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Blockchain security company Beosin has been the focus of a major scandal after its Chief Marketing Officer Gao Ziyang was taken into custody and charged with embezzlement of state-owned assets. He is alleged to have been using government funds to unsuccessfully short BTC, resulting in a massive liquidation of over 300 million renminbi, or $45 million dollars.
Beosin, also known as Lianan Tech, had a working relationship with Chinese authorities and was helping them investigate fraudulent fundraising schemes. After the seizure of funds back in 2020, Beosin was tasked with storing and selling the assets, to be later returned to the state treasury. Instead of selling the assets, CMO Gao Ziyang allegedly opened a short position in late August, hoping to increase the size of the positions for personal gain. At the time, BTC was trading around $12,000.
Future Fintech Announces Framework Agreement to Acquire Bitcoin Mining Farm
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NEW YORK, April 1, 2021 /PRNewswire/ Future FinTech Group Inc. (NASDAQ: FTFT) ( hereinafter referred to as Future FinTech , FTFT or the Company ), a leading blockchain-based e-commerce business and a fintech service provider, announced today that the Company and the shareholders (the Sellers ) of Nanjing Ribensi Electronic Technology Co., Ltd. ( Nanjing Ribensi ) have signed an acquisition framework agreement (the Framework Agreement ) to acquire Nanjing Ribensi which currently operates a bitcoin mining farm with a capacity to operate 30,000 bitcoin mining machines. Bitcoin mining farms are data centers that are equipped to host mining machines to mine bitcoins or other cryptocurrencies and can require substantial technical, energy and other resources. The Company s target bitcoin mining farm is located in Yajiang County, Sichuan Province, Chin
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