According to CoinMeta, Hong Kong's first licensed stablecoin, HKDAP, failed to pass security audits just two days after its launch. Blockchain security firm BlockSec discovered that the contract posed risks of a single key being able to mint, freeze, and forcibly destroy tokens, stating that its design did not comply with the regulations of Hong Kong's regulatory authorities. The token was issued by AnchorPoint, and AnchorPoint is a standard Chartered venture capital firm that collaborates with Hong Kong Telecom (HKT) and Animoca Brands.