News

Chinese Tech Giants Tencent and Bytedance Plan Cuts in Their Metaverse Divisions

Coins Legend February 20, 2023 0

According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff adjustments, amidst rumors of hundreds of layoffs in its extended reality division, while

Finance

Targeting the US Dollar’s Hegemony: Russia, China, and BRICS Nations Plan to Craft a New International Reserve Currency

Coins Legend July 24, 2022 0

While inflation data in Europe and the U.S. has risen significantly higher last month, Russia and members of the BRICS countries revealed leaders in the five major emerging economies are in the midst of “creating an international reserve currency.” Analysts believe the BRICS reserve currency is meant to rival the U.S. dollar and the International […]

News

Social Media Users Deride China’s Reported Use of Military Tanks to Intimidate Protesting Bank Customers

Coins Legend July 22, 2022 0

Social media users have slammed China’s reported use of military tanks to intimidate bank customers protesting against the freezing of their savings. Some users claimed the deployment of military tanks exposes the country’s underlying economic problems. Crypto proponents see the issue as a vindication of their long-standing argument. Savings Now Investment Products Some

News

Chinese Tech Giant Tencent to Shut Down NFT Platform Amid Trading Restrictions

Coins Legend July 22, 2022 0

China’s Tencent Holdings plans to shut down its non-fungible token (NFT) platform Huanhe only a year after its launch. The social media giant has reportedly made the decision because of the strict ban on the resale of NFTs imposed by the authorities in Beijing. Huanhe to Close Down a Year After Launch as China Curbs […]

News

Coins Legend July 6, 2022 0

A hacker claims to have stolen the personal data of a billion Chinese citizens from the Shanghai National Police (SHGA) and is selling it for 10 bitcoins. “This database contains many TB of data and information on billions of Chinese citizens.” 23 Terabytes of Data on a Billion Chinese Citizens on Sale for 10 Bitcoins […]

News

China Blockchain Alliance Executives: Virtual Currency the ‘Largest Ponzi Scheme in Human History’

Coins Legend June 29, 2022 0

The chairman of China’s Blockchain Service Network (BSN) Development Alliance Shan Zhiguang, and his colleague, insisted in a recently published op-ed that virtual currency is “undoubtedly the largest Ponzi scheme in human history.” However, they have said the “value of blockchain technology should not be ignored because of virtual currency.” Opinion Piece Claims 90% of

News

Chinese State-Run Media Warns About Bitcoin’s Price Falling to Zero as Regulators Issue Fresh Crypto Warning

Coins Legend June 25, 2022 0

A Chinese state-run newspaper has published an article warning about bitcoin’s price falling to zero amid the crypto market sell-off. Meanwhile, financial regulators in Shenzhen have issued a new warning about cryptocurrency. State-Run Newspaper Warns About Bitcoin Becoming Worthless China’s state-run newspaper Economic Daily published an article warning about bitcoin

Regulation

Virtual Currency-Based Sale Agreement an Invalid Contract, Chinese Court Rules

Coins Legend June 18, 2022 0

A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat […]

Regulation

Director of Listed Chinese Company Embezzles $8 Million, Uses Funds to Purchase Bitcoin Mining Rigs

Coins Legend June 7, 2022 0

A Chinese prosecutor is reported to have given a thumbs up to the arrest of a listed big data company director accused of embezzling $8 million and using the funds to buy bitcoin mining rigs. Although Li Qunnan has denied the allegations, executives insist their evidence implicates him. Director’s Unsanctioned Use of Funds Discovered in […]

News

Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme

Coins Legend May 18, 2022 0

Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million. Virtual Currency Pyramid Scheme Authorities in China’s Rong County, Zigong City, recently prosecuted eight […]