Our weekly roundup of news from East Asia curates the industry’s most important developments.
Chinese worker fined $145K over VPN
- An unnamed individual in China was fined 1.06 million Yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer.
- The unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom, and posted multiple threads on Twitter with the help of a VPN.
- Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites such as Google, Wikipedia, and Facebook.
City of Hangzhou airdrops 10M e-CNY
- The City of Hangzhou is airdropping 10 million digital yuan central bank digital currency (e-CNY), worth a total of $1.37 million, to incentivize food and beverage spending as it hosts the 19th Asian Games.
- Anyone within the municipality of Hangzhou, locals and visitors alike, can receive the e-CNY airdrop for use in food delivery platforms.
- The airdrop will renew every five days until the balance is emptied. The vouchers, although denominated in e-CNY, are only effective for five days and can only be tendered through select food delivery platforms.
15 detained over largest alleged Ponzi scheme in Hong Kong’s history
- Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX.
- Over 2,392 complaints claiming a total loss of 1.5 billion Hong Kong dollars ($191.6 million) have been made in the apparent Ponzi scheme.
- The Hong Kong Securities & Futures Commission (SFC) issued a warning regarding JPEX being an unlicensed exchange within its jurisdiction.
CoinEx resilient despite $70M hack
- Hong Kong crypto exchange CoinEx will resume services despite falling victim to a $70 million wallet hack orchestrated by North Korea’s infamous Lazarus Group.
- CoinEx claims to have resumed deposits and withdrawals on 190 cryptocurrencies, including Bitcoin, Ethereum, USD Coin, and Tether.
- CoinEx has updated the deposit addresses of all crypto assets, rendering old addresses invalid.
Alibaba moves into digital wallets
- Chinese tech conglomerate Alibaba wants to launch its own wallet service.
- Alibaba’s Cloud subsidiary has partnered with crypto custodian Cobo to create an enterprise wallet-as-a-service solution for developers and organizations.
- Cobo says it is incorporating its custodial wallet and multi-party computation technology to build the Alibaba Cloud wallet.
About the author
Zhiyuan Sun is a journalist at Coinpostman focusing on technology-related news.
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