Web3 co-founders playing hide & seek with China's police, Shanghai's big blockchain reveal, South Korea tightening its crypto safety net, and Malaysia introducing a regulatory first! It's all happening in Asia. (Via CointelegraphZN)
According to one insider, Chinese police are after Web3 co-founders, not to serve and protect, but for their wallets. that under no circumstances should executives hand over their private keys when detained by Chinese police. Responding to news of Multichain co-founder Jun Zhao’s arrest, he wrote:
Earlier in July, China’s largest cross-chain protocol used by the likes of Fantom and Binance alike, with over $10 billion in total value locked at its peak, closed down for good after developers disclosed that its CEO, Jun Zhao, was arrested by Chinese police in May. Zhao allegedly held control of all protocol MPC nodes, access to private keys and investors’ funds.
But Liang says that “profit-driven law enforcement projects are fundamentally after money,” raising the example of CoinXP’s ongoing case. In 2018, Liang Liang founded the CoinXP blockchain and its ecosystem DApp Hubdex after raising 13,000 Ether from an initial coin offering. “The virtual currency involved in the case was transferred to other addresses by the Wuxi Public Security Bureau, and 20 Bitcoins disappeared during the transfer process and have not been recovered so far.”
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