According to online reports, Hong Kong Councilor Ng Kit Chuang expressed his views and statement on media reports on the "suspected US$500 million fraud case." Ng Kit Chuang said: "There is a Web3 company suspected of being involved in a cross-border fraud of US$500 million in Hong Kong by a local trust company. The incident has aroused international and social attention. Many media and financial technology industry professionals have asked me about their views and situation. I have the following responses: 1. The incident has attracted widespread attention. I have great confidence in Hong Kong's rule of law system and law enforcement agencies. If the incident is true, law enforcement agencies will definitely take action to protect the rights and interests of citizens and international investors. 2. Hong Kong has legal basis and a healthy environment for protecting international investors and the Web3 industry. It calls on international investors and technology practitioners to continue to invest and develop in Hong Kong without worrying about a single incident. 3. My office and the Anti-Fraud Alliance have indeed received more than one case suspected of using the characteristics of trust companies to commit fraud within this year. I believe that in the future, society needs to explore how to improve the systems of relevant trust companies and not allow criminals to use relevant loopholes to commit fraud. 4. I also believe that relevant departments can strengthen citizens and practitioners 'awareness and education of trust companies to prevent fraud at the source."