Chinese police have discovered a much more lucrative way to “extract” value from crypto executives than detaining them.
Decentral Block Post
Access real-time blockchain and cryptocurrency news updates from around the globe.
Chinese police vs. Web3, blockchain centralization continues: Asia Express
According to one insider, Chinese police are after Web3 co-founders, not to serve and protect, but for their wallets.
In a recent blog post, Wuwei Liang, the brother of imprisoned CoinXP co-founder Liang Liang, warned that under no circumstances should executives hand over their private keys when detained by Chinese police. Responding to news of Multichain co-founder Jun Zhao’s arrest, he wrote:
“As long as the police see the money and get the money, they will make up their minds, charge the case with crimes, and confiscate the assets. If you lose the secret key, you will lose everything, you will lose your life and wealth, and you will be imprisoned wrongly.”
Earlier in July, China’s largest cross-chain protocol used by the likes of Fantom and Binance alike, with over $10 billion in total value locked at its peak, closed down for good after developers disclosed that its CEO, Jun Zhao, was arrested by Chinese police in May. Zhao allegedly held control of all protocol MPC nodes, access to private keys and investors’ funds.
Without Zhao, the protocol and users’ assets were as good as gone. While cryptocurrency exchanges, mining and initial coin offerings are illegal in China, outright ownership of cryptocurrencies isn’t illegal, and there is currently a gray area regarding crypto projects outside of prohibited categories.
Chinese police vs. Web3, blockchain centralization continues: Asia Express
Chinese police have discovered a much more lucrative way to “extract” value from crypto executives than detaining them.
Chinese police vs. Web3, blockchain centralization continues: Asia Express
According to one insider, Chinese police are after Web3 co-founders, not to serve and protect, but for their wallets.
In a recent blog post, Wuwei Liang, the brother of imprisoned CoinXP co-founder Liang Liang, warned that under no circumstances should executives hand over their private keys when detained by Chinese police. Responding to news of Multichain co-founder Jun Zhao’s arrest, he wrote:
“As long as the police see the money and get the money, they will make up their minds, charge the case with crimes, and confiscate the assets. If you lose the secret key, you will lose everything, you will lose your life and wealth, and you will be imprisoned wrongly.”
Earlier in July, China’s largest cross-chain protocol used by the likes of Fantom and Binance alike, with over $10 billion in total value locked at its peak, closed down for good after developers disclosed that its CEO, Jun Zhao, was arrested by Chinese police in May. Zhao allegedly held control of all protocol MPC nodes, access to private keys and investors’ funds.
Without Zhao, the protocol and users’ assets were as good as gone. While cryptocurrency exchanges, mining and initial coin offerings are illegal in China, outright ownership of cryptocurrencies isn’t illegal, and there is currently a gray area regarding crypto projects outside of prohibited categories.
Zero Transfer scammer steals $20M USDT, gets blacklisted by Tether
Zero transfer scams are becoming prominent in the crypto ecosystem with these phishing scams having already siphoned over $40 million in 2023.
Zero Transfer scammer steals $20M USDT, gets blacklisted by Tether
Zero transfer scams are becoming prominent in the crypto ecosystem with these phishing scams having already siphoned over $40 million in 2023.
Ukraine demands local crypto businesses to provide financials
Trading volumes on the Ukrainian crypto exchange Kuna have shrunk 90% since March 2023 due to government policies, the CEO said.
Ukraine demands local crypto businesses to provide financials
Trading volumes on the Ukrainian crypto exchange Kuna have shrunk 90% since March 2023 due to government policies, the CEO said.
Curve Finance founder's $100M debt could trigger a DeFi implosion: Report
Curve Finance founder Michael Egorov has a total of $100 million in debt backed by over 400 million CRV tokens.
Nigeria’s SEC warns against trading on Binance
The agency insists that the platform doesn’t have a license to work in the country and that its operation is illegal.
US defense bill may be ‘problematic’ for USDC and stablecoins: Analysts
A proposed U.S. national defense bill could subject stablecoins issuers to KYC and AML requirements they would be unable to comply with, said Berenberg analyst Mark Palmer.
Is SBF secretly behind BALD? Crypto Twitter debates latest conspiracy
Crypto Twitter has been abuzz with debate after a new conspiracy theory has suggested FTX founder Sam Bankman-Fried may be secretly behind one of the most controversial new memecoins on Base.
The BALD memecoin, which draws its namesake from a humorous reference to Coinbase CEO Brian Armstrong, was launched on July 30 and witnessed an incredible 289,000% gain within the first 24 hours of trading.
After the token’s anonymous developer removed thousands of ETH in liquidity, the price of BALD plummeted more than 85% — sparking allegations of a rug pull, which the developer has denied.
The ordeal led a number of blockchain sleuths to dig into the developer's on-chain past, prompting some to draw a link to SBF as the Ethereum wallet address responsible for deploying the Bald token had received thousands of ETH in funding from wallets associated with FTX and Alameda Research.
One of the conspiracy theorists, anonymous decentralized finance (DeFi) commentator Downsin suggested that the link between the two meant that it was SBF “legit trying to make it all back from prison.”
Crypto staking rewards are taxable once received: IRS
The U.S. tax department will be requiring taxpayers to count staking rewards as gross income at the time they gain "dominion" over the tokens.
Base’s largest DEX LeetSwap halts trading amid exploit concerns
Some analysts have provided possible ways the exchange was exploited and pinned potential initial losses at over $600,000.
‘Let's just diversify and see' — Binance CEO on its stablecoin strategy
Due to regulatory and transparency risks, CZ says that spreading risk across different stablecoins is the key to longevity.
Judge rejects motion to dismiss Terraform case, disagrees with Ripple decision
Judge Jed Rakoff gave a detailed interpretation of the Howey test that was at odds with the decision on the SEC case against Ripple.
We need to fundamentally change how smart contracts operate
Smart contracts should be viewed as “proof-of-concept” rather than as critical for universal adoption. That may mean exploring alternatives.
Crypto market loses $486M in July, most since 2022: Report
According to the report, nearly half of the month’s losses were caused by the Multichain exploit, which resulted in $231 million in losses alone.
Republican candidate wants to end President Biden's supposed 'war on Bitcoin' if elected
“As president, on day one, CBDC goes into the trash can — we’re not going to allow it," said Ron DeSantis at a New Hampshire campaign event.
Where’s the recession? These 3 economic indicators can alert investors to a market downturn
Analysts have called for a U.S. recession all year, but stocks continue to creep higher. Here are three metrics investors can watch to know if an economic downturn is coming.