云南 · 176

How does China's AI model use tokens to “export” electricity?

Author: Black Lobster, Deep Wave TechFlow Original title: Token went overseas to sell China's electricity to the world in the summer of 1858. A copper core cable crossed the bottom of the Atlantic Ocean, connecting London and New York together. The significance of this matter has never been the transmission speed, but rather the power structure. Whoever lays undersea cables can pump water from the information flow. The British Empire relied on this global telegraph network to get hold of colonial intelligence, cotton prices, and war news. The strength of an empire was not only a fleet, but also that cable. More than 160 years later, this logic is being repeated in an unexpected way. In 2026, China's big model is quietly eating up the global developer market. According to the latest data from OpenRouter, the Chinese model alone accounts for 61% of the token consumption of the platform's top ten models, and the top three are all from China. Every day, API requests from developers in San Francisco, Berlin, and Singapore are crossing the Pacific Ocean submarine cable to the Chinese data center. Computing power is consumed there, electricity is flowing there, and the results are sent back. Electricity never left the Chinese grid, but its value was delivered across borders through tokens. AI model migration On February 24, 2026, OpenRouter released weekly data: the total token consumption of the top ten models of the platform is about 8.7 trillion yuan, while the Chinese model alone accounts for 5.3 trillion yuan, accounting for 61%. MiniMax M2.5 topped the list with 2.45 trillion tokens, followed by Kimi K2.5 and Smart Spectrum GLM-5, and the top three came from China. The latest data from February 26 is no accident; a trigger ignited everything. At the beginning of this year, OpenClaw came out of nowhere. It is an open source tool that allows AI to actually “work”. It can directly control computers, execute commands, and complete complex workflows in parallel. The GitHub star rating surpassed 210,000 in a few weeks. John, a financial practitioner, immediately installed OpenClaw and connected to the Anthropic API, and began automatically monitoring stock market information and reporting trading signals in a timely manner. After a few hours, he stared at the account balance for a few seconds: tens of dollars, and it was gone. This is the new reality brought about by OpenClaw. In the past, when chatting with AI, there were thousands of tokens at a time, and the cost was negligible. After OpenClaw is connected, the AI runs more than a dozen subtasks at the same time in the background, repeatedly calling the context and iterating repeatedly. Token consumption is not linear; it is exponential. The bill is like a car with the hood speeding up, the gas meter is falling off, and I can't stop. A “trick” immediately spread in the developer community: using an OAuth token to directly connect an Anthropic or Google subscription account to OpenClaw, and turn the “unlimited” amount of the monthly fee system into free fuel for AI agents. This is also an approach adopted by many developers. An official countermeasure was imminent. Anthropic updated the agreement on February 19, explicitly prohibiting the use of Claude subscription credentials for third-party tools such as OpenClaw. To access Claude's features, you must go through the API billing channel. Google has also broadly banned subscriptions to Antigravity and Gemini AI Ultra through OpenClaw. “The world has been suffering for a long time,” and Jhon immediately fell into the arms of a big domestic model. On OpenRouter, the domestic model MiniMax M2.5 scored 80.2% on software engineering tasks, and Claude Opus 4.6 was 80.8%. The gap is almost negligible. However, prices vary widely. The former input end is 0.3 dollars per million tokens, and the latter is 5 dollars, which is about 17 times different. John has cut through, the workflow is still working, and the bill has shrunk by an order of magnitude. This migration is happening simultaneously around the world. Chris Clark, COO of OpenRouter, put it bluntly. The reason why the Chinese open source model has gained a large share of the market is because they account for an unusually high share of the proxy workflow run by US developers. To understand the essence of going overseas with electricity, you must first figure out one...

177d agoburnking#AI #token #electricity

Crypto employment minefield for college students: 4 years in prison for withdrawing coins, full warning for six types of crimes involving coins

Original | Odaily Planet Daily (@OdailyChina) Author | Wenser (@wenser 2010) Original title: The “minefield” of crypto employment for college students: coin withdrawal = 4 year sentence. Inventory of six types of crimes involving coins. The cryptocurrency industry has always been a dark forest. It is necessary not only to prevent on-chain security threats, but also to be wary of real-world legal swords. The boundaries of criminal risk behind acts such as issuing coins, OTC transactions, and manipulating liquidity pools are often blurred, especially for young people involved in the world. In order to raise awareness of risk prevention, Odailey Planet Daily will sort out typical domestic judicial cases involving coins in recent years and analyze key legal risk points (Note: This article is for legal popularization only and does not constitute a legal opinion; the specific provisions are subject to official interpretation). Case 1: Reselling foreign exchange constitutes a crime of illegal operation, involving more than 200 million yuan, the Supreme Court issued a typical case showing that the Sichuan Leshan Intermediate Court upgraded the trial of a case involving illegal foreign exchange trading using USDT. Between 2020 and 2021, Wan Mouyuan and others illegally traded foreign exchange through the “RMB - USDT - US dollar” method, involving more than 234 million yuan. The court found that it constituted a crime of illegal business. The main offender, Wan Mouyuan, was sentenced to 13 years and 6 months in prison and a fine of 1.14 million yuan; the defendants, Huang Mouyuan and Chen Mouwen, were sentenced to 5 years and 6 months in prison, 2 years and 6 months, as well as fines of RMB 710,000 and RMB 250,000, respectively. After the verdict was handed down in the first instance, the defendant waited the sentence. The procuratorate did not protest, and the judgment has taken legal effect. Two other cases are also crimes of illegal business. They are also listed here: First, in December 2022, the Dapu County People's Court handed down a verdict on a case of trading virtual currency in cash and sentenced the principal offender Chen to eight months' imprisonment and a fine of $20,000; the accomplice Li was sentenced to six months and ten days in prison and a fine of 1,000 yuan; and the stolen money was confiscated in accordance with the law and handed over to the national treasury. According to reports, in November 2021, Chen started the business of trading virtual currency in cash. He bought USDT from retail investors he knew and then resold it to the buyer to earn the difference in price. The price of each transaction is set by the buyer. The buyer compares the price of 1 U coin with the current market price of other virtual currencies to calculate the profitable price. Since every transaction involved a large amount of cash, Chen hired Li as a bodyguard to escort the cash transactions with retail investors for fear of being robbed. After the trial, the court found that Chen and Li used the form of virtual currency trading to trade foreign exchange in disguise. The circumstances were serious and had already constituted a crime of illegal business. Second, the three “post-95” guys used virtual currency transactions as a medium to engage in the “business” of trading foreign exchange. In just a few months, they completed more than 650 transactions and exchanged nearly 30 million yuan in foreign exchange. Following a public prosecution by the Jianhu County Procuratorate, Lin and three others were eventually sentenced by the court to fixed-term sentences ranging from 5 years to 1 year and 6 months, each with a fine for illegal business. The prosecutor's investigation found that Lin and the three others used virtual currency as a medium to obtain exchange rate differences by providing cross-border exchange and payment services, using the special properties of virtual currency to bypass the country's foreign exchange supervision, affect the effectiveness of foreign exchange management and the stability of legal exchange rates, disrupt the normal financial market order, and should be held criminally responsible for illegal operations in accordance with the law. Daily Planet Daily's critical review: As we all know, domestic foreign exchange regulations limit individual exchange amounts to about 50,000 US dollars per year, and the decentralization and anonymity of cryptocurrencies provide certain convenience for foreign exchange processing and transactions, so there are certain legal risks. Since the amount of money involved in the first case was huge and the time span of the crime was long, it was used as a typical case of upgraded jurisdiction with accurate application of the law, proper adjudication orientation, and outstanding exemplary significance. The situation in the second and third cases was similar, but the corresponding penalties were also relatively light, or for reasons of relatively minor circumstances. Charge 2: The crime of money laundering. The Jiangsu Liyang Municipal People's Court handed down a verdict on a virtual currency money laundering case on July 26, 2024, with a bank turnover of 25,000 yuan and illegal profits of more than 5,000 yuan. An unemployed man with the pseudonym Xiao Wu was sentenced to six months in prison, suspended for one year, and fined RMB 2,000 for participating in virtual currency money laundering activities. The case shows that in November 2023, Xiao Wu contacted a “money laundering company” via Telegram in order to repay credit card debts due to investing in foreign exchange and virtual currency during college. He bought U coins on an exchange platform, then transferred and sold them through the “U-MATOU” app...

379d agoburnking

Many places warn of the risk of illegal virtual currency fund-raising

Comparing the news, recently, the 10 billion fund fraud “Xinkangjia”, which claims to have a “daily interest rate of 2%,” has crashed, drawing the attention and alarm of the whole society about new types of internet fraud. Supervision is intensive “whistleblowing”. According to incomplete statistics, since July, financial supervisory authorities in many places, including Guangdong, Yunnan, Hunan, Liaoning, Heilongjiang, Zhejiang, Fujian, etc., have been intensively warning the risk of illegal fund-raising in the name of “virtual currency” and the risk of new types of online fraud. (First Finance)

398d ago

13 billion evaporates, 2 million families suffer: the shocking stablecoin scam “Xinkangjia” comes to an end

Original Author: Fairy, ChainCatcher Original Editor: TB, ChainCatcher Original Title: 13 billion yuan, 2 million victims: Stablecoin “fund-raising” case “Xin Kangjia” “Hello comrades! Hello everyone! I'm Mr Wong. I'm already abroad. Everyone's IQ matches their wealth. Because your wealth doesn't match your IQ, I want you to match it; I just took the wealth that didn't match your IQ. I hope you can thank me. Thanks to me. Remember the lessons I taught you this time.” An extremely aggressive “farewell message” from the founder of “Xinkangjia” spread on the Internet. It sank into the hearts of 2 million “Xinkangjia” victims. Under the guise of a stablecoin and under the banner of the Dubai Stock Exchange, “Xin Kang Jia” claims to have connected Dubai Capital and signed a strategic cooperation agreement with CNPC to induce countless middle-aged and elderly people and sole proprietors in third- and fourth-tier cities to invest in capital, eventually falling into the abyss. Today, the platform is unable to withdraw money, and the mastermind, Huang Xin, has absconded overseas. Two days before the crash, huge sums of up to 1.8 billion USDT were split into 12 batches and transferred to 3 brand new crypto addresses. From empty shells to “militarized” pyramid schemes, how did Xin Kangjia lock in one million victims? In March 2021, Huang Xin, Shao Xinkang, and Wang Yanjia registered “Guizhou Xinkang Jiada Data Service Co., Ltd.” under their respective names, with a registered capital of 30 million yuan. The initial legal entity was Shao Xinkang, and later changed to Liu Hailiang. However, the company has zero paid-up capital and zero social security personnel, making it a typical shell company. But the empty case was quickly gold-plated. In May 2023, Xinkangjia started with the “CNPC” platform and renamed “DGCX Xinkangjia Data” in September, claiming to be the official Chinese division of the “Dubai Gold and Commodities Exchange”. It also moved out of the “Connect Middle East Capital” and “Strategic Cooperation with CNPC” gimmicks, claiming that it can earn 2% a day, attracting countless investors to flock in. After the members download the “DGCX Xinkangjia Data” app, they will follow the “teacher” to perform simulations to predict the rise and fall of the market. On the surface, it is a transaction; in fact, the back office can freely manipulate the rise and fall data. Furthermore, the platform uniformly uses USDT as a deposit and withdrawal method, and all internal pricing is settled in USDT. All members are required to convert RMB to USDT on their own and then transfer to the platform account. The scam also has a “militarized” pyramid scheme structure. The platform divides the country into four major “war zones” in the east, south, west, and north, and promoters are promoted according to the rank of “commander - military chief - division chief”. Get 50 people to become brigadiers, get a 15% commission, and get 500 people to get a Porsche. Among them, the largest Yunnan team had 150,000 members and 100,000 in Jiangxi, forming a huge MLM network. In fact, as early as October 2024, Yixian County in Sichuan issued a risk warning, indicating that the platform had no legal qualifications. However, most users are still immersed in the fantasy of “making steady profits without compensation.” It wasn't until 12 provinces, including Hunan and Hubei, turned on red lights one after another that the platforms began to show their feet. In May 2025, the platform's withdrawal fee soared from 5% to 10%, and more than 50,000 yuan required “30 working days in line”. On June 26, the platform completely closed the withdrawal channel, the system was paralyzed, and millions of investors' funds were completely frozen. Up to now, police in many parts of the country have opened investigations, 37 team leaders have been arrested, and more than 120 million yuan of funds involved in the case have been frozen. Huang Xin, the mastermind behind Huang Xin's Mask and Escapist “Xin Kangjia,” once branded the “Wall Street Finance Doctor” and “CNPC Executive,” and claimed that he “accurately predicted the sharp rise in crude oil as early as 2015,” in an attempt to create a professional and authoritative financial personality. However, the platform's repeated use...

409d agoWendy#stablecoins #Xin Kangjia

Bitcoin that will never lose: a single piece of 100,000 dollars, 16 years from zero to $2 trillion

On December 5, 2024, a single Bitcoin was worth $100,000, a record high, with a market capitalization of $2.1 trillion. It has officially entered the six-digit range. The $100,000 that was once out of reach and even felt like something out of reach is now history. The market value of any type of asset, from zero to trillions of dollars, must be an epic story behind it, and Bitcoin is of course no exception. Those of us in the middle of the game especially feel that Bitcoin's ten-year journey can only be described as magical. The Bitcoin network was officially launched on January 3, 2009, and the initial transaction price of Bitcoin was $0.0008. At a price of 100,000, Bitcoin increased more than 125 million times. Let's go back to the beginning of the birth of crypto and mark the release of the Bitcoin white paper. Compared to the 2008 financial crisis, where it all began and Bitcoin's brilliance today, its birth was insignificant. In November 2008, a paper signed by Satoshi Nakamoto was published online with the title “Bitcoin: A Peer-to-Peer Electronic Cash System” (Bitcoin: A Peer-to-Peer Electronic Cash System). The paper describes in detail how to use peer-to-peer networks to create an “electronic trading system that does not rely on trust.” The birth of Bitcoin directly reflects Satoshi Nakamoto's deep disappointment with the financial system at the time. In September 2008, a financial crisis triggered by the collapse of Lehman Brothers broke out in the US and spread rapidly around the world. To save an economy on the brink of collapse, the US government has taken unprecedented intervention measures: huge public funds to bail out the market and monetary overruns triggered by quantitative easing. Although these measures mitigated the crisis in the short term, they also brought about a series of sequelae such as inflation, market turmoil, and exchange rate fluctuations. As a result, Satoshi Nakamoto had a bold idea: to create a monetary system independent of the government and financial institutions. In the traditional system, money is issued by the central bank, and transactions are recorded and confirmed by banks. Bitcoin, on the other hand, breaks this model. Through decentralized blockchain technology, peer-to-peer transactions are possible without third party intervention. Bitcoin's core design also reflects its philosophy: its total volume is limited to 21 million units, avoiding the risk of depreciation caused by unlimited increases in traditional currencies. This design ensures Bitcoin's scarcity, enabling it to act as “digital gold” in an inflationary environment. This characteristic has attracted widespread attention from cryptography enthusiasts and economists. However, the quantitative design of Bitcoin is disputed in the economics community. Keynesian scholars believe that a fixed total volume deprives monetary policy of flexibility, and that deflationary effects may drag down economic development. Proponents of the Austrian school, on the other hand, believe that fixing the total amount of money will help reduce human intervention, and that deflation may instead stimulate an increase in market efficiency. Two months after Satoshi's paper was published, on January 3, 2009, on a small server in Helsinki, Finland, Satoshi personally unearthed the Bitcoin Genesis Block (Genesis Block). As a reward, he received his first batch of 50 bitcoins, and the first bitcoin came out. On the Silk Road, no one paid attention to black demand for a long time after Bitcoin was introduced. People wonder: What is the practical use of this invention? Even Satoshi Nakamoto, the founder who is regarded as a genius, has never given a clear answer. In December 2010, after leaving his last message online, he mysteriously disappeared. During the first few years of Bitcoin's existence, its value hovered around $0.1 each. The most famous transaction of that time was when someone used 10,000 bitcoins to buy a pizza. Although Bitcoin's design is perfect, it's like an unperformed script and is considered to be devoid of practical significance — until it meets another “genius.” Ross Ulbricht, born in 1984, has been involved in the drug trade since college. Limited by the government's strict control of drugs, his business has never been able to scale up. The turning point came in 2010, when he heard about the existence of Bitcoin from his customers. The key to the government's fight against illegal activity lies in the regulation of financial flows, which is based on the traditional banking system. However, as a decentralized, hard-to-track payment instrument, Bitcoin is naturally suitable for circumventing regulation. Ross was keenly aware that this was just the tool he needed. In January 2011, 26-year-old Ross created a deep web platform—what people often call the dark web. He put this...

625d agoLuxurytracy#2023 market #ETF #Nakamoto Satoshi #mining #Bitcoin #Bull market #Trump #mining machine #Market

A pyramid scheme organization using “virtual currency” as a gimmick was prosecuted and sentenced. The amount involved was over 210 million yuan

According to the official account of the Yunnan Provincial People's Procuratorate, according to the official account of the Yunnan Provincial People's Procuratorate, the case recently filed by the Shidian County Procuratorate for organizing and leading pyramid scheme activities was tried by the court. The 10 defendants, including Li, were each sentenced to 6 years in prison to 2 years in prison for the crime of organizing and leading pyramid scheme activities, and fines ranged from RMB 500,000 to 100,000 yuan. Since May 2021, Mr. Li has collected Mr. Huang, Mr. Jin, and others to use “blockchain” and “virtual currency” as a gimmick to obtain illegal benefits, set up 5 capital pools on the online platform on the grounds of buying and holding virtual digital coins A and issuing virtual digital coins B and C, and use on-site meetings, WeChat groups, etc. to create the personality of successful people, and use their special professional background to promote slogans such as “One Dollar, One Luxury Home, One Dollar, One Luxury Car” and “Easily Earn Hundreds of Thousands of Millions a Day” The reward system and profit prospects tempt the masses to By purchasing, destroying, and adding funds to the pool, you are eligible to join, complete the tasks issued, and receive static dividends and dynamic returns directly or indirectly based on the number of people developed and the amount invested, forming 5 rebate tiers. According to an assessment, the total amount of MLM funds collected by Mr. Li and others using online platforms amounted to more than RMB 210 million. The investigation by the Shidian County Procuratorate found that Mr. Li, along with nine other defendants, used online platforms to defraud property and disrupt the economic and social order. The total amount of pyramid scheme funds reached more than 210 million yuan. The circumstances were serious. The actions of Mr. Li and 10 others violated the provisions of Article 224 (1) of the Criminal Law of the People's Republic of China and constituted the crime of organizing and leading pyramid scheme activities. Following a court hearing, the above judgment was handed down.

651d agoburnking#virtual currency

Seven people in Yunnan Province were convicted of pyramid scheme crimes for building an online platform to issue virtual currency

Comparative news, according to the Yunnan Legal Daily, in February 2023, the seven defendants jointly discussed setting up an online platform to invest in virtual currency. After reaching an agreement, a company in Sichuan was contacted, and technicians developed a “3M platform” to issue the token “Mavrocoin” to lure investors to join the project in a way that investing in virtual currency can be highly profitable. After the platform was completed and put into operation, the seven defendants actively promoted that the investment platform could be highly profitable, and went offline to promote development and offline. It has been determined that the number of offline users is at least 3 levels (including 3 levels), and the cumulative number of offline users is 30 or more (including 30), a total of 375 users. The seven defendants each received profits ranging from 4,300 yuan to 20,000 yuan. After a trial, the Xichou County People's Court found that the seven defendants used the “3M platform” to issue virtual currency, lured investors to join the platform by investing in virtual currency and formed hierarchies in a certain order. The number of development personnel was used as a reward for profit. Their actions constituted a crime of organizing and leading pyramid scheme activities. According to sentencing circumstances such as the role played in the crime, level of development, guilty plea and punishment, and refund of stolen money, etc., they were each sentenced to 2 years and 6 months in prison, suspended sentences, and fines.

689d agoburnking#virtual currency

The Legend of Yang Bin: Former Chinese Richest Man, Kim Jong Il, Arrested for Crypto Fraud

The legendary “Dark Horse Richest Man”, who transformed into blockchain after his release from prison, fell to the horse once again after his masterful empty-glove white wolf technique. Written by Jaleel Plus Six, BlockBeats August 26, 2024, Singapore High Court, Yang Bin, the former second-richest man in China, now sits on the defendant's seat. Yang Bin, who always had a very dark face, didn't look very good. Through court interpretation, he told the judge that he had stomach cancer. As the judge read out the verdict, the court fell silent. Yang Bin was jailed for six years, plus a fine of S$16,000 for allegedly disguising cryptocurrency investments and manipulating multi-million dollar Ponzi schemes. The reason for all of this dates back to 2021, when Yang Bin used the A&A Blockchain Innovation crypto company to attract a large number of investors, claiming to own 300,000 cryptocurrency miners and promising a return of 0.5% per day. In fact, these mining machines never existed. Yang Bin used new investors' funds to pay early participants, a typical Ponzi scheme. Eventually, the scam was fully revealed under investigation by the Singaporean regulatory authorities. This is not the first time Yang Bin has faced legal sanctions. In 2003, he was sentenced to 18 years in prison by a Chinese court. “Mandela of South Africa spent 27 years in prison and came out as president. “I, Yang Bin, spent 18 years in jail and came out at age 58, and I can still be president.” The 68-page thick verdict didn't suppress his arrogance. This former richest man in China and the head of the Special Administrative Region of North Korea has a legend of a business empire full of ambition and glory, as well as a wonderful legendary experience: from an orphan to a billionaire, from a business tycoon to a prisoner. What follows is the full truth about this once popular “dark horse millionaire.” Yang Bin lit a cigarette for Kim Young-nam, the No. 2 figure in North Korea. From being an orphan to the richest man, Yang Bin's wealth legend Yang Bin's business legend began in poverty, but it was extremely dramatic. An orphan from an ordinary family, he was admitted to the Naval Academy through hard work and stayed at the school to teach with outstanding academic results. However, Yang Bin wasn't satisfied. At the age of 25, he went to the Netherlands to study and began his extraordinary international business adventure. In the Netherlands, Yang Bin used the 10,000 US dollars he had saved from his part-time job to conduct international trade and keenly explore market opportunities between China and Eastern Europe. He quickly rose to prominence in the textile and apparel import and export markets. In just two years, he amassed a fortune of 20 million dollars and completed his first pot of gold in his life. Soon after, Yang Bin turned his sights to China. In the context of reform and opening up, he founded the greenhouse agriculture project “Dutch Village” and quickly became a leader in the agricultural industry. With his foreign status, he received extensive tax exemption policies and government support, which enabled his business to grow rapidly. Holland Village Construction However, what really made Yang Bin famous was that he successfully promoted Eurasian agriculture to the Hong Kong capital market in 2001 and officially listed it. This move not only brought in huge sums of money, but also made Yang Bin rise to the top of the list of China's richest people and become a popular “dark horse millionaire.” “Doing good is good,” Yang Bin also came up with the idea in the political world. On September 24, 2002, Yang Bin obtained the position of Chief Executive of North Korea's Sinuiju Special Administrative Region, which is somewhat similar to the Chief Executive of Hong Kong, China. At the press conference, Yang Bin even directly stated to the media: “I am Kim Jong-il's stepson.” Yang Bin's masterful “white wolf in an empty gloves” technique was no more than the day before he went to North Korea to take office. Police surrounded Yang Bin's villa. Along with security guards and two night watchdogs, Yang Bin was taken out of Dutch Village and a case was opened and investigated. In July of the following year, Yang Bin was sentenced to 18 years in prison for several crimes and served time in prison. It wasn't until this point that the public realized that Yang Bin is a white wolf who is extremely good at wearing empty gloves, and is an outright superior liar. The smartest scams are often not entirely fictional, but rather cleverly intertwine facts with fiction, making them difficult to discern. Why was Yang Bin able to become the richest man by deception? Much of it is because there is indeed a real part of his experience. According to Yang Bin's own description, he was born in Nanjing in 1963 and became an orphan at the age of 5; entered the Second Naval Artillery Academy and stayed in school to teach at age 18; studied in the Netherlands and joined Dutch nationality at age 24; and founded his own company in the Netherlands to trade clothing and textiles at age 27. This modern version of the story “Fogdu Orphan” is also Yang Bin's deliberate portrayal of his public image. However, in reality, this is not the case. After an in-depth investigation by the Shenyang Municipal Public Security Bureau, Yang Bin's resume was gradually revealed. He was not directly admitted to the military academy, as he claimed, but was sent to the military academy after joining the military in his hometown of Nanjing, where he studied...

716d agody zhang#MLM #Singapore #North Korea #Yang Bin #hongkong

Former Chinese billionaire Yang Bin was jailed for 6 years in Singapore for allegedly organizing a crypto mining investment scam

Comparative news, according to a report by Singapore's Lianhe Zaobao, Yang Bin, a Dutch national who once ranked second on the Forbes list of China's richest people, set up a local investment company in Singapore to carry out a “Ponzi scheme”, falsely claiming that he cooperated with a cryptocurrency mining company, owned a large number of mining machines, and recruited three people to conspire to defraud more than 700 people for a total of 6.7 million Singapore dollars. After one of his accomplices went to jail, the mastermind also went to jail. The mastermind is Yang Bin from the Netherlands. He was the chairman of A&A Blockchain Innovation Private Limited (A&A for short) at the time of the crime. Facing 19 charges, including fraud and violation of the Employment of Foreign Workers Act, he pleaded guilty to eight of them in the Singapore National Court on August 26. After considering the remaining matters, the judge sentenced him to six years in prison and a fine of 16,000 Singapore dollars. According to the circumstances of the case, the defendant set up an A&A in April 2021 to provide an investment plan for cryptocurrency mining. A&A falsely claims to have cooperated with a cryptocurrency mining company in Yunnan, China, and owns 70% of the latter's 300,000 mining machines; the mining machines can mine cryptocurrencies such as Bitcoin and Ethereum. A&A promises investors that they can earn 0.5% of investment profits every day. In fact, A&A did not cooperate with this Chinese company, nor did it own a mining machine. This is actually a “Ponzi scheme”; A&A uses investment funds from new investors to pay “profits” to old investors. Earlier, on August 10, Wang Xinghong, CTO of the Singaporean company A&A, was sentenced to 5 years in prison for participating in a cryptocurrency Ponzi scheme.

725d agoLuxurytracy#crypto mining #Yang Bin

Long push: Why did I choose leverage on 63500/3500?

Author: Allen Ding Note: This article is from @0x_Allending Twitter: Two years ago, I set a big tone for myself in this round of bull market operations, and this is what all old fans have known for a long time: 1. Fill up the spot position as soon as possible. The coin standard is the way to think in a bull market. So I filled up my personal position in November 2022, when Ethereum was 1180. 2. Stock up on flatbread and Ethereum, and strictly control the number of small coins within 10. Currently my positions are 20% for Bitcoin, 60% for Ethereum, and 20% for small coins. 3. Be sure to look for opportunities to leverage Bitcoin and Ethereum, but never exceed 2.5x the full position. Why use leverage, because it can actually amplify profits, and this round is probably the last big increase in the Bitcoin industry that ordinary people can enjoy. Why not more than 2.5x, because I think a sharp drop of more than 30% in a bull market is very common, and too high leverage can easily cause a position to be burnt out. 4. Unless there is an obvious top characteristic, it will not be sold, but once an obvious top characteristic appears, it must be sold. Currently, I have completed 1 and 2 quite well, but 3 hasn't been completed. This is also one of my worries. Finally, 5 days ago, I applied 0.8x leverage at the Bitcoin 63500/Ethereum 3,500 position, and now I have a full position of 1.8x. Admittedly, opening a position in this position is definitely not the best option; it's more like a last resort, because the bottom of the flatbread round is 15,000, and the bottom of the eth round is 900, so the position I leveraged is already 4 times the bottom price. But I decided to get on the bus at this point because I wanted to understand something. 1 The funding for participation has changed. The adoption of ETFs directly allows old US money to enter and dominate the Crypto game unhindered. This is seawater pouring into a small fish pond, and the fundamentals of the small fish pond itself are not important at all. This is also why after the ETF was passed, Bitcoin did not experience the deep pullback I had imagined, and V quickly reversed and repeatedly reached new highs. Even though the technical side is already very bearish, it can rise indefinitely. Essentially, the technical side of small fish ponds is not called technical; it is seawater. I recently interviewed many technical experts and short-term experts around me. They have all generally missed out on this wave, and they have also surrendered to join the blockchain revolution in the past month. “As long as you surrender quickly, you are a member of the revolution.” 2 Zhuang has changed, and the rules have changed. In the past, companies in the industry were mainly exchanges and market makers; they relied on market fluctuations to make money. It doesn't matter how much Bitcoin rises unilaterally in a bull market. What matters is whether the magnitude of the shock is large or not, because as long as the volatility is sufficient and the waves go back and forth, gambling dogs will be very happy to gamble, and the more frequent the gamblers bill, the more exchange fees they earn, and the more room for market makers to arbitrage. However, this time, Zhuang is an ETF issuer like Huajie. Their profit model is not a handling fee, but a management fee. For a 5 billion dollar fund, they receive 0.2%; for a 50 billion dollar fund, they also receive 0.2%. For a 500 billion dollar fund, they can still receive 0.2%. So I'm asking you, do they want to make the plate bigger or smaller? The answer is of course to grow bigger, because they can only earn more management fees if the plate gets bigger. How can a plate be big? Of course, the price of Bitcoin is higher, because there are so many flatbreads; the higher the price of flatbread, the bigger the plate. “Find Zhuang's purpose and determine if he has achieved his goal.” I didn't call Gao before joining a new high school. I only vaguely remember January 2021. At that time, my partner @0x_todd在云南跨年 and I were eating bacterial hot pot while soaking in hot springs, and watched Ethereum grow from 700 to 1,300 in a month, up 78% in a single month, which directly stunned me. However, the front high is over 1,400, which is just around the front high. At this point, the price of Ethereum on February 1 was 2,283, and now it is 4018, which is calculated to be an increase of 76%. The previous high was over 4,800, which is also close to the previous high. I just ask you, is this moment just right now? If you think Ethereum is very high now, then congratulations. You will definitely think that 1,300 Ethereum was also high back then, and then you lost touch with 4,800 Ethereum. “Sometimes, chasing heights is the real bottom cut.” 4ATH will take a few times to break through, but you must seize every opportunity, especially the first time. The main reason I chose to use leverage on March 6 is that I think the liquidation data and pullback strength after the failure to hit ATH on March 5 were adequate, and the rebound was also very strong. In the 2021 bull market, ATH, I remember that the daily level experienced 4-5 times before breaking through. This round was due to ET...

893d agody zhang#ETF #Ethereum #levers #Bitcoin #Bull market