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The Hunan Financial Office disclosed a virtual currency fundraising fraud case, with the main culprit illegally profiting over 226 million yuan

ChainCatcher news, the Office of the Financial Committee of the Hunan Provincial Committee, the Financial Work Committee of the Hunan Provincial Committee, and the Hunan Provincial Local Financial Supervision Administration's official WeChat account disclosed a GBC platform fundraising fraud case. Zhou, Tong, Wu, and others commissioned Chengdu Xingyi Network Technology Co., Ltd. to design the GBC platform software for computer clients and mobile apps. Wu falsely claimed that GBC coins and wealth coins were blockchain virtual currencies, developing downlines in areas such as Jinshui District, Zhengzhou City. By the time the case was reported, the "GBC" platform had developed 47 levels of members, involving 59,548 member accounts, with a total fund flow of 3.408 billion yuan, of which 40,480 member accounts suffered losses totaling 629 million yuan. The main criminal gained over 226 million yuan through fundraising fraud on the GBC platform.Upon investigation, the GBC platform system generated digital symbols out of thin air, which had no economic value. The Zhengzhou Intermediate People's Court, after hearing the case, determined that based on the facts of the crime, its nature, circumstances, and the degree of harm to society, the involved individuals were sentenced to fixed-term imprisonment ranging from fifteen to thirteen years.

4E: Technology stocks lead the decline in U.S. stocks, panic in the cryptocurrency market intensifies

ChainCatcher news, on Thursday, U.S. stocks fell sharply again, with all three major indices closing down. The Dow Jones fell 0.43%, the S&P 500 dropped 1.59%, and the Nasdaq declined 2.78%. The technology sector led the decline, with the seven giants collectively plummeting, erasing nearly $550 billion in market value. Among them, Nvidia's latest earnings report was "good but not stunning," causing its stock price to drop from a 2% increase at the open to a decline of over 8% at the close, resulting in a market value loss of over $270 billion.The cryptocurrency market plummeted again, driven by tech stocks, with Bitcoin falling below $80,000, hitting a new low since November 11 of last year, a 24-hour drop of 4.7%; Ethereum fell to around $2,100, erasing all gains since last August; SOL dropped below $130, marking a five-month low. Currently, from its all-time high, Bitcoin has fallen over 25%, Ethereum over 45%, and SOL over 55%, while many altcoins have also dropped to all-time lows in the past two days. Market sentiment remains in a state of extreme panic, and despite the significant declines, there are still no signs of a bottom.In the forex commodities sector, with the clarification of Trump's tariff timeline, the dollar rose over 0.7%; the oil market strengthened and closed at a high, with U.S. oil rising over 2.5%; the strengthening dollar put pressure on gold, with spot gold dropping 1.3%, hitting a new low in over two weeks during the session.As signs of a weakening U.S. economy emerge, recession fears are reigniting, and the uncertainty of Trump's policies is exacerbating market anxiety about the economic outlook, leading to a double blow in both the U.S. stock and cryptocurrency markets, with panic sentiment intensifying.

Huaxia Fund (Hong Kong) launches the first retail tokenized fund in the Asia-Pacific region

ChainCatcher news, according to official sources, Huaxia Fund (Hong Kong) announced today the launch of the Asia-Pacific's first retail tokenized fund, the "Huaxia Hong Kong Dollar Digital Currency Fund." This fund primarily invests in short-term deposits and high-quality money market instruments denominated in Hong Kong dollars, marking the official arrival of the first tokenized fund aimed at retail investors in the Asia-Pacific region.The fund reshapes the traditional fund investment model through blockchain technology, with key fund information recorded in real-time on the blockchain, ensuring that the information is tamper-proof and fully traceable, thereby enhancing investment transparency and operational efficiency. In terms of distribution channels, in addition to traditional qualified brokers and banks, licensed virtual asset trading platforms (VATPs) authorized by the Securities and Futures Commission have also been included in the distribution channels to reach a broader investor base.Huaxia Fund (Hong Kong) stated that the fund will participate in the Ensemble project led by the Hong Kong Monetary Authority, with the expectation of opening secondary market trading in the future, enabling 24/7 trading and settlement, and seamlessly linking with a broader digital financial ecosystem, compatible with various forms such as stablecoins, tokenized deposits, and digital currencies.
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