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26 October 2020

First Mover: OKEx Private Key Snafu Sends Bitcoin Lower as China DeFi Rises - CoinDesk

First Mover: OKEx Private Key Snafu Sends Bitcoin Lower as China DeFi Rises - CoinDesk


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Bitcoin (BTC) fell 2% Friday, the most in three weeks, after the market was spooked by the announcement that the cryptocurrency exchange OKEx had suspended withdrawals because founder Mingxing “Star” Xu was reportedly taken into police custody. .

Chinese startups are playing a crucial role in the DeFi boom with highly localized and nimble adaptations of western projects as well as a marketing apparatus that is laser-focused on Chinese crypto communities, industry watchers say. .

It has almost doubled during this period of time, according to WeChat Index, a data analysis tool that includes keyword searches, articles and forwards in WeChat moments.  Major Defi projects, such as NEST, DForce and YFII, all with huge Chinese followings, have raised millions of dollars in the span of a few weeks and topped the TVL ranking on DeFi Pulse.

“Admittedly, many Chinese projects copy code from western DeFi pioneers such as the liquidity leader Yearn.Finance and decentralized exchange UniSwap,” Nervos co-founder Guoning Lü told CoinDesk.

“However, Chinese companies are making innovations in localizing the original products and that is what makes DeFi products more popular in the country.”  – David Pan Read More: How the DeFi Craze Made Its Way to China.

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