A Chinese worker has been fined 1.06 million yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of his remote work routine for a foreign employer. The individual, who worked as a consultant between 2019 and 2022, used a VPN to access sites such as GitHub, Zoom, and Twitter. However, Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites like Google and Facebook. The fine has raised concerns in China’s IT and Web3 circles, where VPNs are commonly used for remote work tasks.
In an effort to boost digital currency adoption, the City of Hangzhou in China has airdropped 10 million digital yuan, equivalent to $1.37 million, to incentivize food and beverage spending during the 19th Asian Games. The e-CNY airdrop is available to anyone within the municipality of Hangzhou and can be used on food delivery platforms. The vouchers, which are denominated in e-CNY, provide reimbursements of up to 20% to 30% of the value of food items after purchase. The airdrop will continue until the balance is emptied, and the vouchers are only valid for five days.
Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX, which is believed to be involved in the largest alleged Ponzi scheme in Hong Kong’s history. The police have received over 2,392 complaints claiming a total loss of 1.5 billion Hong Kong dollars ($191.6 million) in the scheme. As part of their investigation, the police have seized 8 million HKD ($1 million) in cash and frozen bank accounts worth 77 million HKD ($10 million). JPEX was previously warned by the Hong Kong Securities & Futures Commission for being an unlicensed exchange.
After falling victim to a $70 million wallet hack orchestrated by North Korea’s Lazarus Group, Hong Kong crypto exchange CoinEx has announced its intention to resume services. CoinEx has already resumed deposits and withdrawals on 190 cryptocurrencies, including Bitcoin and Ethereum. The exchange has implemented a new wallet system and updated the deposit addresses of all crypto assets to prevent further security breaches. The stolen funds will be covered by the CoinEx User Asset Security Foundation, and the company has offered a bounty for the return of the stolen funds.
Chinese tech conglomerate Alibaba is looking to launch its own wallet service. Alibaba’s Cloud subsidiary has partnered with crypto custodian Cobo to create an enterprise wallet-as-a-service solution, which will integrate crypto wallets into software through APIs and SDKs. The collaboration aims to set new standards in security, performance, and accessibility of digital wallet infrastructure for Web3. Cobo has partnerships with over 500 institutions and holds billions of digital assets in custody through its wallet solutions. The move by Alibaba reflects the growing interest in digital wallets and the integration of cryptocurrencies into mainstream platforms.
Overall, these developments from East Asia highlight various aspects of the region’s engagement with technology and digital currencies. The Chinese worker’s fine for using a VPN demonstrates the ongoing tension between individuals seeking internet freedom and the Chinese government’s efforts to control online access. The digital yuan airdrop in Hangzhou showcases China’s push to promote its central bank digital currency and boost adoption. The Ponzi scheme involving JPEX reflects the challenges and risks associated with the crypto industry in Hong Kong. CoinEx’s resilience in the face of a significant hack demonstrates the need for robust security measures in the crypto space. Finally, Alibaba’s entry into the digital wallet market reflects the growing interest in cryptocurrencies and the integration of blockchain technology into various industries.
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