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Tuesday, October 4, 2022

Could China Be FREEZING over 4000 CRYPTO bank accounts?

Hey, guys, welcome back to the Boxmining channel. We just do it on my channel, and this is also going to be on the Genesis Block Channel as well. Make sure you put the link down below to check it up. But today we’ve got Charles here.

He has some really important topics to say regarding China regarding this mysterious transaction that had $2 million of fees. That’s kind of scary and also the institutional ETP as well. So we’ll cover three subjects today with you guys. We’ll start off with the $2 million in fees.

I mean, usually speaking fees should be a few dollars in crypto, maybe tens of dollars in the bank, but a million dollars what’s happening in Charles yeah, the transaction, obviously everyone thought, Oh, this must be a new way to launder money.

Right? What is going on? Why would somebody? Put $2 million in fees, right. That’s ridiculous. I mean, and also you have to go in dollars, you better not easy. Right. So actually as of today, it’s happened three times, three times, two times from the same wallet on third time from a different wallet, but it’s obviously related to the same, you know, it could be a company, it could be an individual who knows clean exchange.

Right. So as of right now, even the mining pools mine this block and they received these fees are holding onto the ETH and saying, Hey, whoever made the mistake reach out and we’ll work out something where you get your money back. But as of right now, the market, nobody knows what’s going on. That’s going to be insane, I mean, I’ll be mining before and any transaction fee becomes a reward for miners.

So just imagine that if you’re like solo mining, you just got that block and got $2 million. You’ll be set for life. But anyways, these, these mining falls are nice. They managed to get the fees $2 million of that transaction date, can now pocket it. But they’re nice enough to say, yo, you know what, reach out to us, but no one has reached out to them yet.

So, I think the most interesting speculation was, I think Dovey Wan was talking about this, where it’s possible someone got control of an exchange wallet, and they’re pretty much blackmailing them. We’re going to keep doing this. Or you give me money and I’ll give this case back to you. Right? That’s mysterious.

I mean, initially, I was thinking it was money laundering. I mean, but I think something you pointed out was that even if I want to launder the money to kind of break that transaction history, it’s pretty well-known everyone to everyone that something like this happened and law enforcement was still probably cashed in anyways.

Right. So you’re saying most likely it’s not money laundering. Yeah, it looks like it’s probably just a coding error. or, or the blackmail. Yeah. I mean, blackmail is probably a stretch. It’s weird because what I thought would have happened was somebody messed up and they would panic and reach out and be like, Oh, how can I get my money back? And we’d have this whole situation, like back when we had the Dow hack where you were going back against what actually happened on-chain.

But it’s mysterious because Noah speaking up. Magic The magic of crypto, right? Sometimes you just don’t know what’s happening. You can see it, but you don’t know why it’s all right. Next topic. I think this is quite interesting.

There’s a lot of rumours about Chinese accounts being closed off and even some people on my channel were like, Oh my God, our Chinese kind of OTC desks, or even Chinese exchanges, what’s happening there. They’re being crapped on being frozen. Is that really happening? So the articles came out this week, but actually, you know, Genesis block does.

Some OTC trades in China. And, we’ve been seeing a lot of our partners pretty much disappear. Luckily, you know, some people actually lost money cause they got their money frozen. They weren’t able to settle the trades. A lot of our friends over there are kind of in big trouble. We’ve also heard of arrests and it’s not really about crypto.

It’s more about the source of the renminbi. There’s a lot of these pyramid schemes, a lot of scams where these OTC traders happen to be taking this from a beat. So as soon as you’re part of the supply chain, you know, it is China, right. They have the right to arrest you for many reasons. Right. Definitely handling dirty money.

So it doesn’t have directly to do it for us or not. It’s not that they’re in crypto, that they’re in trouble. They’re getting frozen. Rather the crypto was used for something malicious or you discussed plus token, the passing of billions of dollars were stolen from that permit scheme.

So it’s really just kind of cracking down on this. Yeah. But then why now? Why, why do they, do you think China is to be nice because they’re trying to tighten up. Are they trying to crack down on this? Is there anything and he’ll turn? I think it’s, you know, at this point it’s all speculation, but.

This is the year where there has been really Schilling their central bank, digital currency DCP. So it does seem kinda like a coincidence where they crackdown on other stable coins and in order to prepare for a controlled crypto market, instead of something that was very open for the last, you know, for decades, I guess.

Interesting. So what do you recommend people do at this time? Yeah, so, If you’re trading Ramon B you know, probably take a break. That’s what we’re doing. and if we have clients there that want to trade crypto, we’ve been asking them to just, you know, let’s see what it looks like a week from now.

You know, we don’t want our comes forwards and we don’t want people to get in trouble with the authorities. Just laying low, you know? Well, sometimes it’s good to just hold back a little bit. So lastly is the ADP does an ADP launch. Yeah. Is that institutional adoption? What is it? The ETP. Yeah. So it’s an exchange-traded product, right?

Exchange-traded product means any individual, has bank accounts can go through a brokerage and purchase the shares. It’s just like buying stocks, right? This one from which is going to list in Germany, the per se is.

One of the largest stock exchanges in Europe. So this is not a joke. This is a big deal. And, the important thing about this one is firstly, essentially cleared, meaning you’re not trading with somebody. It’s all you know, the shares and the Bitcoin are controlled by a third party. So counterparty was, is low. And secondly, you can actually redeem these shares for real Bitcoin. Okay. So it’s actually your Bitcoin.

Exactly. So investors were in Europe. They’re interesting. Real Bitcoin. They can actually get this off legitimate exchanges off traditional routes, and you can see that this is a role to enterprise stuff. So it’s interesting because you don’t have to be an institution.

to treat this, like, based on what I read, I believe, retail can also have access and it’s great because you have both options of, okay. I don’t know how to store crypto, so I’ll just hold these shares or I, you know, rather than take the crypto later on and you can redeem and actually hold the coins, the best institutional kind of solution out there. Right? Right. So it’s obviously stepping forward and more of these will come and it’s just giving people a sense of security of trading this new type of asset class.

Exactly. Cause most people like, you know, I tell them about hardware, one, they just freak out and it’s like, okay, I’m done. Well, I think this is something for traditional investors getting so Charles awesome update from you. And I think guys make sure you click the like button down below, click the subscribe button, do everything that YouTube tells us to do. That’s good. And we’ll see you guys next week. Thanks guys.

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