This weekly roundup of reports from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most necessary information, together with influential initiatives, modifications within the regulatory panorama, and enterprise blockchain integrations.
It was a quiet week within the mainland as a lot of the Chinese language crypto neighborhood was both mendacity low, off in Lisbon, or recovering from a week-long hangover following the Shanghai Blockchain Week that concluded over final weekend.
The most important blockchain-related information was the $130 million hack of DeFi platform Boy X Highspeed, or BXH for brief. BXH is a decentralized alternate operating on BSC, Ethereum, HECO, and OKEx.
🚨🚨We’re sorry to announce that BXH was attacked on #BinanceChain. Different chains property are protected.
We’re cooperating with BSC and Peckshield to observe up and hint.#BXH @HECO_Chain @BinanceChain @AnyswapNetwork @O3Swap @renprotocol @cz_binance @peckshield pic.twitter.com/jNo8C53DM0
— BXH (@BXH_Blockchain) October 30, 2021
Much more peculiar than the platform’s identify itself is the character of the hack. It seems that the attacker someway gained entry to the admin key, which ends up in loads of questions in regards to the safety and decentralization of the venture.
Based mostly on this and the truth that the Chinese language venture claims to have enlisted the assistance of Chinese language legislation enforcement, there are suspicions it might be the results of an inside job. BXH has provided a big bounty of as much as $10 million for individuals who can assist return the funds.
Huobi not giving up on moon mission
Volumes on Huobi continued to drop, at occasions falling behind Coinbase Professional and Korean alternate Upbit. Final week Huobi was roughly 60% of the amount on FTX, nevertheless it sat on Wednesday at round 40%. It’s additionally round one-third the amount of main competitor OKEx. Huobi is now lower than two months away from its personal deadline to shut accounts belonging to Chinese language customers. Huobi might want to dramatically reshuffle to win again the market share it has slowly misplaced to exchanges with fewer regulatory dangers.
In a powerful advertising push, Huobi has introduced a contest to ship one consumer into house onboard a personal spacecraft. Not all the main points got, however this announcement comes because the alternate celebrates its eigth anniversary, making it one of many older buying and selling establishments within the sector.
PlatOn claims a partnership with Google Cloud
Certainly one of China’s extra low-key public chains introduced on Twitter it’s partnering with the massive cloud service supplier Google Cloud:
“We’ll work collectively to supply fundamental software expertise and enterprise-level platform providers for world customers, in addition to the analysis and improvement in blockchain expertise, privateness safety, and ecosystem constructing.”
The announcement didn’t achieve a lot consideration, because it’s unclear how a lot precise reciprocation is going on from Google Cloud’s finish. Regardless of the announcement, the token was down round 6% on Thursday.
Mining in Southeast Asia
The Southeast Asia nation of Laos is exploring cryptocurrency mining within the aftermath of China’s mining crackdown. A pilot project between the federal government and the non-public sector is anticipated to herald roughly $194 million in the direction of the nation’s complete home income projected for 2022.
Laos shares a small southern border with China’s Yunnan province, an space the place a whole lot of miners are nonetheless leaving following the announcement from the Vitality Administration of Yunnan in June that clarified the nationwide coverage would apply to Yunnan itself.
Contacts report that although a whole lot of miners have left China already, a portion has been laying low, ready to see if the regulatory setting modifications or a greater alternative presents itself. Nations like Laos are attention-grabbing potential locations as laws are nonetheless fairly ambiguous. Historically, Southeast Asia has been house to a whole lot of China’s “offshore” companies, resembling playing or on line casino video games looking for to keep away from laws or legislation enforcement.
CBDC gaining traction
China’s central financial institution is as soon as once more boasting in regards to the traction of its centralized digital forex, the e-CNY. Bulletins at Hong Kong’s Fintech week revealed that now greater than 140 million individuals have entry to accounts, with over 62 billion transactions processed.
This can be a massive bounce from the earlier yr and will come as little shock contemplating the quantity of trial packages which have been rolled out across the nation. Many franchise eating places and retailers are already promoting e-CNY at level of sale units all through the nation.
It appears possible that quantity will proceed to rise, difficult non-public apps Alipay and WeChat, each of which claim over 1 billion customers every. Supplanting these two will likely be a tough process, primarily because of the feature-rich nature of the super-apps. Nevertheless, the central financial institution forex absolutely has much more persistence and the benefit of regulatory policy-makers that may tilt the market in its favor.