Hong Kong jails former banker over $1.6B false credit, cryptocurrency bribes: Report

Former banking official gets four years in prison over false letters of credit and accepting $470,000 in cryptocurrency bribes.A former bank official in Hong Kong who falsely authenticated letters of credit for more than $1.6 billion was sentenced to four years in prison and ordered to make restitution of more than $470,000 he received in cryptocurrency bribes.Lam Chun-yin, 32, who was a customer relationship manager at China Construction Bank (Asia), had previously pleaded guilty in District Court, The Standard reported on Saturday.Judge Ernest Lin Kam-hung said deterrent sentences are necessary even for first-time offenders, especially in light of the grave nature of the crime and its impact on society.HashKey begins beta distribution of Hong Kong-regulated HKDAP stablecoinHong Kong’s anti-graft agency, the ICAC, has obtained warrants for the arrest of others involved in the case, the report said.The judge said that banking and insurance are the backbone of Hong Kong’s economy, and Lam’s scheme had served to undermine its standing as a global financial hub.Cointelegraph reported in July that the Hong Kong Monetary Authority had launched a framework to assess banks’ preparedness f...