Tag Archives: China

Waltonchain Embroiled in Controversy

Waltonchain, a China-based blockchain company that’s set to provide the Internet of Things (IoT) a commercial ecosystem, recently ran a promotional campaign for Valentine’s Day, that allowed lucky users to win a part of a 565 WTC (roughly $10,700) prize pool just for following the project on social media. The company released a list of over 200 winners on Twitter. These, according to a blog post, will receive 2.14 WTC tokens, while another 5 lucky winners will receive an extra 21.4 tokens. Accidentally, a Waltonchain employee revealed he was among the 200 lucky winners, while still posting from the company’s official Twitter account. To explain what happened, Waltonchain revealed through a video on Instagram that the selection process wasn’t spoofed so an employee would win the tokens. The video suggests the script selects winners at random, and merely happened to select one of the company’s employees. Many have argued the footage does little to explain the actions of Waltonchain’s employees. On Ttwitter, the company issued an apology statement to its 46,000 followers. It reads that the situation will be dealt with in a “serious and responsible way,” and that the team member’s prize has been canceled.

Reference: https://www.ccn.com/waltonchain-embroiled-controversy-employee-wins-token-giveaway/

China’s Top Retailer Launches Startup Incubator

China’s largest online and brick and mortar retailer JD.com announced the first four startups for its Al Catapult Blockchain incubation program in a press release published Tuesday, Feb. 27. The Beijing-based program, which has seen candidates from as far afield as Australia and the UK, aims to use the company’s vast Chinese infrastructure to arrive at new applications of Blockchain and artificial intelligence (AI), according to the press release. JD highlights its plans to “partner with innovative blockchain startups to build new businesses and create and test real-world applications of their technologies at scale.” The startups on board include Australia’s Blockchain-powered services marketplace CanYa and UK payments and ID platform Nuggets. The opening of Al Catapult marks not only JD’s newest foray into Blockchain following partnerships from its various subsidiaries such as JD Finance, but also the increasing competition for its ultimate application in the Chinese domestic market.

Reference: https://cointelegraph.com/news/chinas-top-retailer-launches-startup-incubator-to-lure-foreign-blockchain-projects

China extends ‘great firewall’ to block crypto websites

On Monday, People’s Bank of China (PBOC) affiliated publication Financial News reported that financial regulators in the mainland are working on “a list of measures” against cryptocurrency trading. The measures include “dealing with domestic and international websites,” the reported stated, according to the South China Morning Post. The central bank-linked publication said the decision “to remove any onshore or offshore platforms related to virtual currency trading or ICOs [initial coin offerings]” was made “to prevent financial risks.”

Reference: https://coingeek.com/china-extends-great-firewall-block-crypto-websites/