According to Wu Shuo, Prince Ali of Dubai, who claimed to have opened a family office in Hong Kong, was exposed by the media. Cheng Zhang, the executive director and chief operating officer of his office, had developed T8 Coin and founded the IBITX cryptocurrency trading platform, but was warned and suspended by the US Securities and Exchange Commission. They plan to issue a virtual currency, Carbon Sink Coin, this year, claiming to use blockchain technology to track carbon emissions.