The newly launched Metaverse platform seeks to provide the public with educational materials that describe the risks associated with the expansion of Web3 and Metaverse projects.

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Referring to the May 27 announcement, the CSTCB, which falls under the jurisdiction of Hong Kong's police force, states that the new project will focus more on "challenges ahead in the digital age." This suggests that the CSTCB will employ innovative technology to combat crime.

Will CyberDefender reduce criminal activity?

The launch of the new project compelled the CSTCB team to initiate "Exploring the Metaverse," a program with three primary objectives. The CSTCB discusses effective strategies for preventing crime in the metaverse sector during the training.

Ip Cheuk-yu, chief inspector of the CSTCB, exhorted the public to be extremely vigilant when exploring the metaverse in a presentation. He emphasized the importance of exercising greater caution when utilizing metaverse technology in daily life.

The disadvantages of the metaverse space that Cheuk-yu mentioned include larceny, fraud, cybercrime, and other sexual offenses. In his statement, Cheuk-yu compared the risks associated with the metaverse to those posed by the internet.

He added that the risks associated with implementing the decentralization technology could increase the possibility of loss of property. Cheuk-yu explained that the decentralized technology of Web3's digital assets exposes users to the risk of cybercrime, which corrupts endpoint devices such as smart contracts and digital wallets.

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According to a recent statistic shared by the Hong Kong police unit, over 663 crimes involving virtual assets were reported in the first quarter of 2023. The report revealed that the public was exposed to losses totaling $570 million, a 75% increase from the previous year. The police report revealed that the majority of documented crimes involved adolescents and young adults.

In order to combat crimes involving digital assets, the CSTCB intends to use technology to educate the youth. The CSTCB intends to use the CyberDefender Metaverse initiative to educate the public on a variety of criminal topics. Through the anticipated training, the CSTCB intends to educate young adults on the most recent advancements in information technology by describing the advantages and disadvantages of adopting new technology.

In addition, the CSTCB intends to utilize their vast expertise to educate adolescents on how to combat tech-related crimes. The Chinese government launched the China Metaverse Technology and Application Innovation program a few days ago.

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This program seeks to encourage Chinese citizens to conduct metaverse research and development. Scholars from Nanjing University of Information Science and Technology collaborated with other Jiangsu Province regulatory agencies to develop the program.