Blockchain security company Beosin has found itself at the center of a major scandal after its chief marketing officer, Zhao Ziyang, was arrested and accused of misappropriating government assets. Allegedly, he used government funds to bankrupt BTC for a brief period, leading to a massive liquidation of more than 300 million yuan, or $ 45 million.

Beosin, also known as Lianan Tech, has partnered with Chinese authorities to help them investigate fraudulent collection schemes. After the money was confiscated in 2020, Beosin was tasked with storing and selling assets that would later be returned to the treasury. Instead of selling CMO assets, Gao Ziyang was forced to sell at the end of August, hoping to increase the size of his position for personal gain. At the time, BTC was trading around $ 12,000.

Authorities say records taken from OKEx show that the position started with a 10x leverage then increased to 100x and was eventually liquidated. They started asking where the money was before finally realizing that the assets were no longer in their portfolios. On the Internet, people were interested in the age of Gao Ziyang, who, according to the description, was about twenty years old. Once considered a reliable blockchain security company in China, Beosin’s future is now in great doubt.

Peter Thiel’s statement about Bitcoin has been ignored
PayPal co-founder and venture capitalist Peter Thiel warned Wednesday that the Chinese government may use Bitcoin as an “economic weapon” to undermine the stability of the US dollar. Response has been somewhat low, with only 30 comments responding to the story on Sina Finance, a social media account with more than 23 million followers. One of the best comments simply stated that “Bitcoin was not invented by China”, while another comment said simply “impossible”.

Billionaire Binance
Binance founder Zhao Changpeng, better known as CZ, ranked 1664 on Forbes’ annual billionaires list on Thursday. His net worth is now estimated at $ 1.9 billion, an increase of $ 700 million from his most recent listing in 2020.

Nanjing Ribensi is acquired by an American company
US company Future FinTech announced earlier this week that it had signed an agreement to buy Chinese mining company Nanjing Ribensi Electronic Technology Co. The deal is valued at approximately $ 9.1 million and stipulates that the miner must raise at least $ 2.3 million in 2021.

Blockchain standards acceleration
The China National Development and Reform Commission has called for faster implementation of blockchain standards in a new scheme released April 1. The plan was released by 28 government ministries and also included technologies such as cloud computing, the Internet of Things, and big data.

Source: CoinTelegraph