Shanghai-based car dealership Cango Inc. has pivoted to Bitcoin (BTC) mining, announcing a $256 million acquisition of 32 exahashes per second (EH/s) in hashrate from Bitmain Technologies. In November, the company extracted 363 BTC, worth about $36 million, without liquidating any assets, positioning it as one of the top players in the global Bitcoin mining […]
Chinese fabless integrated circuit design company Nano Labs has announced that it has opened a Coinbase account and begun accepting Bitcoin payments for its products. Its decision to expand its global transaction options coincides with Bitcoin reaching an all-time high of $90,000. Nano Labs Turn to Bitcoin In its official press release, Nano Labs stated […]
On Oct. 10, crypto researcher ‘FreeSamourai’ told his X followers that around 7,000 ETH of the remaining 542,000 ETH from the PlusToken seizures was sent to exchanges. This indicates “intent to begin selling the remaining tokens,” they stated, but this remains to be seen, and no major selloff has occurred yet. The remaining stash of […]
At the 2024 Tsinghua PBC Chief Economist Forum, former Chinese Vice Minister of Finance Zhu Guangyao urged China to re-evaluate its approach to the crypto industry. He cited the evolving international stance on digital currencies, particularly in the United States, where the asset class has gained political support from key figures like U.S. presidential candidate […]
A suspect named Zhang has been extradited from Thailand to China for allegedly leading a $14 billion (100 billion yuan) crypto pyramid scheme. He is the first financial criminal to be extradited under the China-Thailand treaty since its inception in 1999. The Ministry of Public Security in China announced that Chinese and Thai officials have […]
Bitcoin has gained around 17% since last weekend, which equates to around $9,000 over the past seven days or so. The asset was trading below $60,000 last weekend but surged to a six-week high above $68,000 on July 22. What has been driving market momentum for the past week, and will it continue? Bitcoin Is […]
Blockchain intelligence firm TRM Labs has revealed that cryptocurrency deposits into crypto addresses linked to Chinese drug precursor manufacturers more than doubled in the first four months of 2024 compared to the same period in 2023. In 2023, Chinese precursor networks received over $26 million in cryptocurrency, with 97% of the over 120 manufacturers studied […]
The Chinese police forces have burst a large underground banking operation using the popular stablecoin Tether (USDT) to facilitate transfers of up to 13.8 billion yuan ($1.9 billion). According to a report from local media house Weixin, the Public Security Bureau of Chengdu Municipal arrested 193 suspects linked to the case and froze 149 million […]
The core technical team behind the Filecoin-based STFIL protocol said that they are under investigation by Chinese authorities. Over the past couple of days, there have been unforeseen updates to the protocol, along with funds transfers to different addresses. Mysterious Token Transfers and Upgrades The news came out in a public post by STFIL Protocol […]
Jian Wen, a former takeaway worker residing in north London, was found guilty of one count of money laundering after she was found with Bitcoin worth over $2.5 billion (£2 billion) in 2018. Jian Wen assisted a Chinese fugitive known to Wen as Zhang Yadi, whose real name is Qian Zhimin, in laundering the BTC […]