Chinese Crypto Scam Uncovered in the Philippines after Police Raid

Chinese Crypto Scam Uncovered in the Philippines after Police Raid

The local authorities in the Philippines have reportedly raided the offices of an alleged cryptocurrency scam and arrested the scammers who were targeting investors in China. According to a Sept. 15 report by local news outlet Inquirer, the raid was initiated by the agents from the Bureau of Immigration, the Presidential Anti-Corruption Commission and the National Police’s Integrity Monitoring and Enforcement Group, and targeted the offices of Grapefruit Services Inc. on the 37th floor of…

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Chinese Police Raids the Offices of the Crypto Project GXChain

Chinese Police Raids the Offices of the Crypto Project GXChain

GXChain is a Chinese cryptocurrency project founded in 2016. Recently it was targeted by China’s police, which resulted in the sealing of GXChain offices in Hangzhou. The news broke out initially when Davey Wan, the CEO of the crypto asset holding company Primitive Ventures, tweeted on September 11th that Chinese police has “clamped down” on the high-profile crypto project GXChain. Wan states that GXChain started as one of the first Chinese initial coin offerings (ICOs)…

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Facebook Considers Dollar, Euro, Pound, Yen as Libra Backings; Yuan Excluded

Facebook Considers Dollar, Euro, Pound, Yen as Libra Backings; Yuan Excluded

Facebook is in new rounds of talks focused on discussing potential backings for its digital currency Libra. It was recently reported that Facebook has informed U.S. senators that it might not consider the Chinese Yuan as a potential contender for a backing of the cryptocurrency Libra. Facebook has submitted details of its discussions to a list of U.S. senators who were concerned about the possibility of Facebook adding the Chinese Yuan to its traditional currency…

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Tether Announces its New Stablecoin to Support Chinese Yuan

Tether Announces its New Stablecoin to Support Chinese Yuan

The popular stablecoin issuer, Tether (USDT), has announced that it plans on launching a new stablecoin, CNH₮, backed by the offshore Chinese yuan. CNH₮ will run on top of the Ethereum blockchain as an ERC-20 token. In a blog post, Tether stated that CNH₮ represents a further expansion of the organization’s ability to embrace and facilitate the use of traditional currencies such as the USD and the Euro. The ERC-20 token will initially be available…

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South Korea’s Kakao Considers Listing Klay Cryptocurrency on Chinese Exchange

South Korea’s Kakao Considers Listing Klay Cryptocurrency on Chinese Exchange

The renowned internet company Kakao, known as one of the largest conglomerates in South Korea, is looking to list its cryptocurrency Klay on one of China’s exchanges and add it to its impressive list of products in the financial sector. The conglomerate, which already has an admirable reputation in the financial world, launched its blockchain platform in June, and its subsidiary Ground X is focusing on a possible wallet termed Klip wallet. While the initial…

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Bitcoin and Gold Attract More Investors as US-China Trade War Intensifies

Bitcoin and Gold Attract More Investors as US-China Trade War Intensifies

As two largest world powers, the US and China, tussle for economic hegemony, investors are drawing closer than ever to Bitcoin(BTC)trade and gold to shelter themselves from the turbulent stock market, a recent report from the US-based multi-asset investment firm eToro, said. On August 26, an article was published by The London Economic which contained data from eToro, showing that retail investors were betting their capital on both Bitcoin and gold. Both are standards of…

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7 Major Businesses Will Initially Receive China’s State-Sponsored Cryptocurrency

7 Major Businesses Will Initially Receive China’s State-Sponsored Cryptocurrency

China is expected to launch its first state-backed cryptocurrency in few months. Now it has been reported that with the backing of the Central Bank of China, this digital currency will be first received by 7 different institutions. Former employee of China Construction Bank, Paul Schulte, has said that the Industrial and Commercial Bank of China, Bank of China, the Agricultural Bank of China, Alibaba, Tencent and Union Pay will be the first ones to…

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Analysis: China’s State-Sponsored Cryptocurrency to Disrupt the Mobile Payment Market

Analysis: China’s State-Sponsored Cryptocurrency to Disrupt the Mobile Payment Market

After witnessing the success of digital currencies throughout the world, the People’s Bank of China is getting ready to launch a state-sponsored digital currency, and according to new analysis, it may overtake the mobile payment market from Alipay and WeChat Pay. The world is slowly moving towards online channels for payment transactions. We have already seen some major projects developed under the light of these trends such as Facebook’s upcoming cryptocurrency Libra. To keep a…

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Allegation: Plus Token Crypto Ponzi Scam Stole $3.2 Billion in Bitcoin & Ethereum

Allegation: Plus Token Crypto Ponzi Scam Stole $3.2 Billion in Bitcoin & Ethereum

A little-known Chinese cryptocurrency Ponzi scheme might be cashing out billions of dollars, which was looted through a scam called “Plus Token” from people from China, Japan and South Korea. Another crypto scam has recently come into the limelight when the venture capitalist Dovey Wan tweeted about Plus Token, a failed Chinese cryptocurrency. According to Wan, this China-based Plus Token is a crypto Ponzi scheme and it might be liquidating portions of a reported $3.5…

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China’s State-Controlled Cryptocurrency Is About to be Launched

China’s State-Controlled Cryptocurrency Is About to be Launched

China is finally ready to roll out its official virtual currency which is believed to be some middle ground answer to the state’s anti-crypto crusade. Having been on the anti-crypto end for a while now, it might come as a shock to hear that the Chinese government is actually for crypto after all – just not the conventional crypto coins. The China Crypto project started some years back, just when the crypto craze was at…

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