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Chinese financial industry groups have warned that illegal fundraising and fraud are increasingly emerging through stablecoins, airdrops, real-world asset (RWA) tokens, and crypto mining schemes, according to a Dec. 5 notice carried by the state-run Xinhua News Agency.Photo by Othman Alghanmi on UnsplashThe joint warning was issued by seven major bodies: the National Internet Finance Association of China, the China Banking Association, the Securities Association of China, the Asset Management Association of China, the China Futures Association, the China Association for Public Companies, and the Payment & Clearing Association of China. These groups stated that such products are being used to drive speculative trading, pyramid schemes, and other illicit activities that threaten financial stability. They stressed that cryptocurrencies are not legal tender in China and do not share the legal status of fiat currency, further noting that regulators have not approved any RWA tokenization activities. Crypto and RWA offerings prohibitedConsequently, the notice bars member institutions from directly or indirectly providing services related to the issuance or trading of cryptocurrencies or RWA tokens. The associations also urged members to intensify risk warnings and investor education, while encouraging the public to report suspected violations. This industry alert follows the central bank’s recent reiteration of its concerns regarding speculative crypto activity. According to Reuters, the People’s Bank of China (PBOC) last month restated its ban on crypto-related business, citing a resurgence in speculation and compliance gaps in stablecoins that complicate risk management. The central bank plans to tighten enforcement against unlawful operations, reinforcing the blanket ban on crypto transactions and mining imposed in September 2021. Old Bitcoin loan feud resurfacesDespite this restrictive framework, disputes tied to legacy crypto dealings continue to surface. Cryptopolitan reported that a long-running controversy has re-emerged surrounding Li Feng, a co-founder of Moore Threads, a Chinese GPU designer widely viewed as a homegrown rival to Nvidia. According to Cryptopolitan, the scrutiny follows the company's Dec. 5 debut on the Shanghai Stock Exchange, where it raised 8 billion yuan ($1.1 billion). Reportedly, Li faces accusations of failing to repay 1,500 Bitcoin allegedly borrowed from OKX founder Xu Mingxing. Citing a Foresight News post referenced by analyst AB Kuai.Dong on X, the report indicates that Li and angel investor Xue Manzi launched a cryptocurrency in 2017, raising 5,000 ETH. According to the outlet, Li has been accused of failing to repay 1,500 Bitcoin that he purportedly borrowed from OKX founder Xu Mingxing. Xu is said to have raised the issue publicly and sought resolution through legal proceedings in both China and the U.S. However, the legal ambiguity surrounding cryptocurrencies at the time was viewed as a major obstacle to settlement. Li, for his part, has characterized Xu’s contribution as a failed investment. The situation took a constructive turn when Xu reposted AB Kuai.Dong’s post, saying observers should look past old disputes. Xu encouraged a focus on constructive industry growth and stated that debt matters should be left to legal channels, offering goodwill toward fellow entrepreneurs. The timing of the renewed dispute alongside recent industry warnings highlights a consistent focus on risk control and legal clarity within China’s digital asset space. Authorities continue to emphasize investor protection and formal reporting channels to curb speculation, while market participants are increasingly turning to legal avenues to resolve legacy issues. These developments point to a sector still wrestling with unresolved disputes and regulatory gaps, underscoring the need for clearer rules for both regulators and entrepreneurs. 

Singaporean Authorities Uncover $1.3M Crypto Mining ScamFour foreign nationals are facing charges in a Singaporean court related to a cryptocurrency mining investment scheme that allegedly cheated investors out of over S$1.8 million ($1.3 million).According to reports in local media, the accused individuals are associated with A&A Blockchain Technology Innovation, a Singaporean company that was previously investigated for potential cheating offenses related to the very same crypto mining scheme in 2022. The accused include Dutch national Yang Bin, who was the Chairman of A&A Blockchain at the time of the offenses, and Lu Huangbin, Wang Xinghong, and Chen Wei, who held various roles within the company. Lu, Wang, and Chen are Chinese nationals.Photo by Arul Kumaran on UnsplashConspiracy to cheat chargesThe four individuals are collectively facing twelve counts of engaging in a conspiracy to cheat, involving the aforementioned sum of money. Additionally, they are charged with carrying out payment services without the required license.The charges are connected to a cryptocurrency mining investment scheme offered by A&A Blockchain between May 2021 and February 2022. The scheme promised investors a fixed daily return of 0.5 percent, luring them in by falsely claiming ownership of a large number of cryptocurrency mining machines.Unlicensed crypto exchangeDuring the period of August 2021 to February 2022, A&A Blockchain operated a cryptocurrency exchange named AAEX, facilitating the trading of multiple cryptocurrencies. However, the company operated without a proper license from the Monetary Authority of Singapore (MAS) for providing payment services in the country.Under the Penal Code, those convicted of cheating offenses can face penalties that include fines, imprisonment for up to a decade, or both. The accused face a total of 12 cheating charges, out of which 10 are amalgamated charges. If convicted of an amalgamated charge, the punishment could be doubled for a single incident of the offense. Furthermore, engaging in payment services without the necessary license can lead to a jail term of up to three years, a fine reaching S$125,000 ($92,000), or both.The cases against Chen, Wang, and Yang have been adjourned until next month. Meanwhile, Lu’s pretrial conference is scheduled for a later date in September. The charges against these individuals come in the wake of a large-scale operation targeting anti-money laundering offenses within the city-state.The operation resulted in the arrest and charging of ten individuals suspected of forgery, money laundering, and resisting arrest. The group had reportedly amassed assets worth approximately S$1 billion ($736 million), residing in affluent properties and owning luxury vehicles.Good actorsThe nascent nature of crypto is being used as a cover for scammers and while those bad actors get a disproportionate level of coverage, there are plenty of good actors engaging positively with the innovation at hand.As an example of genuine efforts being made in crypto mining, Beijing-based Canaan, a leading mining equipment manufacturer, intends to hold an event in Singapore next month to celebrate ten years in the business. Singapore is also home to well-known crypto miner, Bitdeer, a company with significant mining operations in North America, Bhutan, Norway, and elsewhere.As the industry matures and makes a better fist at self-regulation, in tandem with ever-improving regulations and controls at a national level, scammers using crypto-related activities as a foil for their criminal enterprise will be forced out of the sector.

Blockchain Tech Enhances Korean Meat Industry’s Trading SystemThe Korean meat industry is leveraging blockchain technology to optimize its meat trading system.©Pexels/mali maederOn Tuesday, the MOOxMOO Foundation, a Korean blockchain-driven supply chain management provider, announced its strategic partnership with meat processing company PMD, according to the Maeil Business Newspaper.Inefficient distributionThe partnership aims to enhance the transparency of the meat trading system and address issues of inefficient intermediary distribution, particularly regarding payments, settlements, and deliveries. This goal will be achieved through the foundation’s meat trading platform MOOxDEAL, which will utilize soulbound tokens (SBTs) to verify identities of supply chain participants.Rising meat demandThe OECD-FAO Agricultural Outlook 2022–2031 stated that in 2021, world meat imports are estimated to have reached 40 million metric tons (Mt), with poultry imports leading the way. Brazil, the European Union and the United States were among the top meat exporting countries, meeting a significant portion of the increased import demand.Meat consumption is projected to grow by 15% by 2031, driven by an expected 11% increase in the global population. Global meat supply is projected to reach 377 Mt by 2031, though growth will not be as rapid as the previous decade.The amount of protein available from poultry, pork, and beef is expected to increase globally by 16%, 17%, and 8%, respectively, by 2031, with poultry being the main contributor to overall meat production growth. The majority of meat production growth is set to occur in developing regions.Costs onto consumersDespite increasing global meat production, the unsuitable distribution structure in Korea may shift costs onto consumers.Through the partnership, the MOOxMOO Foundation looks forward to addressing the inefficiencies of intermediary distribution and benefiting consumers. The foundation also envisions its platform contributing to the Korean meat industry by optimizing both business to business (B2B) and business to consumer (B2C) trading.