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China Crypto Roundup (June 29 – July 6): Largest OTC Trader Detained by Police, DeFi Frenzy and More

In this past week, the Chinese crypto community was shocked by the detention of the country’s largest bitcoin OTC dealer Zhao Dong. Justin Sun warning against a Tron-based DeFi project triggered heated discussions among the crypto community. Blockchain is seeing steady development in the country with Beijing announces a two-year plan to bolster blockchain industrialization…

Chinese police detained bitcoin OTC trader amid money-laundering crackdown

As Chinese police ramps up efforts to crack down on illicit economic activities involving frauds and money laundering, the largest crypto over-the-counter (OTC) trader Zhao Dong is being detained by police in the city of Hangzhou. Zhao is also known as a shareholder of renowned crypto exchange Bitfinex and is the founder of crypto lending firm RenrenBit.

Though RenrenBit stated that the incident is related to Zhao’s early investment in an OTC team which is currently under investigation and he is now “actively” assisting local police in anti-fraud and anti-money laundering investigations, his detention has sparked some fear among other OTC desks in the country.

Since early June, there have been thousands of bank account related to crypto OTC trading frozen after being suspected of facilitating telecom frauds or Ponzi schemes via crypto OTC trading.

A CCTV report last November indicates that crypto OTC trading may be under close watch of local regulators, in which a screenshot showed an account ID under the name of zhaodong 1982 conducting crypto trades with huge sum limit between 1 million to over 987 million yuan.

Justin Sun Warns Investors against a Tron-based Defi Project after the Latter Allegedly Turned Him Down

Defi, which used to be a niche concept in China, has been extremely popular among the crypto community. Amid the DeFi frenzy, Tron CEO Justin Sun distanced himself and his company from a DeFi project build on Tron and warned investors against participating in the project.

Regarding Sun’s claims, the emerging Defi project Oikos (OKS) responded that it comes after their talks broke down, as Sun required them to do a 10 million OKS token sale on Poloniex at a low price of 0.025 USDT and the team turned him down.

As a large number of projects under the name of Defi pop up amid the frenzy, investors are eager to make fast money from it like the ICOs in its early days. It is necessary for platforms to encourage new projects and screen out promising projects instead of directly asking for “protection fees.”

Blockchain industrialization speeds up  

China’s capital city Beijing has announced a two-year blockchain development plan to transfer the city into a global hub for private blockchain innovation and leader in public DLT deployment.

Fostering a good business climate for blockchain innovation is cited as a top objective of Beijing, with “cultivating a group of unicorn enterprises” listed among the plan’s goals. To promote innovation, the city will establish a “blockchain industry innovation development base” spanning the city’s top districts for financial and technological innovation. Furthermore they will also promote blockchain in various cities across the country.

On July 2, renowned Chinese economist Professor Zhu Jiaming said that “2020 is an important year for integrating blockchain in different industries, and it is a key period in the development and application history of blockchain.”

Hangzhou International Blockchain Week concluded successfully

Deemed the largest and most influential blockchain conference and crypto event within China, the Hangzhou International Blockchain Week 2020 has been concluded successfully.

Started by China’s leading blockchain and crypto news media 8BTC since 2017, Hangzhou International Blockchain Week is an annual event series that brings together the most influential industry leaders, investors, thought leaders and medias of the blockchain industry with their insightful talks about the industry.

Following the country’s president’s blockchain endorsement and inclusion of blockchain into the “New Construction” plan, this year’s blockchain week is themed “Embrace the New Wave”, trending topics like blockchain industrialization, DeFi, stablecoin, crypto exchange, Web3.0, IPFS, Ethereum 2.0 have also been covered.

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