Mikri Zhang accuses Jihan Wu of smuggling

Mikri Zhang accuses Jihan Wu of smuggling 10,000 Antminers from Bitmain mining farm

In mid-July, ASIC miners were smuggled out by former Bitmain employees. As a result of these actions, the company and its customers suffered enormous damage. Some miners prefer not to work independently, but to place equipment on a Bitmain mining farm for a monthly fee and a certain percentage of the proceeds. Many of these devices were taken to unknown destinations, including those owned by Bitmain.

This farm is controlled by Bitmain's Fujian Zhanhua Intelligent Technology Company. According to information from open sources, the division is headed by Micree Zhan. Zhang opened the firm to manage his own Bitmain bank account, as he cannot control the official Bitmain accounts held by co-founder Jihan Wu. Zhang accused of illegally exporting thousands of Antminer Jihan Wu.

Although Zhang runs the Beijing office and factory in Shenzhen, Bitmain's legal representative is Jihan Wu, who runs Bitmain's parent company. Jihan Wu reportedly cut off chip shipments from a Taiwanese company to Bitmain's factory in June. In the same month, Zhang blocked the supply of equipment from a factory in Shenzhen, affecting the company's customers waiting for the Bitmain products they had already paid for. Blockstream's Director of Strategic Affairs Samson Mow spoke about the situation as follows:

“Don't buy or partner with Bitmain if you don't want to get caught in the crossfire in a civil war. And the war is only heating up, ”- wrote Samson Moe on Twitter.

The number of users of the crypto wallet built into the Opera browser has reached 170,000 per month

170,000 Opera browser users interact monthly with the Bitcoin, Ethereum and Tron blockchains through built-in functionality.

The company released these statistics for the first time today. Browser developers began expanding support for cryptocurrencies, Web3 and decentralized applications about two years ago. They did not specify how many people use each of the blockchains, only noting that Ethereum is the most popular of them.

The share of cryptocurrency users among Opera's monthly active base of 360 million people is small. However, it comes close to other services of a similar profile, such as MetaMask, which reported 192,000 monthly users in May 2019.

The company also announced today that users in the UK will have access to fiat funding to cryptocurrency wallets. It was previously available in the US, the European market and a limited list of other countries. Opera has partnered with Ramp Instant to connect the British. It supports transfers from bank accounts and from the Revolut app.

World Stablecoin Association established in Switzerland to develop stablecoins

The association was founded by the VirgoX cryptocurrency exchange and the commercial bank Global Digital Assets (GDA Capital), which operates in the field of blockchain and digital assets. The WSA is headquartered in Geneva. VirgoX CEO Adam Cai announced that it is planned to attract all major projects that have issued their own stablecoins to the international Association. WSA is already in talks with major cryptocurrency issuers UDST, USDC, DAI and HUSD.

According to Kai, they will be ready to become members of the Association by the end of this year. Meanwhile, the WSA will help create an enabling environment for cryptocurrency startups whose stablecoins are in their early stages of development. The VirgoX CEO stressed that the main problem with stablecoins is that, despite their advantages over conventional digital assets, they still cannot be widely used.

“Simple trading of stablecoins on cryptocurrency exchanges is not enough. Stable cryptocurrencies should be used for cross-border payments and transfers. In order for users to view such assets as a 'storehouse of value', projects need to be helped to develop staking and products that generate interest, ”said Adam Kai, CEO of VirgoX.

MAS Singapore To Regulate Overseas Operating Local Cryptocurrency Firms

MAS published a document concerning the introduction of a new law to regulate the financial sector. The regulator proposes to tighten control over cryptocurrency firms, namely to begin to regulate and issue licenses even to those startups that provide their services outside the country. The document will be open for public comment until August 20.

Today, the agency controls cryptocurrency firms and exchanges based in the country under the Singapore Payment Services Act, which went into effect in January. However, the authority of MAS extends only to those firms registered in Singapore and operating in that country. However, now the regulator proposes to control organizations based in Singapore, but doing business in other states.

“Given the specifics of remote work, cryptocurrency firms can register in Singapore, but not work with digital assets in this country. In fact, such firms operate in other jurisdictions and are not subject to applicable Singapore law. MAS should regulate these organizations in order to eliminate the risks associated with money laundering and terrorist financing, ”the document says.