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Asia Express: Unveiling the True Motive Behind China's Cryptocurrency Crackdown and a Judge's Regrettable Oversight

Asia Express: Unveiling the True Motive Behind China’s Cryptocurrency Crackdown and a Judge’s Regrettable Oversight

– Mr. Chen, a Chinese individual, was sentenced to nine months in prison for helping his friend purchase Tether (USDT) and earning a commission. Chinese authorities considered this act to be money laundering.

– Chinese authorities attribute their tough stance on crypto to data theft and the use of crypto for money laundering, as well as their strict capital control rules.

– Chinese police have been cracking down on crypto projects and their founders, with allegations of intimidation and seizure of funds.

– The Chinese government is supportive of blockchain technology but wants to be in control, as seen in their promotion of the central bank digital currency (CBDC).

– Creditors of Three Arrows Capital (3AC) suffered a setback when a U.S. court ruled that civil contempt rulings against 3AC co-founder Kyle Davies were invalid due to jurisdiction issues.

– 3AC creditors have spent millions in legal fees with limited recovery of assets, and a Singaporean court ruled that Singapore would be the forum for hearing their dispute with DeFiance Capital.

– The co-founders of 3AC also face penalties in Dubai for operating their new exchange without a proper license. The fate of their assets remains uncertain.

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