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$1.5 Million in Crypto Seized During FIFA Crackdown

$1.5 Million in Crypto Seized During FIFA Crackdown

Local police officials in China seized more than $1.5 million worth of cryptocurrencies as part of a crackdown on gambling during the 2018 FIFA World Cup. Chinese state-run media outlet Xinhua reported on July 11 that authorities first noticed the unnamed gambling platform in May following advertisements that claimed it would “accept international recognized cryptocurrencies including bitcoin, ether...

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China’s Hashing Power: A Blessing or a Bomb Waiting to Explode?

China’s Hashing Power: A Blessing or a Bomb Waiting to Explode?

One of the major Bitcoin mining pools currently making waves is Bitmain which is a China-based industry giant that recently accounts for over 40% of the overall Bitcoin hashrate. Why is it making waves? Well, because it has raised some new concerns about the centralization of mining. Ever wondered how Bitcoin is generated? Do they...

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Chinese Crypto Moguls Respond to Recording Controversy

Following the controversy earlier this week, when leading Bitcoin tycoon Li Xiao Lai called out fellow crypto moguls, Chen Weixang, another leading voice in the community, has responded. On July 4th, Chen Weixing posted a response to Li Xiao Lai’s claims. Stating he would never be able to reconcile with the billionaire, Chen emphasised the lack...

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Bitcoin Billionaire Outs Chinese Crypto Industry in Secret Recording

Bitcoin Billionaire Outs Chinese Crypto Industry in Secret Recording

A secret recording of the biggest Chinese bitcoin tycoon Li Xiao Lai has recently emerged on Chinese social media.  In this recording, he calls out many big names in the crypto space as “cheaters” and scammers, causing an uproar in the Chinese crypto scene. Who is Li Xiao Lai? Li Xiao Lai is a venture...

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Chinese Exchange ‘BTCC’ to Relaunch

Following its closure in September 2017, BTCC has announced plans to reopen the exchange platform, alongside the release of its own native token in the future. In late 2017, BTCC – formerly known as BTC China – was forced to shutdown due to pressure from the Chinese authorities. Last year, the Chinese government clamped down...

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Why China needs blockchain (but doesn’t need Bitcoin): Five predictions on the future of cryptocurrencies in China

Ever since the news got out that the Chinese government is blocking new ICOs, news sites and fora have been buzzing with speculations about the future of cryptocurrencies in China. Reactions vary from plain denial, clear misreading of the situation and doom-scenario forecasts for the global crypto market. Chinese coins took a strong hit (NEO went down 50% since the...

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Bitcoin’s Scaling Debate: The View From China’s Miners

Bitcoin’s Scaling Debate: The View From China’s Miners

Paul Elliot-Ennis is a lecturer and assistant professor in management information systems in the College of Business, University College Dublin, while Rachel-Rose O’Leary is an artist and writer researching cryptographic systems. In this guest feature, Elliot-Ennis and O’Leary investigate the daily activities and political attitudes of China’s well-established bitcoin miners, positioning their findings within the...