PANews reported on April 3rd that Hong Kong legislator Wu Jiezhuang issued a statement regarding media reports of a "suspected $500 million fraud case". Wu Jiezhuang stated: "A Web3 company is suspected of being involved in a cross-border fraud of $500 million by a local trust company in Hong Kong, which has attracted international and social attention. Many media and fintech professionals have inquired about my views and the situation. I have the following responses: 1. The incident has attracted widespread attention, and I have full confidence in Hong Kong's legal system and law enforcement agencies. If the incident is true, law enforcement will definitely take action to protect citizens' and international investors' rights. 2. Hong Kong has legal basis and a healthy environment to protect international investors and the Web3 industry. I urge international investors and tech professionals not to worry about this single incident and to continue investing and developing in Hong Kong with confidence. 3. My office and the anti-fraud alliance have indeed received more than one case this year suspected of fraud using trust companies' characteristics. I believe society needs to discuss how to improve the system of such trust companies to prevent criminals from exploiting loopholes. 4. I also believe that relevant departments should strengthen citizens' and professionals' understanding of trust companies to prevent fraud from the source."