{"id":21524,"date":"2023-08-24T23:27:01","date_gmt":"2023-08-24T23:27:01","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/"},"modified":"2023-08-24T23:27:01","modified_gmt":"2023-08-24T23:27:01","slug":"bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/","title":{"rendered":"Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express"},"content":{"rendered":"<div>\n<p><em>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments.<\/em><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-hashkey-hong-kong-to-commence-retail-trading\">HashKey Hong Kong to commence retail trading\u00a0<\/h2>\n<p>Crypto exchange HashKey, the first licensed virtual asset provider in Hong Kong, will open its doors to residents for retail trading on August 28.\u00a0<\/p>\n<p>According to local news reports, investors will only be allowed to invest up to 30% of their net worth into cryptocurrencies when using the platform. A risk control warning will be displayed if the limit is exceeded. However, Xiaoqi Weng, COO of HashKey, mentioned that the exchange \u201ccannot validate users\u2019 net worth,\u201d and the limit is largely based on \u201cself-verification\u201d of assets.\u00a0<\/p>\n<p>Weng also disclosed that the exchange will assess users\u2019 investment background based on information submitted during know-your-customer verification. \u201c[Investment] Beginners are limited in what they can purchase,\u201d said Weng.\u00a0<\/p>\n<p>At its debut, users can only trade Bitcoin (BTC) and Ether (ETH) on HashKey Hong Kong. The Hong Kong Securities and Futures Commission has not yet allowed margin trading of crypto products, nor crypto derivatives, among regulated exchanges, Weng noted.\u00a0<\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/;ID=169476;size=728x90;setID=601214;referrer=https:\/\/cointelegraph.com\/magazine\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/;type=img.png\"\/><\/noscript><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/;ID=169476;size=300x250;setID=601213;referrer=https:\/\/cointelegraph.com\/magazine\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/;type=img.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/;ID=169476;size=300x250;setID=601213;referrer=https:\/\/cointelegraph.com\/magazine\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/;type=img.png\"\/><\/noscript><\/div>\n<\/section>\n<h2 class=\"wp-block-heading\" id=\"h-dark-side-of-china-s-crypto-crackdown\">Dark side of China\u2019s crypto crackdown<\/h2>\n<p>It appears China no longer wants any private blockchain firms operating within its borders and is on the warpath to get rid of them, no matter the consequences. The move comes amidst an increase in using crypto as a means of capital flight in an economic downturn.<\/p>\n<p>Local media reports suggest that, legitimate or not, blockchain projects in China have literal bounties on their heads. First, third-party tracking firms tip off the police on undercover crypto projects in the country; if the report leads to arrest and asset forfeiture, the tracking firm stands to make millions of dollars in commission, if not hundreds of millions of dollars, for large-scale projects such as Multichain.<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" alt=\"An recent tip-off lead to a 400 billion Yuan ($55 billion) crypto money laundering bust by Chinese police. \" class=\"wp-image-23199\" width=\"507\" height=\"748\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-25-004741.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-25-004741.png\" alt=\"An recent tip-off lead to a 400 billion Yuan ($55 billion) crypto money laundering bust by Chinese police. \" class=\"wp-image-23199\" width=\"507\" height=\"748\"  \/><\/noscript><figcaption class=\"wp-element-caption\">An recent tip-off lead to a 400 billion Yuan ($55 billion) crypto money laundering bust by Chinese police. (DouYin)<\/figcaption><\/figure>\n<p>Then, after arrest, crypto executives are reportedly intimidated into handing over the project\u2019s private keys and access to servers. Police then allegedly get third-party payment processors to \u201cdump\u201d the coins and tokens over the counter in exchange for Chinese Yuan.<\/p>\n<p>Crypto executives are then charged with operating a \u201cmulti-level marketing scheme,\u201d \u201cpyramid scheme,\u201d or \u201cmoney laundering.\u201d If convicted, the charges result in the seizure of all protocol-related assets by the state.<\/p>\n<p>Sources claim that a portion of the funds goes into law enforcement agency revenue. Zhengyao Liu, a senior lawyer at the Shanghai Mankuen Law Firm, wrote:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cIn fact, in the past two years, the profit-seeking law enforcement in crypto-related criminal cases, especially in crypto-related MLM cases, has been the main reason people do not trust the case-handling agencies. For example, the \u2018contribution\u2019 of crypto-related criminal cases to financial fines and confiscation revenues is more than 50% higher than in previous years in the Jiangsu Province.\u201d<\/p>\n<\/blockquote>\n<p>The crackdown has led to the termination of several protocols this year, with little recourse for non-Chinese users with funds stuck on these platforms. Unsurprisingly, it has sparked a wave of emigration among Chinese Web3 founders, and overseas law enforcement efforts to try and recover the \u201cstuck\u201d funds.<\/p>\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" width=\"675\" height=\"627\" alt=\"\" class=\"wp-image-23197\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-25-003800.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"627\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-25-003800.png\" alt=\"\" class=\"wp-image-23197\"  \/><\/noscript><figcaption class=\"wp-element-caption\">The last message sent by Chinese exchange BKEX before its entire platform shut down and its staff nowhere to be found. (BKEX)<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-e-cny-green-bonds-debut\">e-CNY green bonds debut\u00a0<\/h2>\n<p>Despite the draconian crackdown on private crypto activities, government-led blockchain efforts in China are doing quite well.<\/p>\n<p>On August 18, the first digital yuan central bank digital currency (e-CNY CBDC) green bond was issued with a principal amount of 100 million Chinese Yuan ($14 million), a term of two years, and a coupon rate of 2.6% per annum.\u00a0<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>Why Virtual Reality Needs Blockchain: Economics, Permanence and Scarcity<\/p>\n<\/p><\/div>\n<div class=\"article-suggest__item\">\n<p>                            <span>Features<\/span><\/p>\n<p>Cryptocurrency trading addiction: What to look out for and how it is treated<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<p>Facilitated by the Bank of Ningbo, the loans will be used to finance a 1.4 gigawatt (GW) and a 1.0 GW solar panel facility expansion project in Wuxi.\u00a0<\/p>\n<p>The e-CNY CBDC has been repeatedly \u201cshilled\u201d for much of this year as a means of stimulating domestic spending amidst a financial crisis within the country. In the City of Tianjin alone, e-CNY transaction volumes have surpassed $17.5 billion in the first half of 2023, with over 302,000 merchants accepting the CBDC as a means of payment.\u00a0<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-fbi-tracks-41m-in-north-korean-crypto\">FBI tracks $41M in North Korean crypto<\/h2>\n<p>On August 22, the U.S. Federal Bureau of Investigation announced the identification of 1,580 BTC ($41 million) stolen from various projects by North Korean hackers. The six displayed wallets include funds stolen from the $60 million Alphapo hack in June, $37 million stolen from CoinsPaid in June, and $100 million stolen from Atomic Wallet in June. The FBI wrote:\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cPrivate sector entities should examine the blockchain data associated with these addresses and be vigilant in guarding against transactions directly with, or derived from, the addresses. The FBI will continue to expose and combat the DPRK\u2019s use of illicit activities\u2014including cybercrime and virtual currency theft\u2014to generate revenue for the regime.\u201d<\/p>\n<\/blockquote>\n<p>The agency said it believes North Korea will attempt to cash out the stolen funds. Criminal investigations into North Korean hackers\u2019 role in the Harmony\u2019s Horizon Bridge and Sky Mavis\u2019 Ronin Bridge exploits last year are still ongoing.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-chinese-bitcoin-mining-magnate-sentenced-to-life-in-prison\">Chinese Bitcoin mining magnate sentenced to life in prison<\/h2>\n<p>Yi Xiao, a former vice chairman of the Jiangxi Provincial Political Consultative Conference Party Group, has reportedly been sentenced to life in prison by the Hangzhou Intermediate People\u2019s Court for unrelated charges of corruption and abuse of power in a Bitcoin mining enterprise.<\/p>\n<p>According to local news reports on August 22, Yi Xiao operated a 2.4 billion Chinese Yuan ($329 million) Bitcoin mining enterprise under the corporate name Jiumu Group Genesis Technology from 2017 to 2021. Despite knowing about a ban on cryptocurrencies, Xiao amassed over 160,000 Bitcoin miners with other corporate executives and, at one time, 10% of the City of Fuzhou\u2019s entire electricity consumption.\u00a0<\/p>\n<p>Xiao was convicted of using his public office to secure preferential subsidies, capital, and electricity supply for Jiamu Group. The former official also used his position to fabricate statistical reports to conceal the operations\u2019 true nature. <\/p>\n<p>Starting this year, China has been cracking down harshly on crypto activities amid a spree of data theft and money laundering incidences involving digital assets. Earlier this month, a Chinese national was sentenced to nine months in prison for purchasing $13,067 worth of Tether (USDT) for an acquaintance.<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"Yi Xiao awaiting sentencing on charges of corruption and abuse of power (Hangzhou Intermediate People's Court)\" class=\"wp-image-23198\" width=\"840\" height=\"561\"  data-lazy- src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/1470893_4096x10000.jpeg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/08\/1470893_4096x10000.jpeg\" alt=\"Yi Xiao awaiting sentencing on charges of corruption and abuse of power (Hangzhou Intermediate People's Court)\" class=\"wp-image-23198\" width=\"840\" height=\"561\"  \/><\/noscript><figcaption class=\"wp-element-caption\">Yi Xiao awaiting sentencing on charges of corruption and abuse of power (Hangzhou Intermediate People\u2019s Court)<\/figcaption><\/figure>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img decoding=\"async\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/1686874358_918_reading-copy.png\"\/><noscript><img decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/1686874358_918_reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments. HashKey Hong Kong to commence retail trading\u00a0 Crypto exchange HashKey, the first licensed virtual asset provider in Hong Kong, will open its doors to residents for retail trading on August 28.\u00a0 According to local news reports, investors will only be allowed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-21524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Our weekly roundup of news from East Asia curates the industry\u2019s most important developments. HashKey Hong Kong to commence retail trading\u00a0 Crypto exchange HashKey, the first licensed virtual asset provider in Hong Kong, will open its doors to residents for retail trading on August 28.\u00a0 According to local news reports, investors will only be allowed [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/\" \/>\n<meta property=\"og:site_name\" content=\"NFT &amp; Crypto News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-24T23:27:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/magazine-Asia-Express-Jan-20-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/\"},\"author\":{\"name\":\"Staff\",\"@id\":\"https:\/\/nftandcrypto-news.com\/#\/schema\/person\/352194e8b0cb9ae3ad5480e201b5f792\"},\"headline\":\"Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express\",\"datePublished\":\"2023-08-24T23:27:01+00:00\",\"dateModified\":\"2023-08-24T23:27:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/\"},\"wordCount\":1125,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2023\/06\/magazine-Asia-Express-Jan-20-scaled.jpeg\",\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/\",\"url\":\"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-miner-gets-life-in-prison-china-offers-bounties-for-crypto-firms-asia-express\/\",\"name\":\"Bitcoin miner gets life in prison, China offers bounties for crypto firms: Asia Express | NFT &amp; 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