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Tag Archives: Chinese

Chinese Police Seize $1.5 Million in World Cup Crypto Betting Booty

More than $1.5 million worth of cryptocurrency was seized as part of an anti-gambling operation run by Chinese police during the 2018 FIFA World Cup. Chinese Police Seize $1.5 Million The Chinese state-run news source Xinhua reported two days ago that local authorities first came across the so far unnamed online gambling platform in May. The betting site advertised that it would “accept international ...

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Chinese Yuan’s Share of Bitcoin Trading Dropped From 90% to 1%

China is one of the more technologically advanced nations in the world, and with its population closing in on 1.4 billion, it was naturally one of the biggest Bitcoin markets during the cryptocurrency’s early days. Many of the biggest exchanges in the world were established in the Asian nation, with reports indicating that at one time over 70 percent of ...

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Chinese Police Crack Down on $1.5 Billion Bitcoin Gambling Ring

Chinese police in the city of Guangdong have arrested hundreds of individuals involved in online gambling platforms that facilitated betting with $1.5 billion in cryptocurrencies including bitcoin. A sweeping law enforcement operation involving 21 public security authorities in Guangdong has cracked down on organized football gambling during the ongoing football World Cup, resulting in the arrests of some 540 individuals ...

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Chinese Central Bank Official Pledges ‘Vigilance’ to Stamp Out Foreign ICOs

The People’s Bank of China committee charged with regulating cryptocurrencies recently gathered to discuss the next phase in their plan. China hasn’t wavered in its commitment to control cryptocurrencies within its territory — the country shocked the world when it announced a ban on all ICOs, deeming them illegal, back in September 2017. Not too long ago, it was announced ...

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Chinese Authorities Arrest Twenty Individuals Involved in Cryptojacking Scam

Twenty individuals have been arrested in connection with a huge cryptojacking scam in the Shandong province of China. Those involved are thought to have successfully hijacked 3.89 million personal computers since 2015. Massive Chinese Cryptojacking Scam Uncovered It’s estimated that the cryptojacking scam netted those involved more than 15 million yuan ($2.26 million). It was discovered back in January by ...

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Chinese Police Arrest Malware Developers Who Hacked $2 Million in Crypto

The developers are responsible for hacking millions of computers to hack a total of $2 million in cryptocurrencies. Computers were initially infected with a mining program and a mining monitoring software — whenever the latter detected CPU utilization below 50%, the former would silently start mining in the background. The cycle was repeated endlessly, with all the proceeds being sent ...

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Chinese Regulator Warns Against “Mythologizing” Blockchain

The head of the international department of the China Banking and Insurance Regulatory Commission has warned against “mythologizing” blockchain technology, news outlet South China Morning Post reported July 9. Speaking at the 5th Fintech Bund Summit in Shanghai on July 8, Fan Wenzhong argued that although blockchain is “an innovation with significant meaning,” it is a disservice to “mythologize” the ...

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Chinese Exchange FCoin Accused of Crippling Ethereum Network for Cheap Publicity

A little-known Chinese crypto exchange is allegedly responsible for the unusually high Ethereum network congestion and gas fees recorded over the past few days. FCoin, founded by Zhang Jian, formerly of Huobi, is accused of deliberately encouraging a rash of Sybil attacks so as to temporarily cripple the Ethereum blockchain and attract undeserved attention in the process. What happened exactly? ...

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Chinese Search Giant Baidu to Launch Rewards on Blockchain Platform

Baidu, widely dubbed as the Google of China, is going to launch rewards and announce the blockchain layout of their project “Totem” in an upcoming conference on July 18. Totem, a blockchain-based platform, was launched by Baidu in April. Totem utilizes blockchain technology to manage the intellectual property rights of images. They aim to enable more efficiency in the ownership ...

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