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Defendant Given 3-Year Prison Sentence By Hangzhou Court For Stealing NFT
The Gongshu District Procuratorate of Hangzhou City, Zhejiang Province, recently launched a public prosecution. The court gave the defendant Chen a three-year prison term with a four-year, six-month suspension and a 7,000 yuan fine.
On July 20, 2022, Chen accidently discovered a bug in a certain digital gathering platform's login process. Following an investigation, Chen was able to access the accounts of over 30 people and successfully sell 21 of them's non-fungible token (NFT) collections for a price between 1,400 and 1,600 yuan per unit, making a profit of over 30,000 yuan.
Mr. Wang, who hails from Hangzhou, is involved with the digital archive. In July 2022, Wang spent 299 Yuan to purchase a digital collection from a website. Wang was ecstatic to see how quickly the value of this digital collection rose as a result of the limited sales.
In the early hours of July 22 of that same year, Wang went back to the site and saw that the digital collection he had been holding was gone. Despite not taking part in any activities, account records show that the collection was resold to other users.
Due to the incident's rapid recurrence, Wang swiftly reported the problem in the #WeChat group of digital collecting users. Remarkably, more than ten people claimed to have experienced the identical issue.
This increased the network platform's level of attentiveness, and platform specialists quickly examined the server logs to check for any database anomalies. The research found that 21 users had their digital collections sold consecutively, and that over 30 user accounts were simultaneously connected into the same IP address.
When the online platform became aware of this peculiar situation, it made the assumption that someone had secretly accessed the user's account to carry out illegal actions on the user's digital collection. When platform technicians ran a reverse check at that moment, they found that the IP had also entered into an account with Chen as the verified real name.
To find out more, the online platform verified the situation with the third-party platform that handled the resale. The records showed that Chen's personal information matched the account registration information for the selling of 21 #NFT collections. Soon after the network platform notified the authorities, Chen was arrested. The original user account has now received access to these 21 collections.
The majority of NFTs in #China are referred to as digital collectibles and can only be bought using legal money, which is frequently yuan, as a result of Beijing's ban on cryptocurrencies. Because it views cryptocurrencies as a threat to financial stability, the national government has continually imposed restrictions on blockchain-based assets over the years.
Customer complaints against #NFTs climbed 300-fold in China in 2022, highlighting a problem that is getting harder to handle.
This news is republished from https://coinaquarium.io/
On July 20, 2022, Chen accidently discovered a bug in a certain digital gathering platform's login process. Following an investigation, Chen was able to access the accounts of over 30 people and successfully sell 21 of them's non-fungible token (NFT) collections for a price between 1,400 and 1,600 yuan per unit, making a profit of over 30,000 yuan.
Mr. Wang, who hails from Hangzhou, is involved with the digital archive. In July 2022, Wang spent 299 Yuan to purchase a digital collection from a website. Wang was ecstatic to see how quickly the value of this digital collection rose as a result of the limited sales.
In the early hours of July 22 of that same year, Wang went back to the site and saw that the digital collection he had been holding was gone. Despite not taking part in any activities, account records show that the collection was resold to other users.
Due to the incident's rapid recurrence, Wang swiftly reported the problem in the #WeChat group of digital collecting users. Remarkably, more than ten people claimed to have experienced the identical issue.
This increased the network platform's level of attentiveness, and platform specialists quickly examined the server logs to check for any database anomalies. The research found that 21 users had their digital collections sold consecutively, and that over 30 user accounts were simultaneously connected into the same IP address.
When the online platform became aware of this peculiar situation, it made the assumption that someone had secretly accessed the user's account to carry out illegal actions on the user's digital collection. When platform technicians ran a reverse check at that moment, they found that the IP had also entered into an account with Chen as the verified real name.
To find out more, the online platform verified the situation with the third-party platform that handled the resale. The records showed that Chen's personal information matched the account registration information for the selling of 21 #NFT collections. Soon after the network platform notified the authorities, Chen was arrested. The original user account has now received access to these 21 collections.
The majority of NFTs in #China are referred to as digital collectibles and can only be bought using legal money, which is frequently yuan, as a result of Beijing's ban on cryptocurrencies. Because it views cryptocurrencies as a threat to financial stability, the national government has continually imposed restrictions on blockchain-based assets over the years.
Customer complaints against #NFTs climbed 300-fold in China in 2022, highlighting a problem that is getting harder to handle.
This news is republished from https://coinaquarium.io/
From Article (Kevin Strategy Research)on #WeChat
The U.S. credit cycle has turned negative since 2022, indicating a potential contraction, with the Federal Reserve's interest rate hike considered "just right." Anticipating a downward growth trend in the U.S., the pressure is expected to increase in the second half of the next year. However, limited erosion of consumption by high interest rates suggests the downturn may not be deep. Inflation pressure has eased, with oil prices becoming a primary variable. The degree of tightening is deemed appropriate, requiring maintenance of current financial conditions. Interest rates may decline in two stages, focusing on market fluctuations or weakening economic data in the first and second quarters of the next year.
In China, faced with constraints on private sector credit easing, the central government is increasing leverage to initiate credit easing for growth. First-tier real estate and reducing financing costs are considered options. The Chinese market is seen at a policy bottom, transitioning to an emotional and market bottom. Expectations of no interest rate increase and falling U.S. bond interest rates may drive a repair rebound, requiring more "symptomatic" policies.
The Sino-U.S. cycle may move from dislocation to resonance by 2025, influenced by macro cycles, supply chains, and external demand. Investment suggestions include prioritizing U.S. debt, followed by stocks and commodities. For the U.S., it is recommended to focus on debt, with an estimated 10-year U.S. Treasury bond center of 3.9%, falling gradually. U.S. stocks may experience initial decline and later rise, with attention to tightening pressures on earnings and liquidity. The dollar is expected to fluctuate within a reasonable range. China is gradually building a bottom, adopting a "picking up bargains" strategy and a "dumbbell" structure of offense and defense before more targeted policies are implemented.
The U.S. credit cycle has turned negative since 2022, indicating a potential contraction, with the Federal Reserve's interest rate hike considered "just right." Anticipating a downward growth trend in the U.S., the pressure is expected to increase in the second half of the next year. However, limited erosion of consumption by high interest rates suggests the downturn may not be deep. Inflation pressure has eased, with oil prices becoming a primary variable. The degree of tightening is deemed appropriate, requiring maintenance of current financial conditions. Interest rates may decline in two stages, focusing on market fluctuations or weakening economic data in the first and second quarters of the next year.
In China, faced with constraints on private sector credit easing, the central government is increasing leverage to initiate credit easing for growth. First-tier real estate and reducing financing costs are considered options. The Chinese market is seen at a policy bottom, transitioning to an emotional and market bottom. Expectations of no interest rate increase and falling U.S. bond interest rates may drive a repair rebound, requiring more "symptomatic" policies.
The Sino-U.S. cycle may move from dislocation to resonance by 2025, influenced by macro cycles, supply chains, and external demand. Investment suggestions include prioritizing U.S. debt, followed by stocks and commodities. For the U.S., it is recommended to focus on debt, with an estimated 10-year U.S. Treasury bond center of 3.9%, falling gradually. U.S. stocks may experience initial decline and later rise, with attention to tightening pressures on earnings and liquidity. The dollar is expected to fluctuate within a reasonable range. China is gradually building a bottom, adopting a "picking up bargains" strategy and a "dumbbell" structure of offense and defense before more targeted policies are implemented.
Exploring Web3's Potential With Powerful Apps
#Web3 applications may provide the foundation for the upcoming super apps because they are decentralized, frequently owned by their users, and completely in control of the data they exchange.
Several of the major Web2 firms are working to develop so-called "super applications," as they recognize the tremendous potential development that would be made possible by utilizing every internet service.
The idea behind a "super app" is that one company or provider gives customers access to every service imaginable, including payments, messaging, games, retail, savings, transportation, dining, and more, all in one place. Super apps can reach millions or even billions of users with such a wide range of features, making the person who develops them the true owner of a gold mine. This is due to the fact that they have a variety of revenue-generating options available to them, such as advertising, transaction fees, and selling user data to outside parties.
China, the country that gave the world super applications like #WeChat and AliPay, is setting the bar high. In the first instance, it evolved from a straightforward but wildly popular messaging software to a platform for individuals to manage their whole digital lives. WeChat now provides practically all services imaginable, including ordering a taxi, paying bills, getting food delivered, finding a date, filing for divorce, shopping, and more thanks to the development of "mini-apps," or apps within an app.
Super applications, which are gaining popularity for their simplicity and ease, have become the norm in China. By luring consumers with incentives and discounts that can be used across its entire network of services, it offers a more smooth and intuitive experience.
Super applications have gained popularity, and competing platforms have appeared in many other Asian nations. Go-Jek has established itself as Indonesia's go-to app for fast food, pharmacy deliveries, moving and shipping services, utility payments, and more.
In Western nations, no dominant platform has yet to appear. Google provides a wide range of services, but it does it through an ecosystem of stand-alone apps and is up against stiff competition in almost every market. For instance, Apple Maps competes with Google Maps, and Microsoft Outlook poses a serious threat to Gmail. Facebook, which provides messaging and shopping activities through its app but is hardly comprehensive, is arguably the biggest mega app competitor in the West.
One of the most obvious explanations for why super apps haven't gained much traction in the West is that individuals are reluctant to share too much personal information with a single corporation. Consumers have legitimate concerns about "big tech" companies acquiring, storing, and profiting from their data.
The Rise Of Web3 Super Applications
Yet, given that #decentralization is the key to the future of our internet, these issues are less important in the Web3 world that is only beginning to emerge. Web3 applications may provide the foundation for the upcoming super apps because they are decentralized, frequently owned by their users, and completely in control of the data they exchange.
Already, a number of intriguing platforms are striving to become the next big thing on the Web 3. Look no further than Upland, one of the metaverse's fastest-growing virtual environments over the past 12 months. In contrast to other metaverses, Upland is a digital recreation of the natural world, with each area corresponded to its actual geographical position on Earth.
Upland, which has 3,000,000 users and is still growing, can be regarded as a metaverse super app because it is not only widely available (it works with Android, iOS, and VR headsets), but it also provides a wide range of services. It's a place where people may unwind, shop, hang out with friends, play games, make investments, manage businesses, and more. Moreover, Upland has created a thriving cryptocurrency-based economy that enables people to send money quickly, easily, and securely.
Users of Upland are able to launch their own enterprises on the system. They are free to pursue any idea they may have because it is decentralized, like selling digital arts, producing other forms of material, making money from games, etc.
The nascent financial super app Omni is another Web3 application. It describes itself as a full-service, self-custody Web3 wallet that allows users to manage all of their digital assets in one location and supports staking and other #DeFi services. They can manage their cryptocurrency portfolios easily thanks to its simple user interface and availability on Android and iOS.
One of Omni's key benefits is that it makes staking easy and convenient, giving cryptocurrency users a low-risk opportunity to invest their tokens and generate passive income. Also, it offers crucial safety for users, who have total control over their assets. It has grown in significance recently as a number of centralized platforms, including FTX, Celsius, and Voyager, have filed for bankruptcy.
Also, Omni addresses the issue of account administration. The 27 #blockchain it supports include well-known ones like Bitcoin, Ethereum, Binance, Avalanche, Solana, Fantom, Polkadot, and Polygon. Users can store all cryptocurrencies and NFTs in a single, safe wallet that is also very practical. It is vital to have this kind of accessibility.
Another competitor vying for the title of Web3's most dominant application is the EMG Super App. With social media, retail, and payments all rolled into one convenient experience, it provides a single center for a variety of financial and communication services.
The EMG Super App is another rival aiming for the title of Web3's most dominant application. It offers a central location for a number of financial and communication services by combining social media, retail, and payments into one practical experience.
Advantageous For Web3 Users
Because of its decentralized structure, which means users don't have to worry about being locked in a walled garden and having their data exploited by advertising networks, Web3 is emerging as the battleground for a new generation of super applications.
It makes sense that the most dominant Web3 platforms would want to increase the range of services they offer as more people start to use cryptocurrencies and other decentralized technologies. Users benefit because they can enjoy the same level of convenience as traditional super applications without giving up their freedom.
Several of the major Web2 firms are working to develop so-called "super applications," as they recognize the tremendous potential development that would be made possible by utilizing every internet service.
The idea behind a "super app" is that one company or provider gives customers access to every service imaginable, including payments, messaging, games, retail, savings, transportation, dining, and more, all in one place. Super apps can reach millions or even billions of users with such a wide range of features, making the person who develops them the true owner of a gold mine. This is due to the fact that they have a variety of revenue-generating options available to them, such as advertising, transaction fees, and selling user data to outside parties.
China, the country that gave the world super applications like #WeChat and AliPay, is setting the bar high. In the first instance, it evolved from a straightforward but wildly popular messaging software to a platform for individuals to manage their whole digital lives. WeChat now provides practically all services imaginable, including ordering a taxi, paying bills, getting food delivered, finding a date, filing for divorce, shopping, and more thanks to the development of "mini-apps," or apps within an app.
Super applications, which are gaining popularity for their simplicity and ease, have become the norm in China. By luring consumers with incentives and discounts that can be used across its entire network of services, it offers a more smooth and intuitive experience.
Super applications have gained popularity, and competing platforms have appeared in many other Asian nations. Go-Jek has established itself as Indonesia's go-to app for fast food, pharmacy deliveries, moving and shipping services, utility payments, and more.
In Western nations, no dominant platform has yet to appear. Google provides a wide range of services, but it does it through an ecosystem of stand-alone apps and is up against stiff competition in almost every market. For instance, Apple Maps competes with Google Maps, and Microsoft Outlook poses a serious threat to Gmail. Facebook, which provides messaging and shopping activities through its app but is hardly comprehensive, is arguably the biggest mega app competitor in the West.
One of the most obvious explanations for why super apps haven't gained much traction in the West is that individuals are reluctant to share too much personal information with a single corporation. Consumers have legitimate concerns about "big tech" companies acquiring, storing, and profiting from their data.
The Rise Of Web3 Super Applications
Yet, given that #decentralization is the key to the future of our internet, these issues are less important in the Web3 world that is only beginning to emerge. Web3 applications may provide the foundation for the upcoming super apps because they are decentralized, frequently owned by their users, and completely in control of the data they exchange.
Already, a number of intriguing platforms are striving to become the next big thing on the Web 3. Look no further than Upland, one of the metaverse's fastest-growing virtual environments over the past 12 months. In contrast to other metaverses, Upland is a digital recreation of the natural world, with each area corresponded to its actual geographical position on Earth.
Upland, which has 3,000,000 users and is still growing, can be regarded as a metaverse super app because it is not only widely available (it works with Android, iOS, and VR headsets), but it also provides a wide range of services. It's a place where people may unwind, shop, hang out with friends, play games, make investments, manage businesses, and more. Moreover, Upland has created a thriving cryptocurrency-based economy that enables people to send money quickly, easily, and securely.
Users of Upland are able to launch their own enterprises on the system. They are free to pursue any idea they may have because it is decentralized, like selling digital arts, producing other forms of material, making money from games, etc.
The nascent financial super app Omni is another Web3 application. It describes itself as a full-service, self-custody Web3 wallet that allows users to manage all of their digital assets in one location and supports staking and other #DeFi services. They can manage their cryptocurrency portfolios easily thanks to its simple user interface and availability on Android and iOS.
One of Omni's key benefits is that it makes staking easy and convenient, giving cryptocurrency users a low-risk opportunity to invest their tokens and generate passive income. Also, it offers crucial safety for users, who have total control over their assets. It has grown in significance recently as a number of centralized platforms, including FTX, Celsius, and Voyager, have filed for bankruptcy.
Also, Omni addresses the issue of account administration. The 27 #blockchain it supports include well-known ones like Bitcoin, Ethereum, Binance, Avalanche, Solana, Fantom, Polkadot, and Polygon. Users can store all cryptocurrencies and NFTs in a single, safe wallet that is also very practical. It is vital to have this kind of accessibility.
Another competitor vying for the title of Web3's most dominant application is the EMG Super App. With social media, retail, and payments all rolled into one convenient experience, it provides a single center for a variety of financial and communication services.
The EMG Super App is another rival aiming for the title of Web3's most dominant application. It offers a central location for a number of financial and communication services by combining social media, retail, and payments into one practical experience.
Advantageous For Web3 Users
Because of its decentralized structure, which means users don't have to worry about being locked in a walled garden and having their data exploited by advertising networks, Web3 is emerging as the battleground for a new generation of super applications.
It makes sense that the most dominant Web3 platforms would want to increase the range of services they offer as more people start to use cryptocurrencies and other decentralized technologies. Users benefit because they can enjoy the same level of convenience as traditional super applications without giving up their freedom.
