According to TechFlow, on July 29, the Hong Kong Securities and Futures Commission listed Proxinex as a suspicious virtual asset trading platform. The entity operated on its website and was suspected of virtual asset-related fraud. Investors reported difficulties when trying to withdraw virtual assets and were subsequently told that their "account did not exist." The Securities and Futures Commission suspected that the platform hired agents to induce investors to deposit money through dating applications, and that the agent may have forged documents, claiming that they were issued by a financial regulator and financial institution in Hong Kong to beautify his resume.