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China dev fined 3 yr’s salary for VPN use, 10M e-CNY airdrop: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

An unnamed individual in China was fined 1.06 million Yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer. 

According to local mediareportsearlier this week, during his employment as a consultant between 2019 to 2022 the unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom, and posted multiple threads on Twitter with the help of a VPN.

Images from the China Digital Times story.

Based on a document issued by City of Chengde Police, the individual’s income earned with the aid of a VPN was deemed as “proceeds of crime.” The police issued a penalty of $144,097, equivalent to three years of the individual’s salary.

Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites such as Google, Wikipedia, and Facebook. The ruling has spooked many in China’s IT and Web3 circles, who often rely on VPNs for similar remote-work tasks.

China Digital Times

China dev fined 3 yr’s salary for VPN use, 10M e-CNY airdrop: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

An unnamed individual in China was fined 1.06 million Yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer. 

According to local mediareportsearlier this week, during his employment as a consultant between 2019 to 2022 the unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom, and posted multiple threads on Twitter with the help of a VPN.

Images from the China Digital Times story.

Based on a document issued by City of Chengde Police, the individual’s income earned with the aid of a VPN was deemed as “proceeds of crime.” The police issued a penalty of $144,097, equivalent to three years of the individual’s salary.

Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites such as Google, Wikipedia, and Facebook. The ruling has spooked many in China’s IT and Web3 circles, who often rely on VPNs for similar remote-work tasks.

China Digital Times

China dev fined 3 yr’s salary for VPN use, 10M e-CNY airdrop: Asia Express

Crypto industry concerns after Chinese dev fined 3 year’s salary for using a VPN, largest Ponzi in Hong Kong history, JPEX saga, and more.

China dev fined 3 yr’s salary for VPN use, 10M e-CNY airdrop: Asia Express

Crypto industry concerns after Chinese dev fined 3 year’s salary for using a VPN, largest Ponzi in Hong Kong history, JPEX saga, and more.

China dev fined 3 yr’s salary for VPN use, 10M e-CNY airdrop: Asia Express

Crypto industry concerns after Chinese dev fined 3 year’s salary for using a VPN, largest Ponzi in Hong Kong history, JPEX saga, and more.

China dev fined 3 yr’s salary for VPN use, 10M e-CNY airdrop: Asia Express

Our weekly roundup of news from East Asia curates the industry’s most important developments.

An unnamed individual in China was fined 1.06 million Yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer. 

According to local mediareportsearlier this week, during his employment as a consultant between 2019 to 2022 the unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom, and posted multiple threads on Twitter with the help of a VPN.

Images from the China Digital Times story.

Based on a document issued by City of Chengde Police, the individual’s income earned with the aid of a VPN was deemed as “proceeds of crime.” The police issued a penalty of $144,097, equivalent to three years of the individual’s salary.

Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites such as Google, Wikipedia, and Facebook. The ruling has spooked many in China’s IT and Web3 circles, who often rely on VPNs for similar remote-work tasks.

China Digital Times

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

Invesco, Bitwise and Valkyrie are the other three firms that were hit with delays by the SEC.

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

Invesco, Bitwise and Valkyrie were also hit with delays by the U.S. Securities and Exchange Commission.

Exchanges federation touts crypto trading regulation, integration with TradFi

The World Federation of Exchanges, whose members handled $140 trillion in trades in 2022, has some concerns as its members adopt DLT.

3 reasons why Bitcoin miners are selling BTC — and why it’s not capitulation

Crypto market analysts tend to interpret Bitcoin miners selling their of BTC rewards as bearish, but miners countered this logic in detail at the recent Bitmain WDMS conference.

Valkyrie will offer exposure to Ether futures as SEC delays spot Bitcoin ETF

Some analysts have speculated the SEC will announce decisions or delays on crypto exchange-traded funds before Sept. 30 in anticipation of a U.S. government shutdown.

PayPal applies for NFT marketplace patent for on- or off-chain asset trading

PayPal’s proposed NFT purchase and transfer system would handle fractionalization, DAOs and royalties through a third-party provider.

Buenos Aires to issue blockchain-based digital ID

The first documents to be available on-chain in Buenos Aires include birth and marriage certificates, along with proof of income and academic verification.

Median Web3 developer salary stands at $128K in 2023

In a recent Pantera survey, less than 2% of respondents said they worked full-time in an office setting, with the rest working remotely.

Bitcoin to $27K next? One-week BTC price highs precede Fed's Powell

Bitcoin clinches a BTC price boost as the latest U.S. macro data flows in, with all eyes on Powell next.

Judge denies final pre-trial request from Sam Bankman-Fried for temporary release

The federal judge overseeing Sam Bankman-Fried's fraud case reportedly suggested the former FTX CEO might be a flight risk, given his young age and potential prison time.

Bitcoin lender Ledn to roll out ETH, USDT interest accounts

Spurred on by user requests, traditional Bitcoin lending firm Ledn is rolling out an Ethereum yield product.

Bitcoin lender Ledn to roll out ETH, USDT interest accounts

Spurred on by user requests, traditional Bitcoin lending firm Ledn is rolling out an Ethereum yield product.

Bitcoin lender Ledn to roll out ETH, USDT interest accounts

Spurred on by user requests, traditional Bitcoin lending firm Ledn is rolling out an Ethereum yield product.

Coinbase campaign for sensible crypto policies hits coffee cans to ‘wake up’ regulators

Coinbase and a group of crypto entrepreneurs went to Washington, D.C. to convince lawmakers to provide regulatory clarity for the industry.

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