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Asia Express – Cointelegraph Magazine

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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