China Crypto Roundup: Crypto KOLs Predict Bitcoin Rally to Come, PBoC Continues Anti-Crypto Narrative, 538 Million Weibo User Data Breach
The cryptocurrency sphere this week was less discouraging and gloomy than the last. Bitcoin has not continued to drop but managed to bounce back above $6,000 since the March 12 global market turmoil. Amid the bullish sentiment, the central bank of China once again warned the public about crypto investment. Criminals eyeing cryptocurrency are on the move again, with over 500 million user accounts at Weibo breached and being sold for bitcoin on dark web. Here is our top stories in the Chinese crypto space this past week.
Chinese crypto KOLs predict bullish rally in H2 this year
Despite the recent crash, industry leaders and key influencers in the Chinese crypto space are making predictions that bitcoin may see its next bull run come in the second half of this year, with Chang Jia, founder of China’s earliest crypto news platform 8btc and Bytom blockchain, believing that bitcoin price would reach an ATH, increasing 10 folds or more, during the course of June to October. Others including tycoons from bitcoin mining sector and executives of crypto exchanges too have recently highlighted their confidence in bitcoin’s upward momentum in the near future.
China’s central bank continues its anti-crypto narrative
As bitcoin is being considered by many as a possible alternative to protect their assets from the global financial crunch, China’s central bank, or the People’s Bank of China, published a long post on its WeChat account warning the public about cryptocurrency investment in the past weekend.
The country’s efforts in cracking down on ICOs and exchange-like services relating to cryptocurrencies started in 2017. Since then, most crypto exchanges have moved out of the country. In its latest post, the regulators warned the public about the tricks crypto exchanges are playing, claiming that these exchanges fake their transaction volumes to attract investors and manipulate the market by technical means to embezzle users’ assets.
538 million Weibo’s user data being sold for bitcoin on dark web
Sina Weibo, China’s equivalent of Twitter, has recently hit by a data breach, with its 538 million use records being offered for sale on the dark web. With as little as 10 RMB ($1.6) worth of BTC or ETH, anyone can purchase the private data of some social network users including Weibo and Tencent QQ.
Data breaches are common in China as well as anywhere in the world, while Weibo’s data breach is unprecedented considering its depth and scale. It caused a quite stir in the country’s crypto sphere for the hackers ask for payment in BTC/ETH and even tell how to purchase a cryptocurrency if potential buyers do not have any crypto. And the social network giant’s failure to protect user data become a powerful argument for the importance of decentralization, which could help people understand some of the privacy-protecting uses of blockchain technology.