The US$130 million hacking aroused suspicion, and Chinese miners went to Laos for Huobi’s moon mission – Cointelegraph Magazine


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.

On the mainland, it was a quiet week, because after the Shanghai Blockchain Week, which ended last weekend, most of the Chinese crypto community were either in a low position in Lisbon or recovered from a week-long hangover.

The biggest news related to the blockchain is that the DeFi platform Boy X Highspeed (BXH for short) was attacked by a $130 million hacker. BXH is a decentralized exchange running on BSC, Ethereum, HECO and OKEx.

What is more peculiar than the name of the platform itself is the nature of the hacker attack. The attacker seemed to gain access to the management key in some way, which caused a lot of questions about the security and decentralization of the project.

Based on this and the Chinese project’s claim to be helped by Chinese law enforcement, some people suspect that this may be the result of internal work. BXH offers huge bonuses of up to 10 million U.S. dollars to those who can help return funds.

This reward announcement was later announced on BXH Twitter

Huobi will not give up the mission to the moon

Huobi’s trading volume continued to decline, sometimes lagging behind Coinbase Pro and South Korean exchange Upbit. Huobi accounted for approximately 60% of FTX trading volume last week, but it was approximately 40% of trading volume on Wednesday. It is also about one-third of the trading volume of its main competitor OKEx. Huobi is now less than two months away from the deadline for closing accounts belonging to Chinese users. Huobi will need a substantial restructuring to win back the market share that is gradually lost to exchanges with less regulatory risks.

Even if the transaction volume drops, it is difficult to bet against the long-term giants of CeFi

Driven by strong marketing, Huobi announced a competition to invite a user to take a private spacecraft into space. Not all details are provided, but the announcement was made on the occasion of the exchange’s eighth anniversary, making it one of the industry’s older trading institutions.

PlatOn claims to have a partnership with Google Cloud

One of China’s relatively low-key public chains announced on Twitter to cooperate with Google Cloud, a large cloud service provider:

“We will jointly provide global users with basic application technology and enterprise-level platform services, as well as blockchain technology research and development, privacy protection and ecological construction.”

The announcement did not arouse much attention, because it is not clear how many actual returns Google Cloud ultimately produced. Despite the announcement, the token fell by approximately 6% on Thursday.

Southeast Asia Mining

After China cracked down on the mining industry, the Southeast Asian country Laos is exploring the cryptocurrency mining industry.A sort of Pilot project The cooperation between the government and the private sector is expected to bring about US$194 million in revenue to the country’s total domestic revenue in 2022.

Laos shares a small southern border with China’s Yunnan Province, where many miners are still leaving This announcement The Yunnan Energy Bureau made it clear in June that the national policy will apply to Yunnan itself.

Contacts report that although many miners have left China, there are still some miners in low positions, waiting for changes in the regulatory environment or better opportunities. Countries like Laos are interesting potential destinations because the regulations are still vague. Traditionally, Southeast Asia is home to many Chinese “offshore” companies, such as gambling or casino games that seek to circumvent regulation or law enforcement.

CBDC gains traction

China’s central bank again Brag Regarding the attractiveness of its centralized digital currency e-CNY. The Hong Kong Fintech Week announcement showed that more than 140 million people have access to accounts and more than 62 billion transactions have been processed.

This is a big improvement compared to the previous year, which should not be surprising considering the number of pilot projects launched nationwide. Many franchised restaurants and retailers have already promoted e-CNY on point-of-sale devices across the country.

This number seems to continue to rise, challenging the private applications Alipay and WeChat, these two claim Each user exceeds 1 billion.Supplementing the two will be a daunting task, mainly due to Super appHowever, the central bank currency certainly has more patience and the advantage of supervisory policy makers, which can tilt the market in its favor.





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