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Tether’s USDT Implicated in $2B Illegal Foreign Exchange Scheme in China – Regulation Coming?
15.5.2024
On May 15, a few people suspected in an underground banking operation were arrested by Chinese police in Sichuan province. They have been charged in facilitating illegal foreign currency transactions involving around $2 billion worth of Tether's USDT.
The post Tether’s USDT Implicated in...
Chinese Police Warn of Rise in CBDC-themed Money Laundering Schemes
22.11.2023
Source: EduardSkorov/Adobe Chinese police say there has been an increase in CBDC-themed money laundering schemes as the digital yuan rollout continues. Per the Dushichen Newspaper Agency (va JSChina), officers in Suining, Sichuan Province, stepped in to thwart a scammer. Detectives explained that...
Chinese Police Bust $140 Million Crypto Money Laundering Ring
21.11.2023
Source: Pexels China’s law enforcement agency in Wuhan arrested 27 individuals involved in a sophisticated crypto money laundering and crime operation involving 1 billion yuan, approximately $140 million. The arrests were made in provinces and cities such as Deyang in Sichuan, Changchun in Jilin...
Sichuan Province of China Targets Metaverse Industry Expansion to Reach $34.4 Billion by 2025
17.8.2023
Sichuan, a southwestern Chinese province, once recognized as a thriving crypto mining hub prior to the national ban on mining, is now looking to expand the metaverse industry.
Sichuan’s government unveiled an ambitious draft action plan with an aim to cultivate the nascent metaverse industry into...
Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme
18.5.2022
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...
Court Decision Voids Crypto Mining Contracts in China, Shuts Down Bitcoin Farms
16.12.2021
A court in Beijing has ruled that three investment agreements for bitcoin mining operations in Sichuan are “invalid.” A compensation claim has been rejected in the case, viewed as an indication that the Chinese judiciary would not provide protection for crypto-related interests....
Geographic Distribution Data Shows US Takes Leading Bitcoin Mining Position After China’s Crackdown
13.10.2021
After China has reigned for a number of consecutive years as the dominant bitcoin mining epicenter of the world, the United States has “taken the leading position in bitcoin mining,” according to new data from Cambridge University. Data Shows US, Kazakhstan, Russian Federation Rule...
Alibaba launches NFT marketplace for copyright trading
17.8.2021
Alibaba has launched a new marketplace allowing trademark holders to sell NFT representing licenses to their copyright
While Chinese Bitcoin Miners Escaped Crackdowns, Sichuan’s Hydropower Plants Were Not So Lucky
2.8.2021
Regional reports from China indicate that government officials have been reviewing over 5,100 small-sized hydropower plants in order to get them to adapt to China’s cleanup and rectification process concerning future energy sources. China has pledged to be carbon neutral and ultimately have...
University of Cambridge Bitcoin Mining Map Shows China’s Hashrate Dropped to 46%
15.7.2021
After the researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project said that the website’s “Bitcoin Mining Map” had not been updated since April 2020, the map has finally been updated. Current data from the mining map shows the coverage goes all the...
Hydropower Stations Up for Sale Amid China’s Crackdown on Crypto Mining
30.6.2021
Small hydropower plants have been put up for sale in China as demand for their cheap energy decreases following the government’s crackdown on crypto miners. Just as with mining rigs, their prices have been going down, leaving owners with limited options to recoup their investments. Ads...
Bitcoin’s Hashrate Drops Below 100 Exahash, Observers Describe China’s ‘Great ASIC Exodus’
23.6.2021
Most of the crypto community has been focused on the developments in China and more specifically, the crackdowns against bitcoin miners in Inner Mongolia, Xinjiang, Qinghai, Yunnan, and Sichuan. On Wednesday morning (EST), Bitcoin’s overall hashrate has continued to drop and is now below...
PBOC Instructs China’s Banks to Forbid All Cryptocurrency Related Activities Immediately
21.6.2021
China’s central bank has sent notice to the country’s financial institutions instructing them to stop dealing with cryptocurrency transactions. The disclosure notes that the People’s Bank of China (PBOC) aims to protect Chinese citizens and “combat the speculation of Bitcoin...
90% of Bitcoin Mining Shutdown in Sichuan, China
21.6.2021
The Chinese government has been cracking down on Bitcoin for a long time now. The latest assault has been the participation of Sichuan province in the move to erase the cryptocurrency mining industry in China. The prohibition of Bitcoin mining in Sichuan was passed on June 20, 2021. Ya’an Energy...
Bitcoin hashrate hits 8-month low as Chinese miners power down
21.6.2021
Bitcoin’s hashrate plummets to roughly 91 EH/s as Sichuan miners close up shop
Sichuan Mining Farms Begin to Shut Down — Seven-Day Stats Show Bitcoin’s Hashrate Plummeting
20.6.2021
The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s...
Miami Mayor Tries to Entice China’s Bitcoin Miners — ‘We Want You to Be Here’
18.6.2021
Miami’s Mayor Francis Suarez told the press on Thursday that his city was open to bitcoin miners from China who are flocking to find new homes. Suarez says he hasn’t actually talked to any miners from China but said he wants them to know the opportunity is there. Miami’s Mayor...
Sichuan ‘Joins Chinese Crypto Crackdown’ as US Woos Middle Kingdom Miners
18.6.2021
The Chinese crypto mining crackdown is starting to gather pace – with some areas rich in hydropower looking to join coal-powered areas in what is increasingly looking like a nationwide shutdown of industrial mining. And the US is using this opportunity to compete.
As previously reported, Sichuan...
Officials in Sichuan Instruct Bitcoin Miners to Shut Down Operations: Report
18.6.2021
According to regional reports, bitcoin miners in Sichuan have been told by the Ya’an municipal government that they have until June 25 to shut down operations. Sichuan has been eyed closely in recent times as it’s estimated that a large demographic of miners are situated in the region....
City in Sichuan reportedly orders crypto miners to shut down for investigation
18.6.2021
Crypto miners in Ya'an City have reportedly been ordered to temporarily shut down their operations