This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most necessary information, together with influential tasks, adjustments within the regulatory panorama, and enterprise blockchain integrations.
Unhealthy information for Evergrande
Even after all of the regulatory crackdowns, China isn’t letting 2021 slip away and not using a few extra blows to the crypto markets. On December 9, the information revealed that large actual property developer Evergrande had defaulted on its curiosity funds, and was thus topic to a credit standing downgrade.
Subsequently, crypto markets dipped considerably, which shall be worrying to traders who’re already mumbling about jobless charges and new COVID variants. On the intense facet, if the state of affairs with Evergrande goes from dangerous to worse, monetary regulators are going to have their arms full, giving them much less time to deal with stamping out cryptocurrency as we method the ultimate month and a half of the lunar calendar.
Bitmart bouncing again
Bitmart was the unlucky sufferer of a big hack on December 5, when $150m was taken from an Ethereum and BSC sizzling pockets. CEO Sheldon Xia rapidly jumped on Twitter and introduced that the new wallets carry solely a small portion of the belongings on Bitmart and that the trade was conducting a complete safety evaluation.
1/4 In response to this incident, BitMart has accomplished preliminary safety checks and recognized affected belongings. This safety breach was primarily brought on by a stolen non-public key that had two of our sizzling wallets compromised. Different belongings with BitMart are protected and unhurt.
— Sheldon Xia (@sheldonbitmart) December 6, 2021
Whereas many Tier 2 exchanges may need been gradual to react, to Bitmart’s credit score, it communicated very ceaselessly all through. The next day, Xia returned to Twitter to announce that Bitmart’s different belongings have been safe and that the trade would compensate affected customers from its personal funds. For a longtime trade, this quantity of loss wouldn’t be too crippling, particularly if remaining customers didn’t all withdraw without delay.
Instantly after the information, the Chinese language group confirmed its resiliency. Fairly than pile on distress, quite a few voices spoke out in help, together with competing exchanges like MEXC, KuCoin, and Coinex. Most of them left encouraging remarks on Twitter along with notices that they’d work with Bitmart to establish and blacklist funds from the stolen account. Outstanding investor Fenbushi Capital additionally voiced out their help, as did auditors Certik, Peckshield, and Hacken.
Belief is the cornerstone we cherish. We applauded your crew’s fast motion to the incident, the excessive degree of dedication. “The correct response, as Hanukkah teaches, is to not curse the darkness however to gentle a candle.” @BitMartExchange @sheldonbitmart https://t.co/qsquPg1IuL
— Fenbushi Capital (@fenbushi) December 6, 2021
Trending on social media
Sequoia Capital, one of many world’s largest enterprise capital corporations with over $5 billion in AUM, overhauled its Twitter bio to crypto-native language on December 8.
“Mainnet faucet. We assist the daring buidl legendary DAOs from concept to token airdrop. LFG.”
Shortly after, screenshots emerged of Sequoia Capital China’s head stating the agency was all-in on crypto. Feng Bo, who’s a managing accomplice at Dragonfly Capital, had applauded the transfer noting its progressive method.
Whereas it’s unlikely {that a} agency like Sequoia is definitely all-in, it’s no secret that quite a lot of these giant enterprise capital corporations have loved quite a lot of success by crypto-related investments in latest instances. Maybe the larger query is which person was leaking screenshots from this seemingly non-public group chat for giant Chinese language whales.
Regardless of all of the enjoyable, Sequoia modified its Twitter bio again the following day.
Additionally extremely popular on Chinese language crypto social media was the eloquent Brian Brooks from BitFury. Clips of his panel within the US Congress listening to on digital belongings made the rounds, notably as he defined the variations between Internet 1.0, 2.0, and three.0. The Chinese language group appeared to understand his well-spoken and concise nature when coping with the featureless politicians.
For a bit of sunshine humor, a picture was circulating of CZ’s well-known Tweet “In the event you can’t maintain, you received’t be wealthy” caught to the again of a Meituan meals supply car. Meituan supply is usually memed as a low-paying type of employment that the crypto group members could possibly be compelled to return to when the trade is struggling, much like McDonald’s within the west. It additionally pokes enjoyable at a well-known orange car pushed by an early Bitcoin whale in China that has the identical message on the facet door.
Mad concerning the Metaverse
Metaverse-related tasks and occasions have been showing left, proper and heart, throughout China. Nonetheless, it’s not clear whether or not these are literally centered on constructing a Metaverse, or only a sneaky means for crypto tasks to disguise themselves as one thing else to keep away from the wrath of regulators.
China’s Central Financial institution has caught on to this development and at the moment are monitoring the Metaverse and NFT area. Steering or insurance policies from the Central Financial institution are more likely to resemble present insurance policies in the direction of digital currencies, that means strict laws with little room for interpretation.
Talking at a monetary safety summit, the director of Anti-Cash Laundering on the Folks’s Financial institution of China mentioned the Metaverse and NFTs when discussing the necessity to strengthen digital transaction monitoring. He additionally famous the necessity for regulatory sandboxes, a preferred concept however one that may be unlikely to present a lot flexibility for really decentralized merchandise.
These rumblings didn’t cease Folks’s Each day from including “metaverse” to a list of 2021’s Prime Ten trending phrases on December 8. Many of the different phrases have been associated to societal points resembling overworked college students or younger adults not trying to compete and succeed. Metaverse stood out among the many different phrases as one of many solely ones associated to expertise and innovation.
Over on the island in Hong Kong, Adrian Cheng, CEO of Hong Kong actual property large New World Growth, introduced he was diving in by buying a primary piece of actual property in The Sandbox. Cheng introduced that 10 totally different corporations can be used to develop the digital land, increase an innovation hub to indicate off developments from the areas of Hong Kong, Macau, and varied Chinese language cities situated close by.
