Bitrace CEO Attends Cyberport Blockchain Security Summit to Discuss Crypto Crime and Industry Collaboration
Isabel Shi, CEO and Co-Founder of Bitrace, was invited to speak at the Cyberport Blockchain Security Summit 2025. Joined by experts from law enforcement, licensed exchanges, and digital asset custodians, the panel explored Web3 crime trends, cross-sector collaboration, and emerging security challenges.
Panel speakers included:
● Bonnie Ngan, Chief Inspector, Cyber Security and Technology Crime Bureau (CSTCB), Hong Kong Police Force
● Samuel Lok, Head of Compliance, HashKey Group
● Eugene Wong, Head of Risk & Compliance, Cobo
In her opening remarks, Isabel highlighted the rapid rise in crypto-related crimes as Hong Kong actively positions itself as Asia’s Web3 hub. “We’re seeing both traditional crimes adopting crypto—like fraud, hacking, drug trafficking, and money laundering—as well as native Web3 threats. This presents growing challenges for compliance and security.”
From a law enforcement perspective, Bonnie Ngan shared recent trends and statistics related to crypto crimes in Hong Kong, including a noticeable rise in scams, ransomware cases, and money laundering. She also emphasized the deep collaboration between CSTCB and Bitrace on several major crypto crime investigations in the region. Bitrace’s intelligence tagging system and on-chain tracing tools have played a critical role in supporting criminal investigations.
Isabel added that Bitrace’s internal data analysis confirms a rising number of Hong Kong-based OTC brokers—both knowingly and unknowingly—being implicated in the movement of illicit funds. “A more proactive and adaptive approach from regulators and enforcement is urgently needed,” she noted.
The panel also addressed the recent Bybit hack, a high-profile case that has raised wider concerns around Web3 security. Panelists shared best practices on responding to large-scale incidents, such as securing user assets, improving incident response protocols, and fostering faster cross-industry coordination.
Bitrace has supported enforcement agencies and virtual asset service providers (VASPs) across multiple jurisdictions in areas such as on-chain fund tracing, high-risk address identification, mixer path analysis, and asset freezing. Isabel noted, “Even in a widely watched case like Bybit, we observed large sums successfully laundered through certain OTC platforms. This underscores that the biggest barriers to on-chain crime enforcement are not just technical—they’re about coordination and global information flow.”
The discussion also covered the most common types of crypto scams today, such as pig-butchering schemes, fake investment platforms, and phishing attacks. Panelists shared real-world examples and offered practical advice for users to better identify scams and protect their digital assets. They unanimously agreed that the evolution of fraud tactics is accelerating and that ongoing investment in risk technology is essential.
In closing, Isabel stated, “Combating Web3 crime can’t be a solo effort. The future of security must be collaborative and global.” She called for a triangular cooperation model between regulators, enterprises, and law enforcement, built on technological neutrality and regulatory synergy, to jointly create a trustworthy and transparent crypto ecosystem.
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