Pandaily
Everything about China's Innovation
Digestible news on the latest developments across the fields of Web3, NFTs, blockchain, and metaverse in China and beyond, compiled for you every week by Pandaily.
This week: Babel Finance lost $280 million trading customer funds, Binance CEO sues Bloomberg’s Hong Kong publisher for defamation, NFT black market swells under China’s crypto crackdown, and more.
Babel Finance, the troubled Hong Kong crypto lender that abruptly suspended withdrawals last month amid a broad crypto market crash, has reportedly suffered heavy losses due to proprietary trading with customer funds. The Block and CoinDesk first reported the story.
READ MORE: Read all of our articles on Babel Finance!
Binance CEO Changpeng Zhao on Monday filed a lawsuit against Modern Media CL, Bloomberg Businessweek’s Hong Kong publisher, claiming defamation over an article that accused the exchange of running a “ponzi scheme.” CoinDesk and Cointelegraph first reported the story.
RELATED: Read all of our content on Binance!
Traders have begun to turn to off-the-book transactions of secondhand NFTs amid China’s regulatory clampdown on crypto and secondary trading of digital assets. Nikkei Asia first reported this story.
The Hong Kong University of Science and Technology (HKUST), one of the world’s top research institutions, has announced the launch of a virtual reality classroom in a bid to create a digital campus in the metaverse. SCMP first reported this story.
Tether Holdings Ltd., the company behind the world’s largest stablecoin, said its portfolio of reserves does not contain any Chinese commercial paper. Bloomberg and The Wall Street Journal first reported the story.
The Dubai police are launching a second round of NFTs, as the first government entity in the UAE to apply blockchain technology to the fields of security and strategic communication. Forkast first reported the story.
That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how to make this newsletter better. Write to us at [email protected]. See you again next week!
Binance NFT Marketplace introduced an NFT Minting feature on Thursday, which allows users to create their own NFT collections and mint NFTs on the BNB Smart Chain and Ethereum network.
A video has gone viral on Chinese social media recently, telling the story of a resilient villager who became disabled as a teenager. Meanwhile, a related virtual currency called was released on July 28, then experienced a price crash on July 31.
Rumors were spread on Thursday within the Chinese digital community of STEPN Chain that the firm is being forced to exit mainland China. The rumor was confirmed a few minutes after midnight, early on Friday morning.
This week: Animoca Brands acquires educational startup TinyTap, NFT platforms in China grow 5x in four months despite regulatory scrutiny, Yahoo to launch metaverse events for Hong Kong residents restricted by COVID measures, and more.
Pandaily is a tech media based in Beijing. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community.
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