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A $130M hack on the Bancor Network has raised suspicions that it was an inside job. However, there is no proof of this and many believe that someone could have exploited a weakness in the code to do it. Meanwhile, Chinese miners are looking for greener pastures outside China with Laos being one possibility. Lastly, Huobi announced its plans to send cryptocurrency engineers into space next year as part of their lunar mission project
The “cointelegraph fantom” is a cryptocurrency that has been created by the Cointelegraph team. It is intended to be used as a payment method for articles on the Cointelegraph website.
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.
The Chinese crypto community was mostly silent last week on the mainland, as many members were either on vacation in Lisbon or suffering from a week-long hangover from the Shanghai Blockchain Week, which ended last Saturday.
The $130 million breach of DeFi platform Boy X Highspeed, or BXH for short, was the biggest blockchain-related story. BXH is a decentralized exchange that uses BSC, Ethereum, HECO, and OKEx as its main currencies.
We regret to inform you that BXH has been assaulted on #BinanceChain. The assets of the other chains are secure. We’re working with BSC and Peckshield to track out and follow up on leads. @HECO Chain @BinanceChain @AnyswapNetwork @O3Swap @renprotocol @cz binance @peckshield #BXH @HECO Chain @BinanceChain @AnyswapNetwork @O3Swap @renprotocol @cz binance @peckshield pic.twitter.com/jNo8C53DM0
30 October 2021 — BXH (@BXH Blockchain)
The nature of the hack is even more strange than the platform’s name. It seems that the attacker acquired access to the admin key in some way, raising concerns about the project’s security and decentralization.
This, along with the fact that the Chinese initiative claims to have engaged the assistance of Chinese law enforcement, raises the possibility of an inside job. BXH has offered a substantial reward of up to $10 million to anybody who can assist in the recovery of the cash.
This award was subsequently publicized on the BXH Twitter account.
Huobi is not abandoning its moon expedition.
Huobi’s volume has continued to decline, with the Chinese exchange behind Coinbase Pro and the Korean exchange Upbit at times. Huobi accounted for around 60% of FTX volume last week, while it was around 40% on Wednesday. It also accounts for almost one-third of the volume of OKEx, a key rival. Huobi is now less than two months away from its own deadline for Chinese customers’ accounts to be closed. Huobi will have to reorganize radically if it wants to reclaim market share lost to exchanges with lower regulatory concerns.
Even with dropping volume, it’s difficult to bet against CeFi’s long-term dominance.
Huobi has launched a contest to send one user into space aboard a private spaceship as part of a big marketing push. Although not all of the specifics were disclosed, the news coincides with the exchange’s eigth anniversary, making it one of the industry’s oldest trading organizations.
PlatOn claims to have a Google Cloud collaboration.
On Twitter, one of China’s most low-key public chains announced a partnership with Google Cloud, a prominent cloud service provider:
“We will collaborate to deliver fundamental application technology and enterprise-level platform services for worldwide consumers, as well as blockchain technology, privacy protection, and ecosystem building research and development.”
The news drew little notice since it’s unclear how much genuine reciprocation Google Cloud is providing. The token was down roughly 6% on Thursday despite the news.
Southeast Asia’s mining industry
Laos, a nation in Southeast Asia, is looking into cryptocurrency mining in the wake of China’s mining crackdown. A pilot initiative involving the government and the business sector is estimated to contribute $194 million to the country’s projected total domestic income in 2022.
Laos has a tiny southern border with China’s Yunnan province, where many miners have continued to flee after the Energy Administration of Yunnan said in June that the national policy would apply to Yunnan alone.
According to sources, although many miners have already left China, others have been hiding out, waiting for the legal climate to shift or a better chance to present itself. Laos, for example, is an intriguing possible location since the restrictions are still a little hazy. Many of China’s “offshore” companies, such as gambling or casino games, have traditionally been based in Southeast Asia to escape restrictions and law enforcement.
CBDC is gaining popularity.
China’s central bank is bragging about the popularity of its controlled digital currency, the e-CNY, once again. More than 140 million users already have accounts, with over 62 billion transactions conducted, according to announcements made during Hong Kong’s Fintech week.
This is a significant increase over the previous year, which is unsurprising given the number of trial programs that have been implemented around the nation. e-CNY is already being advertised at point of sale devices around the nation by several franchise restaurants and stores.
It seems that this figure will continue to climb, posing a threat to private applications Alipay and WeChat, which both have over 1 billion users. It would be tough to dethrone those two, owing to the super-apps’ feature-rich nature. The central bank currency, on the other hand, has a lot more patience and has the benefit of regulating policymakers who can sway the market in its favor.
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