Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after the JPEX scandal, Bitget gets a new crypto credit card and more.
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Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after the JPEX scandal, Bitget gets a new crypto credit card and more.
Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three of its employees for speaking to the media regarding the withholding of salary payments by their employer.
According to local news reports on Oct. 17, citing an alleged internal Bitmain memo, the company accused three staff members of breaching various clauses in their employment contracts for sharing their remuneration on social media platforms. The note reads:
“The EMT [Executive Management Team] has decided: (1) Employee Li of product operations and circuit development, is to be fired immediately and blacklisted. (2) Employee Xie of product operations and circuit development, is to be fired immediately and blacklisted. (3) Employee Ding, administrative intern at strategic development PMT, is to be fired immediately and blacklisted. The intern’s post-secondary institution shall also be informed of the incident.”
“In addition, the company reserves the right to pursue legal action against the individuals above,” Bitmain allegedly wrote. “Without authorization by the company, nothing can be said, nothing can be given [to outsiders!]”
Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after the JPEX scandal, Bitget gets a new crypto credit card and more.
Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Bitmain allegedly fires staff for speaking out against salary cuts, Hong Kong investors lose faith in crypto after the JPEX scandal, Bitget gets a new crypto credit card and more.
Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three of its employees for speaking to the media regarding the withholding of salary payments by their employer.
According to local news reports on Oct. 17, citing an alleged internal Bitmain memo, the company accused three staff members of breaching various clauses in their employment contracts for sharing their remuneration on social media platforms. The note reads:
“The EMT [Executive Management Team] has decided: (1) Employee Li of product operations and circuit development, is to be fired immediately and blacklisted. (2) Employee Xie of product operations and circuit development, is to be fired immediately and blacklisted. (3) Employee Ding, administrative intern at strategic development PMT, is to be fired immediately and blacklisted. The intern’s post-secondary institution shall also be informed of the incident.”
“In addition, the company reserves the right to pursue legal action against the individuals above,” Bitmain allegedly wrote. “Without authorization by the company, nothing can be said, nothing can be given [to outsiders!]”
Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Our weekly roundup of news from East Asia curates the industry’s most important developments.
Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three of its employees for speaking to the media regarding the withholding of salary payments by their employer.
According to local news reports on Oct. 17, citing an alleged internal Bitmain memo, the company accused three staff members of breaching various clauses in their employment contracts for sharing their remuneration on social media platforms. The note reads:
“The EMT [Executive Management Team] has decided: (1) Employee Li of product operations and circuit development, is to be fired immediately and blacklisted. (2) Employee Xie of product operations and circuit development, is to be fired immediately and blacklisted. (3) Employee Ding, administrative intern at strategic development PMT, is to be fired immediately and blacklisted. The intern’s post-secondary institution shall also be informed of the incident.”
“In addition, the company reserves the right to pursue legal action against the individuals above,” Bitmain allegedly wrote. “Without authorization by the company, nothing can be said, nothing can be given [to outsiders!]”
Reddit mods dumped tokens hours before blockchain program termination
Analysis of token movements from Redditor moderators' wallets suggests at least three moderators dumped thousands of dollars worth of Moon tokens just minutes before the actual announcement.
Tether to publish reserve reports in real time in 2024: Bloomberg
Paolo Ardoino, Tether’s chief technical officer and upcoming CEO, said the firm plans to start publishing reserve data in real-time in 2024, according to a report.
Blockchain improves charity transparency — But is it right for everyone?
Can blockchain technology actually help to improve transparency within charities?
Chamber of Digital Commerce opposes SEC's overreach in Binance lawsuit
The Chamber of Digital Commerce asserts that the SEC employs the enforcement-based method to classify digital assets as securities and impose penalties on cryptocurrency businesses.
Google Cloud teams up with MultiversX amid blockchain firm’s focus on metaverse
MultiversX announced an array of new features on its xPortal super-app with tools to build next-gen metaverse features on the same day of the Google Cloud partnership.
SEC wins default judgment against Thor Technologies and founder
Thor Technologies has been instructed to pay a sum of $903,193.06, which encompasses a disgorgement of $744,555, and prejudgment interest amounting to $158,638.06.
Community reacts to SEC dropping XRP case and LBRY shutdown
While celebrating a new court win in Ripple’s legal battle with the SEC, the community mourns the demise of LBRY, which some say was “regulated to oblivion.”
Community reacts to SEC dropping XRP case and LBRY shutdown
Ripple’s new win in the legal battle against the United States securities regulators has been marred for crypto enthusiasts by news of the blockchain platform LBRY shutting down operations, which has triggered the community to react.
The U.S. Securities and Exchange Commission (SEC) announced its intention to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on Oct. 19. The event marked a significant legal win for Ripple in the civil case filed by the SEC in late 2020.
On the same day, LBRY, a major blockchain file-sharing and payment network, announced the termination of its operations, citing “several million dollars” in debts owed to the SEC, its legal team and a private debtor. LBRY’s creators are known for building Odysee, an open-source video-sharing website that uses the network, aiming to bring a decentralized alternative to major video platforms like YouTube.
The SEC filed a lawsuit against LBRY in March 2021, accusing the firm of similar securities law violations to those it brought against Ripple. Even after the SEC downgraded the $22 million penalty against LBRY to around $111,000, the firm eventually decided not to continue its appeal against the SEC.
“Whilst we celebrate another massive win for Ripple, let's not forget the damage the SEC has already done to crypto,” prominent XRP influencer, Ashley Prosper, wrote on X (formerly Twitter) on Oct. 19. The crypto enthusiast expressed hope that the LBRY app and its eponymous native token would rise again due to the “rampant censorship on X and the ever-present censorship on YouTube.”
Central Bank of Argentina to introduce 'digital peso' bill 'as soon as possible'
The BCRA has accelerated its work on legislation to implement the CBDC workflow in the country.
European Banking Authority, ESMA issue crypto entity suitability guidelines
The joint guidelines include granting authorization for ART and CASP issuance and conducting prudential assessments for potential acquisitions.
EU data protection regulators urge anonymity for smaller transactions in digital euro
The European Data Protection Board and the European Data Protection Supervisor issued a joint opinion statement on the regulation of “digital euro.”
How decentralization can mitigate 'dystopic' artificial intelligence risks: SingularityNET exec
Janet Adams, the COO of SingularityNET, said that AGIs falling into the hands of military could pose existential threats to humanity.
Prosecutors argue 'effective altruism' inadequate in Bankman-Fried case
Bankman-Fried's legal counsel asserted that this argument lacks relevance and does not absolve the fraud allegations.