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Taiwanese miner suffers with two gunshots, blames Chinese cryptocurrency trading regulations

Joel Mathew

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Taiwanese miner suffers to gun shots, blames Chinese cryptocurrency trade regulations
Source: Pixabay

Crypto- crime has increased significantly since last year. On the 14th of April at 7:30 PM Taiwanese miner, Wu was shot twice by two local gangsters over the delay in the transactions. The aggrieved miner claims the trading restrictions implemented by the Chinese government to be the reason for the incident. He stated that due to constrained protocols on cryptocurrency in China, he was not able to exchange the profit for fiat money in the limited time provided by the gangsters. Hence it became the crux of the issue and subsequently, he was shot in the ankle.

The report by Liberty Times Net states that the gangsters invested 1.7 million dollars in Wu’s mining operation. He supposedly made a profit of $370,000 which was to be transferred to the gangsters. This is a work hazard to all the crypto miners and investors, not only in China but all over the world.

There were other cases of crypto-crime in the 1st quadrant of the year in the countries such as Canada, U.S., and Singapore where Bitcoin investors were robbed off 330,000 dollars. On the contrary, these crimes occurred due to the hike in the digital value of cryptocurrency.

This is yet another instance of organized crime in the world of cryptocurrency.

Liberty Times Net quoted in its report:



“The suspects Gao Qitang and Chen Yumin shot with two guns and shot at the surnamed Wu surnamed Wu. Being affected by bouncing, the ad hoc group of the Haishan Police Sub-bureau learned from the license plate that the owner was too high.”

Since January, China has scrutinized the flow of cryptocurrencies in the country. Therefore investors have shifted to offshore accounts. The Chinese officials are trying to bring in strict policies and regulations which would eventually cause a rift in the market. In this case, Taiwan miner supposedly had a mining facility in the mainland China which was not disclosed.

According to recent news, categorization of Bitcoin as a commodity than a currency by the Chinese officials is a hindrance for Bitcoin miners like Wu to expand their commerce.





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Joel Mathew is a full-time creative content writer for AMB Crypto. He's an English honors graduate from Christ University. He's skilled in research analyses and produces valuable content in the field of blockchain and cryptocurrency.

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Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

Priya

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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