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Asia Express: Bitcoin Miner Receives Life Sentence, China Introduces Rewards for Crypto Companies

Asia Express: Bitcoin Miner Receives Life Sentence, China Introduces Rewards for Crypto Companies

– HashKey Hong Kong, the first licensed virtual asset provider in Hong Kong, will open its doors for retail trading on August 28. Investors will be limited to investing up to 30% of their net worth into cryptocurrencies on the platform.

– China is cracking down on private blockchain firms operating within its borders, with reports suggesting that blockchain projects have bounties on their heads. Third-party tracking firms tip off the police on undercover crypto projects, leading to arrests and asset forfeitures. Crypto executives are then intimidated into handing over private keys and access to servers.

– Despite the crackdown on private crypto activities, government-led blockchain efforts in China are thriving. The first digital yuan central bank digital currency green bond was issued with a principal amount of 100 million Chinese yuan ($14 million) to finance a solar panel facility expansion project.

– The US Federal Bureau of Investigation (FBI) has identified 1,580 BTC ($41 million) stolen by North Korean hackers from various projects. The FBI warns private sector entities to be vigilant in guarding against transactions with the identified wallets.

– Yi Xiao, a former vice chairman of the Jiangxi Provincial Political Consultative Conference Party Group, has been sentenced to life in prison for corruption and abuse of power in a Bitcoin mining enterprise. Xiao operated a $329 million Bitcoin mining enterprise and used his public office to secure subsidies and electricity supply for the company.

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