Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express
Our weekly roundup of news from East Asia curates the industrys crucial developments.
Bitmain supposedly fired staff after income problems
The research study also exposed that 84% of Hong Kongers have actually become aware of crypto, with 27% of participants declaring they either hold digital possessions now or were previously crypto investors. For those purchasing crypto, over 80% said they would not invest over 50,000 Hong Kong dollars ($ 6,390) into the sector. Remarkably, 57% of respondents said they comprehended that crypto exchanges should get a license before running in Hong Kong, a boost of 15% compared to before the JPEX scandal unwinded..
Wu Huang, a professor at HKUST Business School Central, commented:.
When it concerns reporting, Cointelegraph has seen some blunders over the years. That said, fake news is a problem across the market..
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On Oct. 9, Cointelegraph reported that Bitmain presumably stopped briefly September wage payments for its personnel members as the business “has yet to accomplish a net positive cash flow, especially in the orders of [brand-new] ASICs.” In addition, workers supposedly face a 50% cut to their base income, with all bonus offers and rewards being eliminated.. Established in Beijing, China in 2013, Bitmain is one of the worlds largest Bitcoin mining ASIC makers, with an approximated 70% market share throughout the previous booming market that ended in 2021. The firms Antminer ASIC series currently leads the market in regards to hash rate computations for mining Bitcoin. Over the previous year, numerous Bitcoin mining operators have actually gone insolvent as the price of Bitcoin plunged while electricity expenses rose..
Bitgets brand-new crypto credit card.
On Oct. 16, Bloomberg reported that BC Technology Group, owner of licensed Hong Kong crypto exchange OSL, is contemplating the sale of the latter for 1 billion Hong Kong dollars ($ 128 million). On Oct. 17, BC Technology Group issued a information specifying: “The Board wishes to clarify that the contents and statements in the [Bloomberg] Article are extremely deceptive and factually unreliable” which it was not pondering a sale of OSL.. Investors who bought BC Technology stock based on the divestiture euphoria were not so happy. After publishing the explanation declaration, shares of BC Technology tanked 22% throughout the trading day, wiping off $54 million in market capitalization. “Shareholders of the Company and prospective financiers are advised to work out care when handling the shares of the Company,” management wrote..
Hong Kong financiers startled by JPEX scandal.
Bitcoin application-specific incorporated circuit (ASIC) mining maker Bitmain has actually supposedly fired three of its employees for speaking with the media regarding the withholding of salary payments by their employer..
Joining the likes of its peers, cryptocurrency exchange Bitget is launching its own crypto-fiat credit card. According to an Oct. 16 statement throughout the Future Blockchain Summit in Dubai, the Bitget Card, issued by Visa and backed by digital assets in users accounts and wallets, will be denominated in U.S. dollars and will be accepted in over 180 nations..
Despite efforts to regulate the sector, it appears that some Hong Kong homeowners have actually lost their confidence in crypto after the largest Ponzi scheme in the citys history, the $175 million JPEX crypto exchange scandal, unfolded last month..
” We hope that the results of this study can supply industry stakeholders with more perspectives to assist develop a sound virtual property market. As virtual possessions play an increasingly crucial role in the digital economy, there is a requirement to strengthen education efforts to make the public much better Understand the risks and capacity of this emerging field.”.
According to a new research study published by the HKUST Business School Central on Oct. 17, 41% of Hong Kong homeowners are no longer thinking about holding crypto properties, a sharp increase of 12% compared to before the JPEX occurrence. The survey included 7,900 participants and was conducted in between April and October..
JPEX booth advertisement published the day before the exchange was raided by cops. (Facebook).
Many exchanges have rolled out their own crypto debit or credit cards, some have actually seen pushback from payment processors. On Aug. 25, Mastercard stated it would end its cryptocurrency card collaboration with Binance in Latin America. The firm did not mention a specific reason, experts have pointed to Binances current regulatory analysis as the underlying cause..
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Zhiyuan Sun.
Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has numerous years of experience composing for major monetary media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.
Last month, JPEX personnel fled their corporate cubicle at Singapores Token2049 event after the Hong Kong Securities and Futures Commission released a warning relating to the exchanges unregulated activities. Subsequently, Hong Kong authorities apprehended more than 10 business executives and influencers connected to the exchange on charges of fraud.
” In addition, the business schedules the right to pursue legal action against the people above,” Bitmain apparently composed.
” Factually incorrect” news report erases $54 million in market cap.
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According to regional news reports on Oct. 17, pointing out a supposed internal Bitmain memo, the company implicated 3 team member of breaching numerous stipulations in their employment agreement for sharing their remuneration on social media platforms. The note checks out:.
The research study likewise revealed that 84% of Hong Kongers have heard of crypto, with 27% of respondents claiming they either hold digital properties now or were formerly crypto investors. For those investing in crypto, over 80% said they would not invest over 50,000 Hong Kong dollars ($ 6,390) into the sector. Last month, JPEX personnel left their corporate booth at Singapores Token2049 occasion after the Hong Kong Securities and Futures Commission released a caution relating to the exchanges uncontrolled activities. Subsequently, Hong Kong police jailed more than 10 business executives and influencers linked to the exchange on charges of scams. Lots of exchanges have rolled out their own crypto debit or credit cards, some have seen pushback from payment processors.
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Bitmains supposed layoff notice (BlockBeats).
” The EMT [Executive Management Team] has decided: (1) Employee Li of product operations and circuit advancement, is to be fired right away and blacklisted. (2) Employee Xie of item operations and circuit development, is to be fired instantly and blacklisted. (3) Employee Ding, administrative intern at tactical advancement PMT, is to be fired instantly and blacklisted. The interns post-secondary institution shall likewise be informed of the event.”.