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Hong Kong has recently been in the news for developments in crypto legislation or the potential launch of Bitcoin or Ethereum exchange-traded funds (ETFs) in the coming months. However, this time the story is quite different. Hong Kong hit the headlines this time after a crypto trading meeting among youths ended with police intervention and a hospital visit. Let’s look at the details together.
Bitcoin Excitement Turns Violent
According to The South China Morning Post (SCMP), a 19-year-old was attacked over profits made from trading cryptocurrency. Three youths were reportedly detained by Hong Kong police early today on suspicion of beating the child in a hotel room.
A group of youths aged between 16 and 19 had planned a meeting in a room at the Harbour Grand Kowloon Hotel in the Hung Hom area. It appears that the youths organized the meeting to socialize and trade cryptocurrencies together.
The unidentified victim was allegedly detained by the other nine people in the room and subjected to physical assault. According to the report, the attackers demanded the victim pay approximately $23,000 as profits from cryptocurrency trading.
Youth Assaulted
After threatening and blackmailing the victim, two youths from the group attacked the 19-year-old with baseball bats. The victim’s friend called the police after being contacted.
Most of the suspects fled the scene upon learning of police involvement. However, the police managed to capture one of the assailants inside the room and two others outside the hotel. It was stated that six others involved in the incident are still being sought.
Is Youth Interest in Crypto a Recipe for Disaster?
Recently, suspicions shook the agenda that a 16-year-old was responsible for the hack that crashed the Solana-based stablecoin Cashio. While the attacker was alleged to be involved in a series of rug pull schemes, about $28 million was lost in this incident.
Despite such bad news, young people are making headlines with their significant roles in the sector. Indeed, younger generations are becoming increasingly influential in the crypto world. As emphasized in Vitalik Buterin’s birthday message, younger people are now taking on leadership and critical developer roles.
Generation Z’s Interest in Cryptocurrencies
Research by Bitget shows that Generation Z is leading the world in cryptocurrency trading. Reports also indicate that the newest generation in the crypto world is an “increasingly powerful force of digitally savvy stakeholders.”
Cryptocurrencies and their underlying technologies offer accessibility and financial freedom to their users. Undoubtedly, young investors are discovering the benefits of crypto and decentralized finance (DeFi) and are finding their place in these fields.
Of course, this kind of innovation and leadership comes with certain risks and responsibilities. However, the increasing participation of young crypto enthusiasts is bringing a fresh perspective to the sector and laying the groundwork for future innovations.
