PANews reported on April 3 that Hong Kong legislator Wu Jiezhuang issued a statement on the media reports of the "suspected $500 million fraud case". Wu Jiezhuang said: "A Web3 company is suspected of being involved in a transnational fraud of $500 million by a local trust company in Hong Kong. The incident has attracted international and social attention. Many media and financial technology practitioners have asked me for my 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, the law enforcement agencies will definitely take action to protect the rights and interests of citizens and international investors. 2. Hong Kong has a legal basis and a healthy environment for protecting international investors and the Web3 industry. I call on international investors and technology practitioners not to worry about a single incident and to continue to invest and develop in Hong Kong. 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 this year. I believe that in the future, society needs to explore how to improve the system of relevant trust companies so that criminals cannot use relevant loopholes to commit fraud. 4. I also believe that relevant departments can strengthen the understanding and education of citizens and practitioners about trust companies to prevent being deceived from the source."