Published on april 26, 2024, 1:11 am
Image source: Fox News
[ "TLDR": "Yadi Zhang, a Chinese national, was accused of a major scam defrauding investors in China using Bitcoin for money laundering. Hong Kong restricts Mainland Chinese from accessing Bitcoin and Ethereum ETFs, while the Philippines SEC urges Google and Apple to remove Binance's apps due to regulatory concerns. MicrovisionChain launches an asset bridge to address Bitcoin transaction congestion, and Tokenize Xchange allocates $100 million worth of TKX tokens for developing its blockchain." ]
Our weekly news roundup from East Asia brings to light a significant development involving Yadi Zhang, a Chinese national accused of orchestrating a massive scam that defrauded over 130,000 investors in Mainland China of approximately 43 billion Chinese Yuan. Using Bitcoin to launder the proceeds, Zhang was apprehended by UK authorities. Despite indicating her intention to plead not guilty to charges of criminal possession of cryptocurrency, she has been remanded in custody.
Zhang, operating through the company “Blue Sky Grid,” is said to have masterminded one of the largest Ponzi schemes in China, promising high interest rebates and utilizing bait tactics such as environmental protection and Bitcoin mining. The saga took a twist when Zhang fled China after an increase in redemption requests, ultimately landing in the UK with forged travel documents.
Accompanied by her assistant Wen Jian, a fast-food worker turned accomplice, they engaged in sophisticated money laundering activities using crypto exchanges. However, their lavish lifestyle drew attention when they attempted to purchase luxurious properties without explaining the source of funds.
In another key development related to cryptocurrencies, Hong Kong regulators have restricted Mainland Chinese residents from accessing Hong Kong spot Bitcoin and Ethereum ETFs due to anti-money laundering laws and recent Bitcoin bans in China. Although residents holding permits may still access these products under certain conditions.
Additionally, the Philippines SEC has urged tech giants Google and Apple to remove Binance’s apps from the country for offering unregistered securities and operating an unlicensed exchange, posing potential threats to investors’ funds. Binance faces potential blockage by Philippine internet service providers within three months.
Moreover, Bitcoin DeFi developer MicrovisionChain has launched its asset bridge aiming at addressing transaction congestion within the Bitcoin ecosystem and supporting token swaps. CertiK has audited this bridge successfully as part of ongoing efforts towards enhancing decentralized finance solutions.
Furthermore, Singaporean crypto exchange Tokenize Xchange announced plans to allocate $100 million worth of TKX tokens towards incentivizing developers on its native blockchain “Titan Chain.” This initiative aims at promoting interchain communications protocols with enhanced scalability while migrating its ERC-20 tokens onto Titan Chain for improved functionality.
We witness how regulatory actions and technological advancements continue shaping the landscape of cryptocurrencies across various regions like East Asia.
Original article posted by Fox News
