Internet reports that a trust institution was involved in a US$500 million fraud case. Cryptocurrency tycoon Sun Yuchen believes that it is a problem in Hong Kong's system. Ng Kit Chuang, Chairman of the Legislative Council's Subcommittee on Web3 and Virtual Asset Development, said that Hong Kong is actively attracting foreign investment, including mainland capital, but in fact many foreign friends have a very shallow understanding of the Hong Kong system, or even have many misunderstandings, and believe that this is a problem that needs to be faced up to. It is expected that the incident will have international repercussions. Different regulatory systems must be re-examined as soon as possible to respond to society. Since Hong Kong does not have a custody supervision system yet, Web3 companies often use trust companies as a basis to help third parties custody assets. If this is done formally, there will be no problem. However, people with interest will take advantage of this gap to do illegal things and are worried that it will increase the confidence of the outside world in Hong Kong's financial center. It is recommended that more publicity and education should be carried out and there is room for optimization.