Bitmain Allegedly Fires Employees Following Salary Complaints
Bitcoin application-specific integrated circuit (ASIC) mining manufacturer Bitmain has allegedly fired three employees for speaking to the media about the withholding of salary payments. According to reports, Bitmain accused the employees of breaching their employment contracts by sharing their remuneration on social media. In addition to termination, the company stated that it reserves the right to pursue legal action against the individuals. This comes after Bitmain allegedly paused salary payments in September and implemented a 50% cut to base salaries for its staff members.
Hong Kong Investors Lose Confidence in Crypto Following JPEX Scandal
A recent study conducted by the HKUST Business School Central revealed that 41% of Hong Kong residents are no longer interested in holding crypto assets. This is a significant increase of 12% compared to before the $175 million JPEX crypto exchange scandal unfolded last month. The study also found that 84% of Hong Kongers have heard of crypto, but only 27% either currently hold digital assets or were previous investors. The survey results indicate a need for stronger education efforts to help the public better understand the risks and potential of the virtual asset industry.
“Factually Inaccurate” News Report Causes Market Cap Loss
A recent news report by Bloomberg stating that BC Technology Group, the owner of licensed Hong Kong crypto exchange OSL, was considering a sale for $128 million turned out to be “factually inaccurate.” BC Technology Group issued a clarification stating that it was not contemplating a sale of OSL. Unfortunately, investors who bought the company’s stock based on the false report suffered losses, with shares of BC Technology tanking 22% and wiping off $54 million in market capitalization.
Bitget Launches Crypto-Fiat Credit Card
Cryptocurrency exchange Bitget announced the launch of its own crypto-fiat credit card, joining the ranks of other exchanges offering such cards. The Bitget Card, issued by Visa, will be denominated in U.S. dollars and backed by digital assets in users’ accounts and wallets. The card will be accepted in over 180 countries. While many exchanges have introduced their own crypto debit or credit cards, some have faced pushback from payment processors. For example, Mastercard recently ended its cryptocurrency card partnership with Binance in Latin America.
Overall, these developments in East Asia highlight the challenges and controversies faced by the crypto industry, including issues related to employee compensation, investor confidence, and the spread of inaccurate news. It will be interesting to see how the industry evolves and addresses these issues in the coming months.