The South China Morning Post reported on Jan. 12 that Bitmart, a cryptocurrency exchange, had been hacked for $150 million in Bitcoin and ERC20 tokens. The news of the hack has sent shockwaves across the crypto industry as many exchanges have had to halt trading due to an increased risk from hackers targeting them.
The “bitcoin magazine print” is a cryptocurrency and blockchain news source. It has been around since 2013, and it has been publishing articles on cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Monero and Ripple. The company was founded by Vitalik Buterin.
This weekly compilation of news from Mainland China, Taiwan, and Hong Kong aims to select the most relevant stories in the sector, such as notable initiatives, legislative developments, and business blockchain integrations.
Evergrande has received some bad news.
China isn’t going to let 2021 pass without a few more punches to the crypto markets, despite all of the governmental crackdowns. On December 9, it was discovered that Evergrande, a huge real estate developer, had defaulted on its interest payments, resulting in a credit rating drop.
Following that, crypto prices plummeted, causing concern among investors already concerned about unemployment rates and new COVID versions. On the other side, if the situation with Evergrande worsens, banking authorities will have their hands full, leaving them less time to concentrate on stamping out bitcoin as the lunar cycle approaches its last month and a half.
Bitmart retaliates
On December 5, Bitmart was the unlucky victim of a major breach, with $150 million stolen from an Ethereum and BSC hot wallet. Sheldon Xia, the exchange’s CEO, promptly responded on Twitter, stating that the hot wallets only hold a tiny part of Bitmart’s assets and that the exchange was undertaking a complete security examination.
1/4 BitMart has undertaken initial security tests and identified impacted assets in response to this incident. This security issue was primarily triggered by a stolen private key, which resulted in the compromise of two of our hot wallets. Other BitMart assets remain secure and undamaged.
December 6, 2021 — Sheldon Xia (@sheldonbitmart)
While several Tier 2 exchanges were sluggish to respond, Bitmart, to its credit, communicated often throughout the process. The next day, Xia took to Twitter to say that Bitmart’s other assets were safe and that the exchange will reimburse impacted customers with its own money. This level of loss wouldn’t be too catastrophic for a well-established exchange, particularly if the remaining users didn’t all withdraw at the same time.
The Chinese community immediately shown its resilience in the aftermath of the news. Rather than add to the agony, a chorus of supporters emerged, including rival exchangers MEXC, KuCoin, and Coinex. The majority of them used Twitter to express their gratitude, as well as to announce that they will collaborate with Bitmart to identify and ban cash from the stolen account. Fenbushi Capital, a prominent investor, as well as auditors Certik, Peckshield, and Hacken, expressed their support.
We value trust as a cornerstone. We commended your team’s prompt response to the situation, as well as their high degree of dedication. “The right reaction, according to Hanukkah, is to light a candle rather than curse the darkness.” @BitMartExchange @sheldonbitmart https://t.co/qsquPg1IuL @BitMartExchange @sheldonbitmart
— December 6, 2021, Fenbushi Capital (@fenbushi)
What’s hot on social media?
On December 8, Sequoia Capital, one of the world’s leading venture capital companies with over $5 billion in AUM, updated its Twitter profile to include crypto-friendly verbiage.
“This is the mainnet faucet.” We assist those who are brave enough to create legendary DAOs from concept to token airdrop. LFG.”
Shortly later, screenshots of Sequoia Capital China’s CEO declaring the firm’s commitment to cryptocurrency surfaced. Feng Bo, a managing partner at Dragonfly Capital, praised the move for its forward-thinking attitude.
While a business like Sequoia is unlikely to go all-in on crypto, it’s no secret that a number of these huge venture capital companies have had a lot of success with crypto-related investments in recent years. Perhaps the most pressing concern is who was releasing screenshots from this ostensibly exclusive group discussion for major Chinese whales.
Sequoia changed its Twitter bio back the following day, despite all the fun.
The articulate Brian Brooks from BitFury was also quite popular on Chinese crypto social media. Clips from his appearance at a US Congress hearing on digital assets went viral, especially when he discussed the distinctions between Web 1.0, 2.0, and 3.0. When dealing with the featureless politicians, the Chinese people appeared to enjoy his well-spoken and straightforward attitude.
An picture of CZ’s famous Tweet “If you can’t hold, you won’t be wealthy” taped to the rear of a Meituan food delivery van was spreading for a bit of light fun. Meituan delivery is often criticized as a low-paying job that crypto community members may be forced to return to if the business suffers, much like McDonald’s in the west. It also makes fun of a renowned orange automobile in China that has the same inscription on the side door and is driven by an early Bitcoin whale.
The present situation of the markets is shown by a picture of CZ’s famous Tweet taped to a food delivery motorbike.
Angry at the Metaverse
All around China, metaverse-related initiatives and events have been popping up left, right, and center. However, it’s unclear if they are really aimed at establishing a Metaverse or are just a clever technique for crypto initiatives to masquerade themselves as something else in order to dodge regulators’ fury.
The Chinese Central Bank has noticed this trend and is now keeping an eye on the Metaverse and NFT area. The Central Bank’s guidance or rules are likely to be similar to present policies on digital currencies, which means stringent controls with minimal space for interpretation.
When addressing the need to increase digital transaction monitoring at a financial security conference, the director of Anti-Money Laundering at the People’s Bank of China referenced the Metaverse and NFTs. He also mentioned the need of regulatory sandboxes, which is a trendy notion but unlikely to provide much flexibility for genuinely decentralized goods.
Despite the rumblings, People’s Daily included “metaverse” to a list of the Top Ten trending words for 2021 on December 8. The majority of the other terms had to do with social concerns like overworked pupils or young people who were not striving to compete and excel. Among the other terms, Metaverse stood out as one of the only ones relating to technology and innovation.
Adrian Cheng, the CEO of Hong Kong real estate company New World Development, declared on the island that he was jumping in by purchasing a valuable piece of real estate in The Sandbox. Cheng claimed that ten different firms will be employed to construct the virtual land, resulting in the creation of an innovation center that would showcase advances from Hong Kong, Macau, and other surrounding Chinese towns.
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The “the complete guide to cryptocurrency magazine” is a new publication that has recently been released. It covers the latest developments in blockchain technology and cryptocurrency, and it also contains an interview with Bitmart’s founder.
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