{"id":74840,"date":"2023-08-07T22:35:26","date_gmt":"2023-08-07T22:35:26","guid":{"rendered":"https:\/\/kryptodata.se\/is-huobi-in-trouble-due-to-chinas-risky-bitcoin-court-decision-asia-express-explores\/"},"modified":"2023-08-07T22:35:26","modified_gmt":"2023-08-07T22:35:26","slug":"is-huobi-in-trouble-due-to-chinas-risky-bitcoin-court-decision-asia-express-explores","status":"publish","type":"post","link":"http:\/\/kryptodata.se\/is-huobi-in-trouble-due-to-chinas-risky-bitcoin-court-decision-asia-express-explores\/","title":{"rendered":"Is Huobi in trouble due to China&#8217;s risky Bitcoin court decision? Asia Express explores."},"content":{"rendered":"<p>&#8211; A Chinese court ruled that a man&#8217;s Bitcoin loan of 341 Bitcoins ($9.9 million) to another party is not protected by law, as Bitcoin is considered a digital commodity and does not have the same legal status as fiat currencies.<\/p>\n<p>&#8211; The court&#8217;s decision highlights the risks involved in lending cryptocurrencies, as the lender bears all the risks in such transactions.<\/p>\n<p>&#8211; In another ruling, the Hangzhou Internet Court stated that digital assets like nonfungible tokens should be protected under Chinese law.<\/p>\n<p>&#8211; Chinese cross-chain bridge Multichain faced difficulties after its co-founder was arrested by Chinese police, leading to the shutdown of the protocol and the disappearance of enterprise funds.<\/p>\n<p>&#8211; Assets stored on the Multichain bridge were swapped for stablecoins and transferred out of the protocol, prompting stablecoin issuers to freeze suspicious transactions linked to Multichain.<\/p>\n<p>&#8211; There are speculations that the Chinese police may be involved in moving the coins, as similar incidents have occurred in the past.<\/p>\n<p>&#8211; Cryptocurrency exchange Huobi faced rumors of senior executives being arrested, but the exchange denied the news as &#8220;fake.&#8221; However, there are claims that Huobi staff are under criminal investigation.<\/p>\n<p>&#8211; Despite the rumors, Huobi&#8217;s owner, Justin Sun, stated that the exchange is doing well and has generated significant profits.<\/p>\n<p>&#8211; Huobi&#8217;s USDT reserves have declined, and its total assets have fallen in recent months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/01\/magazine-Asia-Express-Jan-20-scaled.jpeg\"><\/p>\n<p>Man loses $10M after Chinese court rules Bitcoin lending is not protected by law, loads of Web3 founders get arrested, and Huobi rumors swirl.<\/p>\n","protected":false},"author":1,"featured_media":74841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_oct_exclude_from_cache":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[17],"tags":[47,73],"class_list":["post-74840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-stablecoin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is Huobi in trouble due to China&#039;s risky Bitcoin court decision? 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