Chinese police are targeting Web3 co-founders for their wallets, rather than to serve and protect, according to an insider. Wuwei Liang, the brother of imprisoned CoinXP co-founder Liang Liang, warned executives not to hand over their private keys when detained by Chinese police. Liang cited the example of Multichain co-founder Jun Zhao’s arrest, which led to the closure of the protocol and the loss of users’ assets. Liang argues that profit-driven law enforcement projects in China are primarily focused on seizing money. He also mentioned the ongoing case of CoinXP, where the virtual currency involved in the case was transferred and some Bitcoins went missing. The trial has faced issues, including the presiding judge’s dismissal of the presumption of innocence and the alleged kidnapping of Liang’s defense attorney. The article also highlights China’s bullish stance on blockchain technology under government control, as well as regulatory developments in South Korea and Malaysia.
