news

bitcoin

1 X bitcoin bitcoin =

Friday

23 April 2021

Our Man in Shanghai: Scandal as $45M of stolen government funds lost using 100X leverage

Our Man in Shanghai: Scandal as $45M of stolen government funds lost using 100X leverage


smart summary beta

Blockchain security company Beosin has been the focus of a major scandal after its Chief Marketing Officer Gao Ziyang was taken into custody and charged with embezzlement of state-owned assets.

He is allegedto have been using government funds to unsuccessfully short BTC, resulting in a massive liquidation of over 300 million renminbi, or $45 million dollars.

On Wednesday, PayPal co-founder and venture capitalist, Peter Thiel warned that the Chinese government may be using Bitcoin as a “financial weapon” to undermine the stability of the U.S.

The deal was worth approximately $9.1 million dollars and stipulates that the mining company must generate no less than approximately $2.3 million dollars in 2021.

Goto Full Article

bitcoin bitcoin price

$50034.00

24h

Live Average

bitcoin

News Article Sentiment

negative

Score (-0.2)

Article Metadata

author

site

cointelegraph.com

categories

Market data feeds provided by cryptocompare.com
bitsmart 2021