OKCoin Rings in the Chinese New Year with a $1.6 Million Giveaway
China's relationship with bitcoin has seriously been on the rocks these past few weeks. Between the MyCoin scandal that saw over $8 million in bitcoins disappear, to the latest cyberattack on BTER that resulted in over 7,100 stolen bitcoins, to the voice of lawmakers calling for a full-on ban on the digital currency, things just aren't what they could be. However, we've all heard the old saying "New year, new start," and with the celebration of the Chinese New Year, Beijing-based bitcoin exchange OKCoin has emerged from the shadows and given away a whopping one-and-a-half million dollars....
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Updated with comment from OKCoin regarding the analysis of the campaign. Notably, the campaign saw around half a million new accounts being opened, according to the exchange. The company said: "The campaign lasted for roughly a week, with a consistent engagement from the domestic market. OKCoin's red envelopes gave away a total of 10 million RMB, making this the largest initiative on Chinese soil." The digital-only giveaway, which stems from the Chinese tradition of exchanging red envelopes containing money, was conducted through the WeChat messaging app account of the exchange's OKLink....
A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency. Chinese City Giving Away Digital Yuan The Chinese city of Shenzhen is giving away a total of 10 million yuan ($1.49 million) in the country’s central bank digital currency (CBDC) to 50,000 residents in an effort to boost its usage, the South China Morning Post reported Friday. This is part of the digital yuan....
OKCoin International Operations Manager Zane Tackett recently announced that he has resigned from the Bitcoin exchange due to misaligned opinions. "For the past year I've handled the majority of the community outreach for OKCoin and have interacted with this community as the OKCoin representative," he said in an informal post. "Unfortunately, due to a difference of opinions I have decided to resign from OKCoin." Tackett joined OKCoin in April 2014, a time when the Chinese exchange had just received funds around $US10 million and was planning to expand globally. He later became a prominent....
A Chinese court has awarded damages against China’s popular bitcoin exchange, OKCoin, after it was alleged that the company was aiding criminal money laundering and wasn’t properly registered. The court decision only affects OKCoin’s China-based bitcoin exchange, OKCoin.cn, and not its international exchange, OKCoin.com; however, it’s the first significant ruling by a court against a bitcoin exchange. OKCoin’s parent company is Lekuda. According to court documents, Huachen Commercial and Trading Co. Ltd., the defendant, claimed that an individual had defrauded it of 12 million Chinese yuan....
Today marks a special day: The first day that newcomer international Bitcoin exchange OKCoin.com has had a higher daily Bitcoin volume than all other exchanges. In the last 24 hours, OKCoin.com has transacted nearly 16,000 BTC, compared with Bitstamp's ~14,700 BTC and Bitfinex's ~15,100 BTC. OKCoin.com is the international arm of OKCoin. OKCoin also runs OKCoin.cn, a Chinese Bitcoin exchange that also has high volume CNY/BTC trading but does not charge fees (the Chinese norm). Whether or not OKCoin's lead in 24-hour Bitcoin volume will persist until tomorrow is anybody's guess. However, it....