Tag Archives: China

Principal actors in the PlusToken Ponzi scheme have bagged 11-year prison sentences in China. The scheme managed to defraud investors of billions of dollars in various cryptocurrencies.End of the Road for PlusToken ScammersAccording to the South China Morning Post on Dec. 1, principal members of the PlusToken scam project were sentenced to 11 years imprisonment by a Chinese court. The suspects were found guilty of duping investors of $2.25 billion worth of crypto tokens.As previously reported...

Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.$12.7 Million Loss for Q3 2020Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part...

With China making significant strides in crypto and blockchain development, the US Intelligence apparatus is reportedly worried about the US falling far behind its current economic rival.From crypto mining to central bank digital currencies (CBDCs), there is a popular narrative that Beijing controls vast swaths of the emerging digital economic landscape. A dismissal of the value proposition of digital assets has seen the US seemingly far behind the curve in terms of crypto innovation.Crypto...

China Construction Bank – one of the largest financial institutions in the country – is unveiling its new funding plan that will potentially allow the firm to raise more than $3 billion from bond sales. What’s the big clincher? People will be able to purchase these bonds with bitcoin and other forms of crypto.China Bank Sees Bitcoin as a Potential ToolChina has had a very odd relationship with bitcoin and its altcoin cousins. On the one hand, bitcoin has potentially surged so much because the...

The ongoing assault on money laundering in the Chinese telecoms and crypto industry has seen Bitcoin miners facing difficulties in paying electricity bills as banks freeze cards associated with cryptocurrency transactions. Three-quarter of Chinese Bitcoin Miners Can’t Pay for Electricity According to a local news outlet, in a tweet thread on November 16, 2020, Chinese miners were reportedly experiencing difficulties in paying electricity bills. The outlet was able to survey...

Bitcoin is up by a total of around 5% this week. However, the most interesting part is that it finally broke above the coveted $16,000 mark for the first time since January 2018. This time, however, things are looking a lot more stable. BTC had a few attempts at $16,000 and managed to convincingly break through today. Ironically, it’s Friday the 13th so there goes the myth of bad things happening on this date. At the time of this writing, the price is trading at above $16,200...

China is proving itself to be a hard nut to crack when it comes to crypto. The country is on the verge of releasing its new digital yuan to the public, and already the nation wants to make sure it doesn’t have any competition to worry about. Thus, it is cracking down on all cryptocurrency exchanges, and it appears another one doing business in China has just shut its doors permanently.China Has Shut Down Another Trading FirmToken Better is a prolific cryptocurrency trading platform based in...

One of China’s biggest banks is selling $3 billion worth of bonds to investors. The offering allows clients to make purchases with cash and Bitcoin.  Raising $3 billion From A Bonds Sale China Construction Bank Corp. aims to raise up to $3 billion from a planned sale of bonds. As per a recent news report, the offering is a mutual partnership with Hong Kong-based fintech company Fusang. The project will focus on both individuals and institutions, which can trade in and out of...

Bitcoin, after a massive rise to last year’s high, trimmed gains in a sudden selloff yesterday. YouTube-based BTC commentator Carl Martin a.k.a The Moon, opined that the cryptocurrency is experiencing selloff from miners. But is that actually true? Is bitcoin dipping because of miner capitulation? Nope, there’s no tangible proof to corroborate the same. Carl ‘The Moon’ Martin Thinks That Bitcoin Miners Are Capitulating In a tweet, Carl Martin, who also goes by the name of...

The Bitcoin network just went through the second-largest negative difficulty adjustment and its most significant one since the start of the ASIC era. The 16.05% decline exceeded previous expectations indicating a readjustment of somewhere between 7% and 10%. Record-Setting BTC Mining Difficulty Adjustment The mining difficulty on the Bitcoin network goes through an automatic adjustment every 2,016 blocks. It’s a feature enabling the system to self-sustain in relation to...