An unnamed individual in China was fined 1.06 million Yuan ($144,907) for using a virtual private network (VPN) to access restricted websites as part of a remote work routine for a foreign employer. Chinese law prohibits the use of VPNs to bypass the country’s “Great Firewall” that blocks popular sites such as Google, Wikipedia, and Facebook.The City of Hangzhou is airdropping 10 million digital yuan central bank digital currency (e-CNY), worth a total of $1.37 million, to incentivize food and beverage spending as it hosts the 19th Asian Games. Individuals can receive up to three vouchers that reimburse merchants, in e-CNY, up to 20% to 30% of the value of food items after purchase.Hong Kong police have detained 15 individuals linked to the collapse of cryptocurrency exchange JPEX. As of September 27, Hong Kong Police claim they have received over 2,392 complaints claiming a total loss of 1.5 billion Hong Kong dollars ($191.6 million) in the apparent Ponzi scheme. Since the investigation began mid-September, police say that they have seized 8 million HKD ($1 million) in cash and frozen bank accounts worth 77 million HKD ($10 million) suspected of being proceeds of crime.Hong Kong crypto exchange CoinEx will resume services despite falling victim to a $70 million wallet hack orchestrated by North Korea’s infamous Lazarus Group. As part of its new wallet system, CoinEx updated the deposit addresses of all crypto assets, rendering old addresses invalid. On September 12, a leak of the exchange’s hot wallet keys led to the theft of over $70 million worth of users’ cryptos. The CoinEx team has since offered a “generous bounty” for the return of stolen funds. Prior to the hack, the exchange disclosed it had around $260 million worth of major cryptocurrencies in its proof-of-reserves report.Chinese tech conglomerate Alibaba wants to launch its own wallet service. According to the September 28 announcement, Alibaba’s Cloud subsidiary has partnered with crypto custodian Cobo to create an enterprise wallet-as-a-service solution for developers and organizations, integrating crypto wallets into software through APIs and SDKs. Cobo says it is incorporating its custodial wallet and multi-party computation technology to build the Alibaba Cloud wallet. “This collaboration marks a significant step towards setting new standards in security, performance, and accessibility of the digital wallet infrastructure for Web3,” said Dr. Changhao Jiang, co-founder and CTO of Cobo. The firm claims to hold partnerships with over 500 institutions, with billions of digital assets in custody through its wallet solutions. In June, crypto-friendly executive Joe Tsai became the chairman of Alibaba Group, replacing his predecessor Daniel Zhang.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Asia
Countries	🇨🇳 🇭🇰 🇸🇬
Sentiment	positive
Relevance Score	9
People	Hangzhou, Joe Tsai, JPEX executives, Hong Kong Police, Lazarus Group., Chengde Police
Companies	CoinEx, Elliptic, SFC, Lazarus Group, JPEX, Cobo, CoinEx User Asset Security Foundation, Alibaba Cloud
Currencies	US Dollar, Tether, Bitcoin, Ethereum
Securities	None