Hong Kong’s Securities and Futures Commission has added SBCFX, Star Bridge Capital Group, Star Bridge Capital Pty Limited, Topical Wealth International Ltd, and related Chinese-language names to its Alert List on August 28, stating they are not licensed or registered to conduct regulated activities in Hong Kong or to actively market such services to the Hong Kong public. The step followed severe anomalies in London gold (XAUUSD) contracts for difference on the SBCFX platform between August 19 and 20, when unexpected large opposing orders triggered forced liquidations that wiped out client positions. Caixin Global reported that investors and police gathered at the firm’s office in The Center in Central and estimated around 3,000 investors from inside and outside mainland China might suffer losses, while Hong Kong police received about 54 complaints with reported losses of HK$5.92 million to HK$6.63 million, classified the matter as suspected fraud, and arrested five people aged 26 to 43. SBCFX had marketed itself under Star Bridge Capital and cited overseas authorizations, including Australian AFSL 503908 and South African FSCA FSP 54813 for Star Bridge Capital Group Pty Ltd and Seychelles FSA securities dealer licence SD077 for Topical Wealth International Ltd, none of which authorizes Hong Kong activity; the SFC alert does not itself establish fraud or void those foreign licences. On August 24, SBCFX said it would cease Asian operations and set early September deadlines for clients to close positions and withdraw funds. Many deposits were made in USDT for leveraged trading, and recovery can be difficult because peer-to-peer stablecoin transfers and freeze timelines often leave funds hard to retrieve even when issuers work with law enforcement.