, layoffs, cash flow emergency: HashKey caught in the eye of the storm. Written by: Joe Zhou, Foresight News The platform token has experienced a big dump of 85% in six months. What has happened at HashKey, the first licensed retail cryptocurrency exchange in Hong Kong? According to CoinGecko data, from December 30, 2024 to May 30, 2025, HSK fell from a peak of 2.38 U to 0.35 U, a decline of 85% over six months. The significant drop caught many ecological supporters, token holders, and even HashKey employees by surprise, and they suffered substantial investment losses as a result. "The fall has made me want to defend my rights." a former HashKey employee expressed helplessly. Those who hold this idea

Source: HashKey; Compilation: Meta Era Hong Kong, 01 November 2023 – HashKey, a licensed virtual asset exchange, announced that it has received approval from the Hong Kong Securities and Futures Commission (SFC) to launch the first licensed virtual asset exchange app in Hong Kong with full mobile trading capabilities. At the same time, HashKey Exchange announced the selection of HSK as the platform currency, revealing new application scenarios and user engagement solutions for HSK. "In the year since the Hong Kong government issued the Policy Statement on the Development of Virtual Assets in Hong Kong, we have witnessed the implementation of key policies such as VASPs. After multiple rounds of due diligence by regulators and auditors, the HashKey App has been approved for launch", said Livio Weng, Chief Operating Officer of HashKey Group.

DeFi data 1. Total market capitalization of DeFi tokens: $51.797 billion Total DeFi Market Cap & Top 10 Tokens Data source: coingecko 2. The trading volume of decentralized exchanges in the past 24 hours was $4.104 billion Trading volume of decentralized exchanges in the last 24 hours Data source: coingecko 3. Locked assets in DeFi: $41.934 billion Source: defillama NFT data 1. Total NFT market capitalization: $17.746 billion The top 10 NFT projects by total market capitalization and market capitalization Data source: Coinmarketcap 2. 24-hour NFT trading volume: $2.601 billion Top 10 projects in 24-hour NFT trading volume and trading volume Data source: Coinmarketcap 3. Top NFTs within 24 hours ...