– An individual in China has been fined $145,000 for using a VPN to access restricted websites as part of their remote work routine for a foreign employer. The use of VPNs to bypass China’s internet restrictions is prohibited by law.
– The city of Hangzhou in China is airdropping 10 million digital yuan (worth $1.37 million) to incentivize food and beverage spending during the 19th Asian Games. The airdrop can be used on select food delivery platforms.
– 15 individuals have been detained in Hong Kong in connection with the collapse of cryptocurrency exchange JPEX, which is being investigated as a Ponzi scheme. The total loss from the scheme is estimated to be $191.6 million.
– Despite falling victim to a $70 million wallet hack orchestrated by North Korea’s Lazarus Group, Hong Kong crypto exchange CoinEx has resumed services and claims its wallet system is operating safely.
– Chinese tech conglomerate Alibaba is partnering with crypto custodian Cobo to create an enterprise wallet-as-a-service solution for developers and organizations. The collaboration aims to set new standards in security, performance, and accessibility of digital wallet infrastructure for Web3.
