China | ForkLog

ForkLog 19 18.06.2024

Chinese Bank Executives Accused of Laundering $250 Million via Cryptocurrency

The private Chinese institution, Bank of Huludao, has uncovered a scheme involving the theft and laundering of 1.8 billion CNY (~$250 million) belonging to investors, implicating two of its senior executives. This was reported by The National Business Daily, citing court documents. According to the case materials, in August 2020, the bank’s former party secretary, […]

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ForkLog 24 17.06.2024

Money Laundering Scheme via e-CNY Uncovered in China

The Yuecheng District Prosecutor’s Office in Shaoxing City, Zhejiang Province, has investigated a case involving the use of digital yuan (e-CNY) accounts for cashing out and laundering money, according to local media reports. A group of four individuals located merchants accepting the central bank digital currency (CBDC) and arranged to exchange a certain amount of […]

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ForkLog 9 10.06.2024

HSBC China Grants Corporate Clients Access to Digital Yuan

HSBC’s China division, in collaboration with the Bank of China, has enabled corporate clients to conduct transactions using the e-CNY. This initiative aims to foster the development of the digital economy. The organisation is among the first foreign institutions to offer e-CNY services to both individuals and businesses, according to the press release. HSBC China’s […]

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ForkLog 10 06.06.2024

Chinese Student Challenges Prison Sentence Over Token Liquidity Withdrawal

In China, a legal battle continues involving a 24-year-old student accused of issuing a token on the BNB Chain blockchain and allegedly withdrawing liquidity from investors amounting to at least 50,000 USDT. This was reported by local media. According to court documents, in May 2022, the defendant, Yang Qichao, launched a token for the DAO […]

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ForkLog 19 06.06.2024

Bybit Opens Registration for Chinese Users, Reports Colin Wu

The cryptocurrency exchange Bybit appears to have begun offering services in mainland China, a jurisdiction previously excluded by the platform. Exclusive: The third largest offshore exchange Bybit suddenly opened up registration and authentication for users in China. Bybit has long strictly prohibited the registration and use of all Chinese users. The management team has been […]

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ForkLog 15 28.05.2024

Russian Metallurgical Giants Embrace USDT for International Transactions

At least two of Russia’s largest metal producers, not subject to sanctions, have begun using the stablecoin USDT and other cryptocurrencies for international transactions. This was reported by Bloomberg, citing company executives. According to them, the deals are primarily conducted with Chinese clients and suppliers. In some cases, transactions are routed through Hong Kong. The […]

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ForkLog 10 17.05.2024

China Expands e-CNY Programme to Hong Kong

The Hong Kong Monetary Authority and the People’s Bank of China have announced the expansion of the digital yuan (e-CNY) usage in the autonomous region. According to the regulators’ statement, Hong Kong residents can now top up their wallets through 17 retail banks in the jurisdiction and conduct financial transactions with the asset in pilot […]

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ForkLog 19 15.05.2024

Chinese Authorities Dismantle Underground Bank Handling $1.9 Billion in USDT

The Municipal Public Security Bureau of Chengdu, Sichuan Province, with the assistance of colleagues, has halted the operations of an underground cryptocurrency bank that provided financial services to smugglers and those seeking to transfer assets abroad. This was reported by local media. To evade national currency oversight, the suspects utilized USDT in their operations, conducting […]

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ForkLog 7 13.05.2024

Chinese Authorities Uncover $295 Million Cryptocurrency Laundering Scheme

Chinese police have uncovered an underground banking scheme that utilised digital assets for the illicit exchange of yuan and South Korean won amounting to $295.8 million. Local media reported the arrest of six suspects in Jilin province in the northeast of the country. Authorities seized numerous bank cards and other “criminal tools” from the suspects. […]

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ForkLog 9 13.05.2024

Challenges in Adoption of China’s Digital Yuan

Some participants in China’s pilot e-CNY programme are hesitant to hold the asset due to various issues. Details were presented in SCMP. Journalists noted that most officials receiving salaries in CBDC rarely use it and convert it to cash. “I prefer not to keep money in the e-CNY app due to the lack of interest […]

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ForkLog 11 06.05.2024

Mainland China May Soon Access Bitcoin ETFs in Hong Kong

Bitcoin ETFs registered in Hong Kong may soon become accessible to investors from mainland China, according to Richard Byworth, managing partner at SyzCapital. I just got back from Hong Kong. There is talk that the ETF could be added to stock connect. The implications for this are absolutely enormous (basically means mainland money can buy […]

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ForkLog 6 01.05.2024

Chinese Authorities Detain Suspected StarkNet Airdrop Thief

Chinese authorities have arrested a man named Lan Mou, suspected of forging personal data to steal StarkNet airdrops, according to local media. He was detained on April 25 in Guangdong province, in possession of a computer and two phones. With the acquired personal information, Mou allegedly impersonated others and submitted over 40 fraudulent requests to […]

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