{"id":582485,"date":"2023-05-31T13:49:42","date_gmt":"2023-05-31T12:49:42","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=582485"},"modified":"2023-05-31T13:53:08","modified_gmt":"2023-05-31T12:53:08","slug":"trust-reserve-cnhc-team-detained-china","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/trust-reserve-cnhc-team-detained-china\/","title":{"rendered":"Trust Reserve CNHC Stablecoin Team Detained In China: Report"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>Law enforcement in China arrested the Trust Reserve team behind a Yuan-backed stablecoin and another token backed by the Hong Kong Dollar. <\/li><li>Authorities wrote a \u201cjudicial seizure\u201d notice at the teams&#8217; office in Shanghai, PANews reported after visiting the building.<\/li><li>The news follows unverified rumors that Multichain\u2019s team was also arrested in China shortly after a so-called &#8220;force majeure&#8221; froze thousands of transactions on the cross-chain protocol.<\/li><\/ul>\n\n\n\n<p>Reports from PANews said that police in China arrested team members from Trust Reserve, the entity formerly known as the CNHC Group that issues two fiat-pegged stablecoin backed by China&#8217;s Yuan (CNH) and the Hong Kong Dollar (HKD). <\/p>\n\n\n\n<h2>Trust Reserve Shares Same Faith As Multichain<\/h2>\n\n\n\n<p>Authorities wrote a \u201cjudicial seizure\u201d notice at the Trust Reserve office in Shanghai, <a href=\"https:\/\/www.panewslab.com\/zh\/sqarticledetails\/7pomrdow.html?_x_tr_sl=auto&amp;_x_tr_tl=auto&amp;_x_tr_hl=en-GB\" target=\"_blank\" data-type=\"URL\" data-id=\"https:\/\/www.panewslab.com\/zh\/sqarticledetails\/7pomrdow.html?_x_tr_sl=auto&amp;_x_tr_tl=auto&amp;_x_tr_hl=en-GB\" rel=\"noreferrer noopener nofollow\">PANews<\/a> reported after visiting the building on May 29. Law enforcement reportedly informed the families of the arrested team members as well. Trust Reserve closed a $10 million series A+ funding round led by Kucoin Ventures in March. <\/p>\n\n\n\n<p>The news follows unverified rumors that Multichain\u2019s team was also <a href=\"https:\/\/en.ethereumworldnews.com\/deposits-halted-binance-multichain\/\" data-type=\"URL\" data-id=\"https:\/\/en.ethereumworldnews.com\/deposits-halted-binance-multichain\/\" target=\"_blank\" rel=\"noreferrer noopener\">arrested<\/a> in China shortly after a so-called &#8220;force majeure&#8221; froze thousands of transactions on the protocol. Liquidity providers like the Fantom Foundations and other stakeholders like Justin Sun pulled out millions from Multichain citing uncertainty about the protocol&#8217;s bridge infrastructure and silence from the team. <\/p>\n\n\n\n<h2>Hong Kong Open To Crypto, Beijing Remains Cautious<\/h2>\n\n\n\n<p>While crypto trading, mining, and digital asset transactions remain banned in China, Beijing&#8217;s government is seemingly ready to consider web3 innovation. The capital city recently released a white paper to promote decentralized development. <\/p>\n\n\n\n<p>Over in Hong Kong, authorities are laying the groundwork for a crypto ecosystem as the region introduced a licensing regime. Huobi HK already applied for a virtual asset exchange license and will offer crypto spot trading support. Other digital asset service providers like OKX are also interested in a similar license per reports. <\/p>\n\n\n\n<p>Hong Kong is also collaborating with the central bank and policymakers in the UAE as both regions move to capture crypto&#8217;s attention amidst a lack of regulatory clarity in the U.S.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Law enforcement in China arrested the Trust Reserve team behind a Yuan-backed stablecoin and another token backed by the Hong Kong Dollar. Authorities wrote a \u201cjudicial seizure\u201d notice at the teams&#8217; office in Shanghai, PANews reported after visiting the building. The news follows unverified rumors that Multichain\u2019s team was also arrested in China shortly after a so-called &#8220;force majeure&#8221; froze thousands of transactions on the cross-chain protocol. Reports from PANews said that police in China arrested team members from [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":582487,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[947,2],"tags":[126,952,2561,108952],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582485"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=582485"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582485\/revisions"}],"predecessor-version":[{"id":582490,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582485\/revisions\/582490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/582487"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=582485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=582485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=582485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}