{"id":17529,"date":"2023-10-20T22:12:33","date_gmt":"2023-10-21T02:12:33","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-6\/"},"modified":"2023-10-20T22:12:33","modified_gmt":"2023-10-21T02:12:33","slug":"asia-express-cointelegraph-magazine-6","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-6\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div style=\"overflow-x: hidden;\">\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-bitmain-allegedly-fired-staff-after-salary-complaints\">Bitmain allegedly fired staff after salary complaints<\/h2>\n<p>Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three of its employees for speaking to the media regarding the withholding of salary payments by their employer.\u00a0<\/p>\n<p><a href=\"https:\/\/www.theblockbeats.info\/flash\/185638\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">According<\/a> to local news\u00a0reports\u00a0on Oct. 17, citing an alleged internal Bitmain memo, the company accused three staff members of breaching various clauses in their employment contracts for sharing their remuneration on social media platforms. The note reads:\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe EMT [Executive Management Team] has decided: (1) Employee Li of product operations and circuit development, is to be fired immediately and blacklisted. (2) Employee Xie of product operations and circuit development, is to be fired immediately and blacklisted. (3) Employee Ding, administrative intern at strategic development PMT, is to be fired immediately and blacklisted. The intern\u2019s post-secondary institution shall also be informed of the incident.\u201d<\/p>\n<\/blockquote>\n<p>\u201cIn addition, the company reserves the right to pursue legal action against the individuals above,\u201d Bitmain allegedly wrote. \u201cWithout authorization by the company, nothing can be said, nothing can be given [to outsiders!]\u201d<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"wp-image-24623\" width=\"528\" height=\"676\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-134109.png 510w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-134109-234x300.png 234w\" data-lazy-sizes=\"(max-width: 528px) 100vw, 528px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-134109.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-134109.png\" alt=\"\" class=\"wp-image-24623\" width=\"528\" height=\"676\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-134109.png 510w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-18-134109-234x300.png 234w\" sizes=\"(max-width: 528px) 100vw, 528px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>Bitmain\u2019s alleged layoff notice (BlockBeats)<\/em><\/figcaption><\/figure>\n<p>On Oct. 9, Cointelegraph reported that<a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-asic-manufacturer-bitmain-pauses-employee-salary-payments\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"> Bitmain allegedly paused September salary payments<\/a> for its staff members as the company \u201chas yet to achieve a net positive cash flow, especially in the orders of [new] ASICs.\u201d In addition, employees allegedly face a 50% cut to their base salary, with all bonuses and incentives being removed.\u00a0<\/p>\n<p>Founded in Beijing, China in 2013, Bitmain is one of the world\u2019s largest Bitcoin mining ASIC manufacturers, with an estimated 70% market share during the previous bull market that ended in 2021. The firm\u2019s Antminer ASIC series currently leads the industry in terms of hash rate computations for mining Bitcoin. Over the past year, several Bitcoin mining operators have gone bankrupt as the price of Bitcoin plunged while electricity costs surged.\u00a0<\/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%2Fbitmains-hong-kongs-jpex-bitget-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%2Fbitmains-hong-kongs-jpex-bitget-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%2Fbitmains-hong-kongs-jpex-bitget-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%2Fbitmains-hong-kongs-jpex-bitget-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%2Fbitmains-hong-kongs-jpex-bitget-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%2Fbitmains-hong-kongs-jpex-bitget-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<h2 class=\"wp-block-heading\" id=\"h-hong-kong-investors-spooked-by-jpex-scandal\">Hong Kong investors spooked by JPEX scandal\u00a0<\/h2>\n<p>Despite efforts to\u00a0<a href=\"https:\/\/cointelegraph.com\/magazine\/hong-kong-crypto-exchanges-do-kwon-jail-korean-crypto-lenders-contagion-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">regulate the sector<\/a>, it appears that some Hong Kong residents have lost their confidence in crypto after the largest Ponzi scheme in the city\u2019s history, the $175 million JPEX crypto exchange scandal, unfolded last month.\u00a0<\/p>\n<p><a href=\"http:\/\/On Oct. 9, Cointelegraph reported that Bitmain allegedly paused September salary payments for its staff members as the company \u201chas yet to achieve a net positive cash flow, especially in the orders of [new] ASICs.\u201d In addition, employees allegedly face a 50% cut to their base salary, with all bonuses and incentives being removed.\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">According<\/a> to a new study published by the HKUST Business School Central on Oct. 17, 41% of Hong Kong residents are no longer interested in holding crypto assets, a sharp rise of 12% compared to before the JPEX incident. The survey featured 7,900 respondents and was conducted between April and October.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)\" class=\"wp-image-24058\" width=\"570\" height=\"570\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-300x300.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-770x770.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n.jpg 1440w\" data-lazy-sizes=\"(max-width: 570px) 100vw, 570px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg\" alt=\"JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)\" class=\"wp-image-24058\" width=\"570\" height=\"570\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-1024x1024.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-300x300.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-100x100.jpg 100w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n-770x770.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/09\/378031016_331572449554281_4154974078636832854_n.jpg 1440w\" sizes=\"(max-width: 570px) 100vw, 570px\"\/><\/noscript><figcaption class=\"wp-element-caption\"><em>JPEX booth advertisement posted the day before the exchange was raided by police. (Facebook)<\/em><\/figcaption><\/figure>\n<p>The study also revealed that 84% of Hong Kongers have heard of crypto, with 27% of respondents claiming they either hold digital assets now or were previously crypto investors. For those investing in crypto, over 80% said they would not invest over 50,000 Hong Kong dollars ($6,390) into the sector. Interestingly, 57% of respondents said they understood that crypto exchanges must obtain a license before operating in Hong Kong, an increase of 15% compared to before the JPEX scandal unraveled.\u00a0<\/p>\n<p>Wu Huang, a professor at HKUST Business School Central, commented:\u00a0<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cWe hope that the results of this survey can provide industry stakeholders with more perspectives to help build a sound virtual asset industry. As virtual assets play an increasingly important role in the digital economy, there is a need to strengthen education efforts to make the public better Understand the risks and potential of this emerging field.\u201d<\/p>\n<\/blockquote>\n<p>Last month, JPEX staff fled their corporate booth at Singapore\u2019s Token2049 event after the Hong Kong Securities and Futures Commission issued a warning regarding the exchange\u2019s unregulated activities. Subsequently, Hong Kong police arrested more than 10 corporate executives and influencers connected to the exchange on charges of fraud. The JPEX scandal has since grown to over 2,300 victims, with losses estimated at $175 million. The exchange was unlicensed at the time of the incident.\u00a0<\/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\/powers-on-why-arent-more-law-schools-teaching-blockchain-defi-and-nfts\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>Powers On\u2026 Why aren\u2019t more law schools teaching blockchain, DeFi and NFTs?<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/hong-kong-crypto-frenzy-defi-token-surges-550-nba-china-nfts-asia-express\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Asia Express<\/span><\/p>\n<p>Hong Kong crypto frenzy, DeFi token surges 550%, NBA China NFTs \u2014 Asia Express<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"h-factually-inaccurate-news-report-wipes-out-54-million-in-market-cap\">\u201cFactually inaccurate\u201d news report wipes out $54 million in market cap<\/h2>\n<p>When it comes to reporting, <a href=\"https:\/\/cointelegraph.com\/news\/clarification-sharing-false-spot-bitcoin-etf-news\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Cointelegraph has seen some\u00a0blunders over the years<\/a>. That said, fake news is a problem across the industry.\u00a0<\/p>\n<p>On Oct. 16, Bloomberg\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-16\/hong-kong-crypto-exchange-osl-weighs-sale-at-hk-1-billion-valuation#xj4y7vzkg\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reported<\/a>\u00a0that BC Technology Group, owner of licensed Hong Kong crypto exchange OSL, is contemplating the sale of the latter for 1 billion Hong Kong dollars ($128 million). <\/p>\n<p>On Oct. 17, BC Technology Group issued a\u00a0<a href=\"https:\/\/media-bcgroup.todayir.com\/20231017143201128610934987_en.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">clarification<\/a>\u00a0stating: \u201cThe Board wishes to clarify that the contents and statements in the [Bloomberg] Article are factually inaccurate and highly misleading\u201d and that it was not contemplating a sale of OSL.\u00a0<\/p>\n<p>Unfortunately, investors who bought BC Technology stock based on the divestiture euphoria were not so happy. After publishing the clarification statement, shares of BC Technology tanked 22% during the trading day, wiping off $54 million in market capitalization. \u201cShareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company,\u201d management wrote.\u00a0<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-bitget-s-new-crypto-credit-card\">Bitget\u2019s new crypto credit card<\/h2>\n<p>Joining the likes of its peers, cryptocurrency exchange Bitget is launching its own crypto-fiat credit card.\u00a0<a href=\"https:\/\/www.prnewswire.com\/in\/news-releases\/bitget-to-take-center-stage-at-dubais-future-blockchain-summit-reveals-bitget-card-plans-301957579.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">According<\/a> to an Oct. 16 announcement during the Future Blockchain Summit in Dubai, the Bitget Card, issued by Visa and backed by digital assets in users\u2019 accounts and wallets, will be denominated in U.S. dollars and will be accepted in over 180 countries.\u00a0<\/p>\n<p>Although many exchanges have rolled out their own crypto debit or credit cards, some have seen pushback from payment processors. On Aug. 25, Mastercard said it would\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/binance-mastercard-and-binance-end-crypto-card-partnership-in-latin-america\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">end its cryptocurrency card partnership<\/a> with Binance in Latin America. Although the firm did not cite a specific reason, experts have pointed to Binance\u2019s recent regulatory scrutiny as the underlying cause.\u00a0<\/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><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/bitmains-hong-kongs-jpex-bitget-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. Bitmain allegedly fired staff after salary complaints Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three of its employees for speaking to the media regarding the withholding of salary payments by their employer.\u00a0 According to local news\u00a0reports\u00a0on Oct. 17, citing an alleged internal Bitmain memo, the company accused three staff members of breaching various clauses in their employment contracts for sharing their remuneration on social media platforms. The note reads:\u00a0 \u201cThe EMT [Executive&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15992,"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\/17529"}],"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=17529"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/15992"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=17529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=17529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=17529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}