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FollowingSecurity analyst report: There are multiple flaws in HKDAP smart contracts
A review report released by security analyst Yajin Zhou and his team pointed out that HKDAP is running on Ethereum contracts that have not yet met production standards, and its "Know Your Customer"(KYC) and revocation control functions fail to work properly as coded. HKDAP is a Hong Kong dollar stablecoin launched by Anchorpoint Corporation backed by Standard Chartered Bank on August 12.
What are the problems with the HKDAP rules?
Security analyst Yajin Zhou and his team released a review report on HKDAP. The report pointed out that since HKDAP is settled on the Ethereum main network and its source code is verified on Etherscan, tokens can be checked directly. Analysts verified whether the code was correct, whether it met practical application conditions, and whether on-chain behavior complied with the Hong Kong Monetary Authority's official rules for stablecoin issuers. The answer to both questions is "no".
As of the writing of the report, the contract has multiple functional flaws, one of which is the concentration of governance power. A single key allows high-risk operations, including minting new tokens, freezing accounts, suspending systems and forced destruction. Contracts also lack a time-locking mechanism-a common feature used to delay operations for review. The report also pointed out that the contract conflicts with "specific terms" in the Hong Kong Monetary Authority's regulatory requirements.
The review found that compliance controls that were supposed to prevent unauthorized users failed to take effect as coded. The KYC module is supposed to block users who are no longer approved, but its revocation function is flawed. In short, if a KYC provider is cancelled, its previously approved account can still be traded. Analysts also found that KYC certificates were not verified on-chain, and deregistered verifiers could still approve new users.
The report states that the contract reconstructs basic security functions rather than using fully tested code. Most of the vulnerabilities appear in these custom code, and analysts say the "Beta Access" tab does not fill the gap.
What does the release of HKDAP mean for Hong Kong?
The release of HKDAP received strong institutional support from Anchorpoint Financial, a subsidiary of Standard Chartered Bank (Hong Kong), a joint venture with telecom operator HKT and Web3 company Animoca Brands. In April this year, Anchorpoint and HSBC became one of the first two companies to win the Hong Kong Monetary Authority's stablecoin issuance license-the license was awarded from 36 applications by regulators under the Stabilizing Coin Ordinance, which took effect on August 1, 2025. Anchorpoint holds license number FRS01.
The company will launch HKDAP on August 12, 2026, but the product is currently in Beta and is only available to institutional distributors and professional investors. HashKey Exchange is the first distributor authorized to conduct HKDAP casting and redemption. Dominic Maffei, CEO of Anchorpoint, said the launch was "prudent and structured." The company also plans to open it to retail users "as early as the end of 2026," but the decision will depend on market conditions.
