By Kimberly Crain
The Hong Kong-based Cyber Security and Technology Crime Bureau (CSTCB) announced on Saturday to have launched to the public a new metaverse project. The newly launched Metaverse platform aims at providing the public with educational resources that outline the dangers related to the growing Web3 and Metaverse projects.
Referring to the May 27 announcement, the CSTCB, which is classified under the police arm of Hong Kong, asserts that the new project will expound more on “challenges ahead in the digital age.” This implies that the CSTCB will utilize new technology to combat crime.
Will the CyberDefender Mitigate Crime?
The launch of the new project obliged the CSTCB team to launch a subsequent program, “Exploring the Metaverse,” which comprised three main objectives. During the training, the CSTCB discusses effective strategies to prevent crime in the metaverse sector.
In a presentation by Ip Cheuk-yu, the chief inspector of CSTCB, he urged the public to be hyper-vigilant when exploring the metaverse space. He underscored the need to be more cautious when utilizing the metaverse technology in their daily activities.
Cheuk-yu mentioned the disadvantages of the metaverse space, which include theft, fraud, cybercrime, and other sexual offenses. In his statement, Cheuk-yu stated that the risk associated with the metaverse corresponds to internet threats.
He added that the dangers related to adopting the decentralization technology could increase the risk of loss of assets. Cheuk-yu explained that the decentralized technology of digital assets in Web3 exposes the user to the risk of cybercrime, which corrupts the endpoint gadgets, including smart contracts and digital wallets.
Factors Contributing to High Crypto Crimes in Hong Kong
A recent statistic shared by the Hong Kong police unit indicated that over 663 crimes linked to virtual assets were reported in Q1 of 2023. The report revealed that the increased crime rate exposed the public to losses worth $570 million, a 75% increase from the previous year. The police report demonstrated that most of the reported crimes involved young adults.
Therefore to address crime involving digital assets, the CSTCB plans to utilize technology to educate the young generation. The CSTCB plans to utilize the new CyberDefender Metaverse project to educate the public on various subjects of crime. Through the expected training, the CSTCB plans to create awareness among young adults on the latest development in information technology by explaining the benefits and risks of adopting new technology.
Furthermore, the CSTCB intends to leverage their extensive expertise to educate the youths on ways to address tech-related crimes. A few days ago, the Chinese regulators launched the China Metaverse Technology and Application Innovation program.
This program aims to encourage Chinese citizens to research and develop metaverse. The program was developed by scholars from the Nanjing University of Information Science and Technology in collaboration with other regulatory agencies from Jiangsu Province.
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