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This weekly news summary from China, Taiwan, and Hong Kong attempts to plan the most important news in the industry, including influential projects, changes in the regulatory environment, and enterprise blockchain integration.
Top of the food chain
For anyone in the crypto industry, this may not come as a surprise, but Binance founder CZ has been crowned the richest Chinese in the world. This list appeared in Beijing’s financial publication Caijing.
CZ is believed to have a net worth of approximately US$90 billion, which greatly exceeds the former China’s richest man Zhong Shanshan, who is a bottled water tycoon worth approximately US$66 billion. CZ’s source of wealth is listed as Binance. This company has no agreement with Chinese regulators and is now often banned by China’s Internet search engines. In fact, many ordinary Chinese citizens may have never heard of CZ before seeing this list.
Interestingly, CZ’s location is listed as Singapore, making him the only person in the top five who is not in China. The irony is that being on the list may not be worth celebrating for the Chinese, because the super-rich have been severely suppressed this year.
Also in the top five are the founders of ByteDance and electric car battery maker Douyin, and Tencent founder Ma Huateng. The real problem should be that other early crypto whales from China may linger on the fringe of this list, even if their wealth is not known to the public.
The media company BlockBeats released a photo of CZ 4 years ago when Binance began to take shape. The photos in Shanghai show that long before the organization swelled to thousands of members and Binance became a powerhouse in the financial technology field, some early team members were posing in the corridors of the office building.
There is also a young Vitalik Buterin, who is singing Chinese karaoke songs while raising funds for Ethereum. These photos prove that working in the cryptocurrency field for 4 years is very beneficial, but it also makes a person significantly older.
Four years ago, CZ #Binance Busy investment.Ethereum @VitalikButerin Sing Chinese songs in China.
No one will know then @cz_binance Will become the richest man in China #Ethereum Will have such a big impact on the world. pic.twitter.com/hwKX1FZRKJ
— BlockBeats (@BlockBeatsChina) December 1, 2021
The future of SocialFi is only in English
Monaco is the headline news this week. This decentralized social network uses lucrative airdrops to make fun of users. Inviting users, gaining fans, and getting likes are the ways for users to increase airdrop distribution, as well as the ownership of the cartoon yacht NFT from Opensea. This naturally caused a large number of users to register and share their invitation codes in Chinese cryptocurrency channels on social media.
After registration, pornographic and sexually explicit content became a simple way for users to attract attention and likes, leading one user to point out that the platform should be classified as PornFi, not SocialFi. The biggest change is that Monaco announced on Twitter that only English content will be included in content mining:
“Please note that only English content is counted as content mining, and content quality is also a key aspect of content mining measurement. Spam and advertisements that are not organically created will not be included in content mining.”
This received more than 500 comments on Twitter, and many Chinese users responded angrily. When the user pointed out that the code base returned an error message in Chinese, another change was quickly discovered. A Whois database search even revealed that the company was registered in Beijing, which further amused users, or in some cases angered them.
Despite the early PR difficulties, Monaco is becoming an interesting participant in the SocialFi field. With the support of the famous Three Arrows Capital, the social media network allows users to register and show off their NFT collections simply by using the MetaMask wallet. With the massive publicity of Metaverse and SocialFi applications worldwide, Monaco may be able to use clever token economics and a smooth user experience to develop an active user base.
Huobi Headlines
On November 30th, Du Jun, the founder of Huobi Tell Bloomberg believes Huobi Group chose Singapore as its regional headquarters. After leaving China, the legendary road of communication has been bumpy. On November 25, Huobi launched MonoX Finance’s MONO token on Huobi Primelist, which is a launch pad for a new token. Five days later, the MonoX smart contract platform was stolen by hackers worth 31 million U.S. dollars worth of ETH and other tokens. Needless to say, new MONO buyers on Huobi will not be happy to see the token price drop by more than 30% in the first week of existence.
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