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Despite widespread crackdown on cryptocurrency in China, an influential member of the organized crime syndicate has bypassed strict regulations to issue digital tokens – estimating $ 750 million in less than five minutes. "
Ex-Triad Member Turns to Cryptocurrency
On July 15, 2018, South China Morning Post reported on the cryptocurrency activities of Wan Kuok-Koi, a gangster based in Macau that was previously part of a criminal triad. 19659004] Going through the name of "Broken Tooth" in triad circles, Wan is associated with an undisclosed cryptocurrency firm based in Beijing to complete the chess and poker tournaments in mainland China.The so-called "HB chips" raised $ 750 million, with reports noting its launch at an event with officials from government, celebrities and businessmen present
More than 450 million HB chips were sold Cambodia, Thailand and the Philippines, the final event being scheduled for July 18, 2018. The company says that 50% of its 1 billion HB chips are available for public sales, the rest for private institutions and development.
Mysterious Parent Firm
While the details of the company remain secret at the time of writing, local reports suggest that Zhonggong Xin Cosmos (Beijing) Internet Technology Limited has signed an agreement with the investment company Wan in July 2018 to "work together on a game of chess and poker"
Zhonggong Xin would be supported by the management of financial and energy resources and capital of China with commercial interests in Russia. Web explicitly mentions his main business interests as being chess and online poker games, as well as plans to launch "10,000 game rooms" in the next five years.
Guo Jia, an employee Zhonggong Xin tournaments are held throughout the year, including the qualifying matches.The total prize is 10 million yuan, $ 11.7 million, about $ 15 million, which is proudly financed by Zhonggong Xin and his partners.
Now, Jia suggests that the price can be divided equally into "half money, half HB". the "big bosses" will soon reveal concrete details
Regulatory Giveaway
Despite the position China's cryptocurrency, the company has exploited a regulatory loophole.There is currently no legislation on the use of cryptocurrency as a price, and Jia notes that the company "hosts the competition in accordance with the law. "
However, this remains a gray area, and the far-eastern superpower can quickly introduce relevant rules Su Guojing, the bottom China Lottery Salon, further develops:
"When chess and poker games are paid with chips such as cryptocurrencies that can be converted into currency, it becomes a disguised form of gambling in China .
Li Yongfeng, the founder of Shubei, an investor-focused social forum dedicated exclusively to cryptocurrencies, expresses his concerns about HB's underlying technology.
Yongfeng observed a single "vague" blockchain reference in the HB document, with a marked lack of source code and verification protocol. This aspect makes it difficult to accurately track the total number of HB tokens, apart from the lack of technology.
Li adds:
"Normally, if a cryptocurrency is traded in the major markets, the possibility of price manipulation is less likely.When it can reflect the real market price, it will be more likely to # 39; be accepted by investors. "
The contractor made the statement about the HB trading dark. It's only traded on A.Top – a Hong Kong-based exchange listed as an electronics store on Google.
Cover photo by Alexander Ramsey on Unsplash
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