Huobi and Web3 gaming project Gala Games have announced that they will compensate victims of a hack on pNetwork that occurred last fall. The two companies have stated that they will be reimbursing victims with a total of $50 million in crypto and software licenses, with the compensation to be distributed within the next few weeks.

Huobi has pledged $25 million in compensation, consisting of $15 million in USDT and $10 million in equity. Gala Games has promised $25 million in node compensation. The reimbursement is intended for those who lost funds during the hack, which saw a large amount of GALA tokens dumped onto the market, causing the price to plummet.

The hack was eventually claimed by pNetwork, a cross-chain bridge project for the Binance Smart Chain. At the time, pNetwork had discovered a vulnerable pGALA pool on PancakeSwap and had taken it upon themselves to attack the vulnerability to prevent malicious actors from exploiting it. However, despite the attack being a “white hat” one, the failure to communicate this to the community resulted in significant losses for GALA holders.

The compensation is just one of the measures that Huobi and Gala Games are taking to address the issue from last year. In March, Gala Games filed a lawsuit seeking $27.7 million in damages from pNetwork. Huobi has now also announced its participation in the lawsuit in order to “recover losses, protect reputation, and benefit users.”

It is important to note that this incident highlights the risks associated with investing in cryptocurrencies and decentralized finance projects, as they are still largely unregulated and susceptible to hacks and other security breaches. While the compensation offered by Huobi and Gala Games is a positive step towards remedying the losses suffered by victims of the pNetwork hack, it also serves as a reminder to investors to exercise caution when investing in this emerging and volatile market.

#Huobi #pNetwork #GalaGames #GALA #azcoinnews

This article was republished from azcoinnews.com

Chinese cryptocurrency entrepreneur Justin Sun’s recent U.S. fraud charges have raised concerns about the impact they could have on the plans of a digital asset exchange that he advises, according to Nekkei Asia.

Huobi Global, for which Sun serves as an adviser, had announced its intention to relocate its Asia headquarters from Singapore to Hong Kong and apply for a virtual asset service provider (VASP) license in the Chinese territory.

However, the U.S. Securities and Exchange Commission’s (SEC) recent civil suit against Sun and three of his companies, including the Tron Foundation, could potentially make it more difficult for the Hong Kong Securities Futures Commission (SFC) to approve Huobi’s VASP application.

Several lawyers have suggested that the allegation of past market misconduct could complicate Huobi’s application process, with the SFC being under notice to exercise extreme scrutiny. Sun, however, has dismissed the concerns, saying the U.S. fraud charges would have no effect on Huobi’s business plans in Hong Kong. A spokesperson for Huobi has also confirmed that there have been no changes to their plans.

Hong Kong is positioning itself as an Asian digital asset hub, with a licensing framework set to come into effect on June 1, 2023, that will allow retail investors to trade cryptocurrencies. Nevertheless, virtual assets listed on platforms require regulatory approval, and the SFC will consider the regulatory status of a VASP’s operations and virtual assets listed on its platform in other jurisdictions, not just Hong Kong.

Lawyers advising crypto companies on licensing matters have emphasized the need for VASPs to consider whether a virtual asset is subject to any pending regulatory or enforcement actions relating to its issuance before listing it for trading.

#JustinSun #TRON #TRX #Huobi #azcoinnews

This article was republished from azcoinnews.com

What are Chinese Crypto Tokens?

#Chinese crypto tokens are digital assets that are either developed by Chinese teams or have a significant user base or market share in China. They are not necessarily issued or endorsed by the Chinese government, nor do they represent the official currency of China. Rather, they are decentralized and open-source projects that leverage blockchain technology to provide various services and solutions.

Some of the common features of Chinese crypto tokens are:

They often have a native token that is used to power the network, reward the participants, or access the platform’s services.

They often adopt a dual-token model, where one token is used for governance and the other for utility or payment.

They often have a strong focus on scalability, interoperability and innovation, as they aim to compete with the global leaders in the crypto space.

They often have a loyal and active community of users, developers and investors, who contribute to the growth and development of the project.

They often face regulatory challenges and uncertainties, as the Chinese government has a complex and evolving stance on crypto-related activities.

Why are Chinese Crypto Tokens Popular?

There are several reasons why Chinese crypto tokens have gained popularity and traction in the crypto world. Some of them are:

China has a large and growing population of internet users, who are tech-savvy and eager to adopt new technologies and trends. According to Statista, China had over 989 million internet users as of December 2020, accounting for about 20% of the global total.

China also has a vibrant and dynamic crypto ecosystem, where many projects, platforms and exchanges are based or operate. According to Chainalysis, China ranked fourth in the global crypto adoption index in 2020, behind Ukraine, Russia and Venezuela.

China has a history of innovation and experimentation in the crypto space, as many projects have pioneered new concepts and technologies, such as smart contracts, decentralized applications, cross-chain communication and DeFi. For example, NEO was one of the first platforms to introduce smart contracts and dApps in 2014, while TRON was one of the first platforms to launch a decentralized web browser in 2018.

China has a unique regulatory environment and geopolitical situation, which create both challenges and opportunities for crypto projects. On one hand, the Chinese government has imposed strict restrictions and bans on crypto-related activities, such as ICOs, exchanges and mining. On the other hand, the government has also shown interest and support for blockchain technology and digital currency innovation, such as launching its own central bank digital currency (CBDC) called the digital yuan.

China has a potential for global adoption and influence, as many Chinese crypto projects have expanded their reach and presence beyond their domestic market. For example, Binance is one of the largest and most popular crypto exchanges in the world, while VeChain is one of the leading platforms for supply chain management and traceability.

Examples of Chinese Crypto Tokens

There are many examples of Chinese crypto tokens that have emerged in recent years. Here are some of the most prominent ones:

#NEO : NEO is a platform that aims to create a smart economy based on digital assets, digital identity and smart contracts. It was founded in 2014 by Da Hongfei and Erik Zhang, who are also the co-founders of Onchain, a blockchain technology company. NEO has two native tokens: NEO and GAS. NEO is used for governance and network management, while GAS is used for transaction fees and smart contract execution. NEO claims to be able to process up to 10,000 transactions per second (TPS) through its consensus mechanism called delegated Byzantine Fault Tolerance (dBFT). $NEO

TRON : TRON is a platform that aims to create a decentralized web based on blockchain technology. It was founded in 2017 by Justin Sun, who is also the founder of Peiwo, a social media app. TRON has two native tokens: TRX and BTT. TRX is used for network operations, governance and resource allocation, while BTT is used for content creation and distribution. TRON claims to be able to process up to 2,000 TPS through its consensus mechanism called delegated Proof-of-Stake (dPoS). $TRX

#Binance Coin: Binance Coin is a utility token that is used to access the services and benefits of the Binance ecosystem. It was launched in 2017 by Binance, one of the largest and most popular crypto exchanges in the world. Binance was founded by CZ who is also the CEO of the company. Binance Coin can be used to pay for trading fees, participate in token sales, access decentralized applications and more. Binance Coin has a limited supply of 200 million tokens, which are periodically burned to reduce the circulation and increase the value. $BNB

#Huobi Token: Huobi Token is a utility token that is used to access the services and benefits of the Huobi ecosystem. It was launched in 2018 by Huobi, one of the oldest and most established crypto exchanges in China. Huobi was founded by Leon Li, who is also the CEO of the company. Huobi Token can be used to pay for trading fees, vote for listing candidates, access premium services and more. Huobi Token has a fixed supply of 500 million tokens, which are distributed to users through various activities and promotions.

Challenges and Opportunities for Chinese Crypto Tokens

Chinese crypto tokens face many challenges and opportunities in the crypto world. Some of them are:

Competition: Chinese crypto tokens have to compete with other crypto projects from different regions and sectors, such as Ethereum, Cardano, Polkadot, Solana and more. These projects may have more resources, recognition, adoption or innovation than their Chinese counterparts.

Regulation: Chinese crypto tokens have to deal with the uncertainty and volatility of the regulatory environment in China, which can affect their development, operation and growth. The Chinese government may impose more restrictions or bans on crypto-related activities, or it may introduce more favorable policies or regulations for blockchain technology and digital currency innovation.

Adoption: Chinese crypto tokens have to expand their user base and market share beyond China, as they face limitations and barriers in their domestic market. They have to overcome the challenges of language, culture, trust and awareness in the global market, as well as comply with the local laws and regulations of different countries.

Innovation: Chinese crypto tokens have to continue to innovate and experiment in the crypto space, as they aim to provide better solutions and services for their users and customers. They have to keep up with the latest trends and technologies in the crypto world, such as DeFi, NFTs, DAOs and more.

Conclusion

Chinese crypto tokens are a rising force in the crypto world, as they have emerged as a distinct category of digital assets that are either created by Chinese developers or have a strong connection to the Chinese market. They have many features, reasons, examples and prospects that make them unique and attractive for users, developers and investors.

However, they also face many challenges and opportunities in the crypto world, as they have to compete with other projects, deal with regulation, expand adoption and foster innovation. The future of Chinese crypto tokens will depend on how they can overcome these challenges and seize these opportunities.

📢 Breaking News: Justin Sun's Recent AAVE Deposits!

🚀 Justin Sun, the renowned crypto entrepreneur, made several significant AAVE deposits recently. Here are the details:

📅 20 minutes ago, #JustinSun deposited a staggering 11,910 #AAVE (equivalent to $776K) into #Huobi . Check out the transaction details here: [Etherscan Link] (https://etherscan.io/token/0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9?a=0x3ddfa8ec3052539b6c9549f12cea2c295cff5296)

📅 On October 27, 2021, Justin Sun deposited 49,000 AAVE (worth $16M) into #Binance when the price was $327 per token.

📅 Another significant deposit of 59,500 $AAVE (amounting to $8.8M) was made on January 28, 2022, into Binance, when the price per token was $148.

Stay tuned for more updates! 💫💼

$BTC $ETH

#crypto2023