{"id":17491,"date":"2023-09-30T21:22:10","date_gmt":"2023-10-01T01:22:10","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-3\/"},"modified":"2023-09-30T21:22:10","modified_gmt":"2023-10-01T01:22:10","slug":"asia-express-cointelegraph-magazine-3","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-3\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p><em>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments.<\/em><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-chinese-worker-fined-145k-over-vpn\">Chinese worker fined $145K over VPN\u00a0<\/h2>\n<p>An unnamed individual in China was fined 1.06 million yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer.<\/p>\n<p>According to local media <a href=\"https:\/\/chinadigitaltimes.net\/chinese\/700552.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reports<\/a> from earlier this week, during his employment as a consultant between 2019 to 2022, the unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom and posted multiple threads on Twitter with the help of a VPN. <\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"China Digital Times\" class=\"wp-image-24257\" width=\"518\" height=\"577\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-920x1024.webp 920w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-269x300.webp 269w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-770x857.webp 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user.webp 1024w\" data-lazy-sizes=\"(max-width: 518px) 100vw, 518px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-920x1024.webp\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-920x1024.webp\" alt=\"China Digital Times\" class=\"wp-image-24257\" width=\"518\" height=\"577\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-920x1024.webp 920w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-269x300.webp 269w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user-770x857.webp 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Chinese-web-user.webp 1024w\" sizes=\"(max-width: 518px) 100vw, 518px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>The administrative penalty decision finding that the consultant used electrical equipment \u201cwithout authorization for non-legal international networking.\u201d (China Digital Times<\/em>)<\/figcaption><\/figure>\n<p>Based on a document issued by the city of Chengde Police, the individual\u2019s income earned with the aid of a VPN was deemed as \u201cproceeds of crime.\u201d The police issued a penalty of $144,097, equivalent to three years of the individual\u2019s salary.<\/p>\n<p>Chinese law prohibits the use of VPNs to bypass the country\u2019s \u201cGreat Firewall\u201d that blocks popular sites such as Google, Wikipedia and Facebook. The ruling has spooked many in China\u2019s IT and Web3 circles, who often rely on VPNs for similar remote-work tasks. <\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fchina-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fchina-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fchina-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fchina-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fchina-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2Fchina-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<h2 class=\"wp-block-heading\" id=\"h-city-of-hangzhou-airdrops-10m-digital-yuan\">City of Hangzhou airdrops 10M digital yuan<\/h2>\n<p>The city of Hangzhou is <a href=\"https:\/\/finance.sina.com.cn\/jjxw\/2023-09-28\/doc-imzpfvhm6448520.shtml\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">airdropping<\/a> 10 million digital yuan central bank digital currency, worth a total of $1.37 million, to incentivize food and beverage spending as it hosts the 19th Asian Games.<\/p>\n<p>Anyone within the municipality of Hangzhou, locals and visitors alike, can receive the airdrop for use in food delivery platforms. Individuals can receive up to three vouchers that reimburse merchants in digital yuan for up to 20% to 30% of the value of food items after purchase.<\/p>\n<p>The airdrop will renew every five days until the balance is emptied. The vouchers are only effective for five days and can only be tendered through select food delivery platforms. Earlier this year, the city of Hangzhou airdropped 4 million digital yuan, worth $590,000, in an effort to boost the CBDC\u2019s adoption.<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/thailands-crypto-islands-working-paradise-part-1\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Thailand\u2019s crypto islands: Working in paradise, Part 1<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/bitcoin-poker-payment-satoshi-nakamoto\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Bitcoin: A Peer To Peer Online Poker Payment System by Satoshi Nakamoto<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"h-15-detained-over-largest-alleged-ponzi-scheme-in-hong-kong-s-history\">15 detained over largest alleged Ponzi scheme in Hong Kong\u2019s history<\/h2>\n<p>Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX.\u00a0<\/p>\n<p>As of Sept. 27, Hong Kong Police <a href=\"https:\/\/www.zaobao.com.sg\/news\/china\/story20230927-1437419\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">claim<\/a> they have received over 2,392 complaints claiming a total loss of 1.5 billion Hong Kong dollars ($191.6 million) in the apparent Ponzi scheme. Since the investigation began mid-September, police say that they have seized HK$8 million ($1 million) in cash and frozen bank accounts worth HK$77 million ($10 million) suspected of being proceeds of crime.<\/p>\n<p>On Sept. 13, the Hong Kong Securities &amp; Futures Commission issued a warning regarding JPEX being an unlicensed exchange within its jurisdiction. The move led to several arrests of its key executives and the abandonment of its corporate booth in Token2049 Singapore. Prior to its collapse, JPEX was one of the most heavily marketed crypto exchanges in Hong Kong, with corporate ads displayed across the city\u2019s metro lines and taxis.<\/p>\n<p>The incident is shaping up as potentially the worst Ponzi scheme in Hong Kong\u2019s history in terms of monetary loss. Shortly after it was discovered, the SFC began publishing a list of crypto exchanges that are awaiting registration or are unlicensed within the special administrative region of China.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-coinex-resilient-despite-70m-hack\">CoinEx resilient despite $70M hack\u00a0<\/h2>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"CoinEx\" class=\"wp-image-24259\" width=\"692\" height=\"440\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-1024x651.png 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-300x191.png 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-770x490.png 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108.png 1156w\" data-lazy-sizes=\"(max-width: 692px) 100vw, 692px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-1024x651.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-1024x651.png\" alt=\"CoinEx\" class=\"wp-image-24259\" width=\"692\" height=\"440\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-1024x651.png 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-300x191.png 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108-770x490.png 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-29-090108.png 1156w\" sizes=\"(max-width: 692px) 100vw, 692px\"\/><\/noscript><figcaption class=\"wp-element-caption\">CoinEx logo.<\/figcaption><\/figure>\n<p>Hong Kong crypto exchange CoinEx will resume services despite falling victim to a $70 million wallet hack orchestrated by North Korea\u2019s infamous Lazarus Group.\u00a0<\/p>\n<p>According to a September 22 statement, CoinEx <a href=\"https:\/\/announcement.coinex.com\/hc\/en-us\/articles\/19187420867348-Latest-Progress-of-the-Hacking-Attack-on-Sep-12-2023-Updated-on-Sep-15-\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">claims<\/a> to have resumed deposits and withdrawals on 190 cryptocurrencies, including Bitcoin, Ethereum, USD Coin and Tether. The firm stated:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe wallet system is operating safely and steadily at present. We will gradually resume deposit and withdrawal services for the remaining 500+ cryptos. Since the resuming operations will be processed frequently, there will be no further or separate announcements for each crypto.\u201d<\/p>\n<\/blockquote>\n<p>As part of its new wallet system, CoinEx updated the deposit addresses of all crypto assets, rendering old addresses invalid. On Sept. 12, a leak of the exchange\u2019s hot wallet keys led to the theft of over $70 million worth of users\u2019 cryptos. Despite the incident, CoinEx said that cold wallets were not affected and that the CoinEx User Asset Security Foundation would \u201cbear the financial losses from this incident.\u201d<\/p>\n<p>Multiple blockchain security firms, such as Elliptic, have pointed to <a href=\"https:\/\/cointelegraph.com\/magazine\/huawei-nfts-toyotas-hackathon-north-korea-vs-blockchain-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">North Korea\u2019s<\/a> Lazarus Group as the perpetrator of the exploit. The CoinEx team has since <a href=\"https:\/\/twitter.com\/coinexcom\/status\/1702668801874206779\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">offered<\/a> a \u201cgenerous bounty\u201d for the return of stolen funds. Prior to the hack, the exchange <a href=\"https:\/\/announcement.coinex.com\/hc\/en-us\/articles\/18464100309908-CoinEx-Has-Updated-the-Proof-of-Reserve-Data-on-Aug-24-2023\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">disclosed<\/a> it had around $260 million worth of major cryptocurrencies in its proof-of-reserves report.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-alibaba-moves-into-digital-wallets\">Alibaba moves into digital wallets<\/h2>\n<p>Chinese tech conglomerate Alibaba wants to launch its own wallet service.\u00a0<\/p>\n<p>According to the Sept. 28 announcement, <a href=\"https:\/\/cointelegraph.com\/magazine\/huawei-nfts-toyotas-hackathon-north-korea-vs-blockchain-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Alibaba\u2019s Cloud subsidiary<\/a> has partnered with crypto custodian Cobo to create an enterprise wallet-as-a-service solution for developers and organizations, integrating crypto wallets into software through APIs and SDKs. Cobo says it is incorporating its custodial wallet and multi-party computation technology to build the Alibaba Cloud wallet.<\/p>\n<p>\u201cThis collaboration marks a significant step towards setting new standards in security, performance, and accessibility of the digital wallet infrastructure for Web3,\u201d said Dr. Changhao Jiang, co-founder and chief technology officer of Cobo. The firm claims to hold partnerships with over 500 institutions, with billions of digital assets in custody through its wallet solutions. In June, crypto-friendly executive Joe Tsai <a href=\"https:\/\/cointelegraph.com\/news\/tech-giant-alibaba-crypto-friendly-chair-zhang-stepping-down\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">became the chairman<\/a> of Alibaba Group, replacing his predecessor Daniel Zhang.<\/p>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/china-dev-fined-salary-vpn-10m-ecny-airdrop-asia-express\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments. Chinese worker fined $145K over VPN\u00a0 An unnamed individual in China was fined 1.06 million yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer. According to local media reports from earlier this week, during his employment as a consultant between 2019 to 2022, the unnamed individual accessed GitHub to view source code, answered questions in customer support, held teleconferences via Zoom&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[34],"tags":[89,148,2621,130],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17491"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=17491"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/15246"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=17491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=17491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=17491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}