According to Techub News, the Hong Kong Securities Regulatory Commission’s official website announced that the Hong Kong Securities Regulatory Commission warned the public to beware of seven entities suspected of engaging in fraudulent activities claiming to be related to virtual assets (collectively referred to as the suspected entities). They operate under the following names: XTCQT, CEG, BTEPRO, Bitones.org, Yomaex Crypto Market Limited (also known as "Yomaex"), Bstor (also known as "Bstorest"), and Taurusemex.

The Hong Kong Securities and Futures Commission said that the suspected entities claimed to provide cryptocurrency trading services, and some of them used social media platforms or instant messaging software to guide investors to their respective websites to register as users to invest in cryptocurrency. Some investors reported problems when withdrawing funds from the suspected entities.

In some cases, the suspected entities suspended withdrawals by claiming that investor accounts were involved in money laundering activities or illegal funds. Investors were asked to pay high "fees" or "taxes" to process their withdrawal applications or reactivate suspended accounts. One of the suspected entities, Taurusemex, also falsely claimed that investor accounts were regulated by the SFC. The police have taken action to block the relevant websites at the request of the SFC. Although the police have taken action, the public should be wary that fraudsters may continue to establish websites with similar domain names. The suspected entities and their respective websites were included in the SFC's warning list of suspicious virtual asset trading platforms on July 5, 2024.