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Chinese police are investigating crypto market data aggregator Feixiaohao, similar to the CoinGecko platform. This became known to Colin Wu.
According to the journalist, some key members of the project team were arrested more than six months ago. Several exchange partners of the platform have confirmed that they cannot contact them.
Wu's sources do not know the reasons for the detention of Feixiaohao employees. According to them, such a long period of detention means that "the case is serious."
At the time of writing, the aggregator's website continues to function, the news feed is updated, and it is possible to open an account.
Presumably, the project is controlled by a new team that is trying to continue activities under its shell.
When visiting the platform, a warning pops up about the recently appeared fake Feixiaohao sites. Users are urged to interact with official domains to prevent the risk of losing money.
Feixiaohao has been operating since 2017 and remains one of only two crypto data providers in the country along with AICoin.
According to SimilarWeb, the platform was visited 200,000 times in July, the largest share of visits was from China - 23%.
In September 2021, the Chinese authorities tightened repression against mining and crypto trading. The Central Bank called the activities of platforms that provide the exchange of digital assets illegal.
This caused a mass exodus of industry companies from the country. In addition, the CoinGecko and CoinMarketCap platforms were blocked, and access to the domains of mining pools and cryptocurrency media was restricted.
However, the WSJ found that, despite the measures taken, China remained a major bitcoin mining center, generating up to 20% of the network's hashrate.
In January 2024, the publication's journalists spoke about the methods of crypto traders circumventing government bans and the thriving underground crypto market in the country. Their information was confirmed by Reuters.
In March, Chinese state-run newspaper Jingji Ribao reminded investors of the bitcoin ban.
In August, China's Supreme People's Court recognized transactions with "virtual assets" as one of the methods of money laundering and enshrined it in law. Violators face fines of up to $28,000 or imprisonment for up to ten years.
Recall that in April, representatives of the STFIL protocol based on Filecoin reported that part of the technical team was arrested in China.
According to the journalist, some key members of the project team were arrested more than six months ago. Several exchange partners of the platform have confirmed that they cannot contact them.
Wu's sources do not know the reasons for the detention of Feixiaohao employees. According to them, such a long period of detention means that "the case is serious."
At the time of writing, the aggregator's website continues to function, the news feed is updated, and it is possible to open an account.
Presumably, the project is controlled by a new team that is trying to continue activities under its shell.
When visiting the platform, a warning pops up about the recently appeared fake Feixiaohao sites. Users are urged to interact with official domains to prevent the risk of losing money.
Feixiaohao has been operating since 2017 and remains one of only two crypto data providers in the country along with AICoin.
According to SimilarWeb, the platform was visited 200,000 times in July, the largest share of visits was from China - 23%.
In September 2021, the Chinese authorities tightened repression against mining and crypto trading. The Central Bank called the activities of platforms that provide the exchange of digital assets illegal.
This caused a mass exodus of industry companies from the country. In addition, the CoinGecko and CoinMarketCap platforms were blocked, and access to the domains of mining pools and cryptocurrency media was restricted.
However, the WSJ found that, despite the measures taken, China remained a major bitcoin mining center, generating up to 20% of the network's hashrate.
In January 2024, the publication's journalists spoke about the methods of crypto traders circumventing government bans and the thriving underground crypto market in the country. Their information was confirmed by Reuters.
In March, Chinese state-run newspaper Jingji Ribao reminded investors of the bitcoin ban.
In August, China's Supreme People's Court recognized transactions with "virtual assets" as one of the methods of money laundering and enshrined it in law. Violators face fines of up to $28,000 or imprisonment for up to ten years.
Recall that in April, representatives of the STFIL protocol based on Filecoin reported that part of the technical team was arrested in China.
