$ 130 million hack arouses suspicions, Chinese miners go to Laos, Huobi’s moon mission &

This weekly news aggregator from mainland Chinese, Taiwan, and Hong Kong seeks to curate the top industry news, including impactful projects, regulatory landscape changes, and integration.

It’s been a quiet week on the mainland as much of the Chinese crypto community is either at rock bottom, shutting down in Lisbon, or recovering from a week of hangover after Shanghai Blockchain Week that ended last weekend.

The biggest blockchain-related news is the $ 130 million hack of the DeFi Boy X high-speed platform, or Chart for short. The chart is a decentralized exchange that runs on BSC, Ethereum, HECO and OKEx.

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The type of hack is more specific than the name of the platform. It seems that the attacker somehow gained access to the admin key, which raises many questions about the security and decentralization of the project.

With this in mind, and the fact that the Chinese project claims to have enlisted the help of Chinese law enforcement agencies, there are suspicions that it may be an inside job.

The chart has offered a whopping $ 10 million bounty to those who can help return the money.

Huobi has not given up the mission to the moon

Trading volume on Huobi continues to decline and sometimes lags behind Coinbase Pro and the South Korean exchange, Upbit. Last week, Huobi accounted for about 60% of FTX’s trading volume, but it was about 40% on Wednesday. It’s also about a third the volume of its main competitor OKEx. Huobi is now less than two months from the deadline to close its own Chinese users’ accounts. Huobi must reform itself significantly to regain the market share it has gradually lost on exchanges with lower regulatory risk.

In a strong marketing push, Huobi announced a competition in which a user is sent into space in a private spaceship. Not all details have been published yet, but the announcement is made on the occasion of the exchange’s one-year existence, making it one of the older exchanges in the industry.

PlatOn announces partnership with Google Cloud

One of China’s major public chains announced on Twitter that it is partnering with major cloud service provider Google Cloud:

“We will work together to provide global users with basic enterprise-class application technology and platform services, as well as research and development in blockchain technology, data protection and ecosystem building.”

The announcement didn’t get much attention as it is unclear how much response actually came from the end of Google Cloud. Despite the announcement, the token fell about 6% on Thursday.

Mining in Southeast Asia

The Southeast Asian country of Laos is mining cryptocurrency after China’s mining raid. ONE Pilot projects between the government and the private sector is expected to bring in about $ 194 million to the country’s projected total domestic revenue by 2022.

Laos shares a small southern border with the Chinese province of Yunnan, an area from which many miners are still fleeing. note from the Yunnan Energy Administration in June specified the national policy that would apply to Yunnan itself.

Contacts report that although many miners have left China, some of it is still at a low level, waiting to see if the regulatory environment changes or better opportunities arise. Countries like Laos are potentially interesting travel destinations as the regulations are still quite vague. Traditionally, Southeast Asia has been home to many Chinese “overseas” businesses, such as gambling or casinos, that attempt to circumvent regulations or law enforcement.

CBDC increases traction

China’s central bank again brag on the pull of its centralized digital currency e-CNY. The announcement at Hong Kong Fintech Week shows that more than 140 million people now have access to accounts and over 62 billion transactions have been processed.

This is a huge leap from last year and should come as no surprise given the number of pilot programs that have been rolled out across the country. Many restaurants and franchise retailers have promoted e-CNY at outlets across the country.

It looks like that number will continue to grow, challenging the privacy apps Alipay and WeChat, both of which inquiry more than 1 billion users each. Replacing these two would be a difficult task, largely due to the feature rich nature of Super app. However, the central bank currency certainly has more patience and the benefit of regulatory policies could tip the market in their favor.