Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express

Our play roundup of quality from East Asia curates the industry’s astir important developments.

Bitmain allegedly fired unit aft wage complaints

Bitcoin application-specific integrated circuit (ASIC) mining shaper Bitmain has allegedly fired 3 of its employees for speaking to the media regarding the withholding of wage payments by their employer. 

According to section news reports on Oct. 17, citing an alleged interior Bitmain memo, the institution accused 3 unit members of breaching assorted clauses successful their employment contracts for sharing their remuneration connected societal media platforms. The enactment reads: 

“The EMT [Executive Management Team] has decided: (1) Employee Li of merchandise operations and circuit development, is to beryllium fired instantly and blacklisted. (2) Employee Xie of merchandise operations and circuit development, is to beryllium fired instantly and blacklisted. (3) Employee Ding, administrative intern astatine strategical improvement PMT, is to beryllium fired instantly and blacklisted. The intern’s post-secondary instauration shall besides beryllium informed of the incident.”

“In addition, the institution reserves the close to prosecute ineligible enactment against the individuals above,” Bitmain allegedly wrote. “Without authorization by the company, thing tin beryllium said, thing tin beryllium fixed [to outsiders!]”

Bitmain’s alleged layoff announcement (BlockBeats)

On Oct. 9, Cointelegraph reported that Bitmain allegedly paused September wage payments for its unit members arsenic the institution “has yet to execute a nett affirmative currency flow, particularly successful the orders of [new] ASICs.” In addition, employees allegedly look a 50% chopped to their basal salary, with each bonuses and incentives being removed. 

Founded successful Beijing, China successful 2013, Bitmain is 1 of the world’s largest Bitcoin mining ASIC manufacturers, with an estimated 70% marketplace stock during the erstwhile bull marketplace that ended successful 2021. The firm’s Antminer ASIC bid presently leads the manufacture successful presumption of hash complaint computations for mining Bitcoin. Over the past year, respective Bitcoin mining operators person gone bankrupt arsenic the terms of Bitcoin plunged portion energy costs surged. 

Hong Kong investors spooked by JPEX scandal 

Despite efforts to regulate the sector, it appears that immoderate Hong Kong residents person mislaid their assurance successful crypto aft the largest Ponzi strategy successful the city’s history, the $175 cardinal JPEX crypto speech scandal, unfolded past month. 

According to a caller survey published by the HKUST Business School Central connected Oct. 17, 41% of Hong Kong residents are nary longer funny successful holding crypto assets, a crisp emergence of 12% compared to earlier the JPEX incident. The survey featured 7,900 respondents and was conducted betwixt April and October. 

JPEX booth advertisement posted the time earlier the speech was raided by police. (Facebook)

The survey besides revealed that 84% of Hong Kongers person heard of crypto, with 27% of respondents claiming they either clasp integer assets present oregon were antecedently crypto investors. For those investing successful crypto, implicit 80% said they would not put implicit 50,000 Hong Kong dollars ($6,390) into the sector. Interestingly, 57% of respondents said they understood that crypto exchanges indispensable get a licence earlier operating successful Hong Kong, an summation of 15% compared to earlier the JPEX ungraded unraveled. 

Wu Huang, a prof astatine HKUST Business School Central, commented: 

“We anticipation that the results of this survey tin supply manufacture stakeholders with much perspectives to assistance physique a dependable virtual plus industry. As virtual assets play an progressively important relation successful the integer economy, determination is simply a request to fortify acquisition efforts to marque the nationalist amended Understand the risks and imaginable of this emerging field.”

Last month, JPEX unit fled their firm booth astatine Singapore’s Token2049 lawsuit aft the Hong Kong Securities and Futures Commission issued a informing regarding the exchange’s unregulated activities. Subsequently, Hong Kong constabulary arrested much than 10 firm executives and influencers connected to the speech connected charges of fraud. The JPEX ungraded has since grown to implicit 2,300 victims, with losses estimated astatine $175 million. The speech was unlicensed astatine the clip of the incident. 

“Factually inaccurate” quality study wipes retired $54 cardinal successful marketplace cap

When it comes to reporting, Cointelegraph has seen some blunders implicit the years. That said, fake quality is simply a occupation crossed the industry. 

Unfortunately, investors who bought BC Technology banal based connected the divestiture euphoria were not truthful happy. After publishing the clarification statement, shares of BC Technology tanked 22% during the trading day, wiping disconnected $54 cardinal successful marketplace capitalization. “Shareholders of the Company and imaginable investors are advised to workout caution erstwhile dealing successful the shares of the Company,” absorption wrote. 

Bitget’s caller crypto recognition card

Joining the likes of its peers, cryptocurrency speech Bitget is launching its ain crypto-fiat recognition card. According to an Oct. 16 announcement during the Future Blockchain Summit successful Dubai, the Bitget Card, issued by Visa and backed by integer assets successful users’ accounts and wallets, volition beryllium denominated successful U.S. dollars and volition beryllium accepted successful implicit 180 countries. 

Although galore exchanges person rolled retired their ain crypto debit oregon recognition cards, immoderate person seen pushback from outgo processors. On Aug. 25, Mastercard said it would end its cryptocurrency paper partnership with Binance successful Latin America. Although the steadfast did not mention a circumstantial reason, experts person pointed to Binance’s caller regulatory scrutiny arsenic the underlying cause.