Two Chinese banks are accepting applications for digital yuan business bank accounts, TechNode has learned. A glitch lead to a $4.6 million Filecoin double deposit on Binance. Chinese authorities want to raise awareness about money laundering using cryptocurrencies, while police in Turkey busted a Chinese-run crypto scam with 101 captive employees. A $2.34 million DeFi heist took place on Binance Smart Chain.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of March 16 – 23.
Binance processed a $4.6 million double deposit of Filecoin, the token of the InterPlanetary File System (IPFS) decentralized file storage system. The initiator of the transaction tried to speed up a transaction by issuing a call for a replace-by-fee transaction, essentially asking a miner to confirm the transaction for a higher fee. The system would have normally ignored the first transaction, but it didn’t. This led to the initiators’ money doubling, from 61,000 Filecoin to 120,000. (CoinDesk)
Binance blamed a bug in Filecoin’s code. Filecoin said that the exchange was not using its API correctly. (Filecoin official blog)
Another decentralized finance project on Binance Smart Chain, the cryptocurrency exchange’s DeFi oriented blockchain, disappeared with an estimated 9,000 BNB coins ($2.34 million at the time of writing). The project, dubbed TurtleDex, claimed to be a decentralized file storage solution. (Binance Smart Chain announcement)
READ MORE: Holiday Bitcoin sell-off, $3 million Binance Smart Chain heists
Meitu announced it will buy close to $50 million in Bitcoin and Ether, just weeks after it announced a $40 million purchase. (Meitu filing)
Some of these [Bitcoin’s] features potentially even render Bitcoin as a superior form to other alternative stores of value such as gold, precious stone and real estate.
—Meitu in its filing about its second cryptocurrency purchase
The number of posted jobs in China for blockchain developers decreased 45% year on year in November, an analysis of job postings by blockchain market research firm Zero One found. Average salaries in the country have dropped 1.5% to RMB 22,300 ($3,400) although they remain significantly higher than China’s average monthly pay. Small companies with staff numbering between 50 and 149 people made up the biggest slice of China’s blockchain companies, accounting for 35.3% of the sector, followed by giants with 500 to 4,999 employees, which made up 22.9%. (Zero One, in Chinese)
Cryptocurrency rig maker Ebang announced it completed the design of its first 6-nanometer ASIC chips for Bitcoin mining. Ebang stock rose 4.5% on the back of the announcement.(Ebang press release)
READ MORE: CHINA VOICES | What China thinks of NFTs
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