The week has been a very busy one for the Blockchain space, as the uprising of variant forms of activities and news continue to headline the space. Bitcoin continues to stall around the $60K mark and has failed to go past this mark in another week. Other altcoins have also witnessed a mix of fortune, as price volatility remains high in the Blockchain space. However, one of the most intriguing news pieces from the Blockchain space is that the Chief Marketing Officer (CMO) of Blockchain security outfit- Beosin, is at the center of financial embezzlement. The executive has now been charged with embezzlement of state funds.
Ziyang’s actions have resulted in a loss of $45 million
According to the Chinese authorities, the CMO of Beosin- Gao Ziyang has now been charged using government funds to trade Bitcoins. Ziyang had used the state funds, which were in the custody of his firm’s treasury, to short BTC. For the uninitiated, shorting BTC sells the digital assets at a high price and repurchasing them at a low price.
Unfortunately, Ziyang was not successful in his operations, as the dubious act has resulted in a loss of $45 million of the State’s fund. Surprisingly, Ziyang’s company has been one of the Chinese authorities’ go-to firms for private investigations regarding Blockchain activities and has helped the Chinese authorities investigate fraud for a while now.
Beosin, on the other hand, has been keeping the obtained funds, which belong to the government, under its portfolio for a while. Unfortunately, and unknowingly to Besoin, Ziyang used these funds to short Bitcoin since 2020 and have reportedly made huge returns off the evil act. However, the actions of Ziyang have now been condemned by many analysts, who expect the criminal to now face the law.
The crypto atmosphere in China looks good
Despite the actions of Gao Ziyang, the crypto atmosphere in Asia has been very positive this week. In the recent Forbes annual billionaire list released yesterday, Binance CEO- Zhao Changpeng was listed to be worth $1.9 billion. The crypto exchange founder and investor have increased his net worth by more than $800 million in the last year.
The Binance founder, also known as CZ, will now be expected to cross the $2 billion in the nearest future. Another news that emanated from the Chinese Blockchain is that Future Fintech has now acquired a China-based mining company- Nanjing Ribensi Electronic, for $9.3 million. The U.S company will now oversee the operations of the Chinese Bitcoin mining firm, as they are now expected to maximize the mining firm’s profit.
On the other hand, Paypal’s Peter Thiel’s controversial comments, in which he described Bitcoin as a manipulation tool by the Chinese government, did not get any form of reaction from the press and the crypto community in China. However, the country’s crypto community is looking good, as expectations are tailored to the same side.