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China Crypto Roundup (Nov. 1-Nov. 7) :TikTok Marched into Metaverse

1. A man in China’s Hubei was arrested for gaining 140,000 yuan from using USDT for money laundering

He helped others to “launder money” by buying and selling USDT on the “OTC-365” virtual currency trading platform for more than 600,000 yuan from the two telecom frauds. He had no proper occupation, but could earn more than 10,000 yuan a month, and was eventually discovered and arrested by the police.

2. A mining farm in China was investigated

A mining farm in Dongguan, Guangdong, China was investigated and 260 mining machines were found. The mining farm has been ordered to cease operations, and the owner has also been investigated.

3. Blockchain engineer among the highest salary of Beijing’s new professionals

Beijing Municipal Human Resources and Social Security Bureau released the “2021 Beijing Human Resources Market Salary Big Data Report”. Among the new professional salary rankings, the highest is the Blockchain engineer, with a median salary of 487,106 yuan.

4. China’s state owned media Xinhua News warned about websites providing paid service for virtual currency marketing events

It said that People’s Bank of China and many other departments have clarified that virtual currency-related business activities are illegal financial activities. Those who provide marketing and publicity for overseas virtual currency exchanges shall be held accountable in accordance with the law. But the reporter found that some websites are still advocating for virtual currency marketing.

Such websites not only hype the virtual currency market under the guise of “blockchain” and “metaverse”, but also publish article tutorials, organize events, and live roadshows to attract traffic for various overseas virtual currency marketing.

5. TikTok parent company ByteDance registered a Metaverse trademark named Pico

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