– An individual in China has been fined 1.06 million yuan ($144,907) for using a VPN to access restricted websites as part of their remote work routine for a foreign employer. The use of VPNs to bypass China’s internet restrictions is prohibited by law.
– The city of Hangzhou is airdropping 10 million digital yuan (worth $1.37 million) to incentivize food and beverage spending during the 19th Asian Games. The airdrop can be used on select food delivery platforms and will renew every five days until the balance is emptied.
– Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX, which is being investigated as a potential Ponzi scheme. Over 2,392 complaints have been received, claiming a total loss of 1.5 billion Hong Kong dollars ($191.6 million).
– Despite falling victim to a $70 million wallet hack orchestrated by North Korea’s Lazarus Group, Hong Kong crypto exchange CoinEx has resumed services and claims its wallet system is operating safely and steadily.
– Chinese tech conglomerate Alibaba is partnering with crypto custodian Cobo to create an enterprise wallet-as-a-service solution for developers and organizations. The collaboration aims to set new standards in security, performance, and accessibility of digital wallet infrastructure for Web3.