CNHC Stablecoin Team Goes Missing and Detained by Authorities
May 31, PANews - In a groundbreaking report, PANews has obtained exclusive information regarding the disappearance and subsequent detainment of the team behind CNHC, an offshore Chinese yuan (RMB) stablecoin pegged at a 1:1 ratio.
Starting from the afternoon of May 29, the entire team has been unaccounted for, with multiple sources confirming their apprehension by law enforcement. Disturbingly, some employees' families have already received official notifications about the situation.
To investigate further, PANews conducted a visit to the company's office situated in a prominent building in Shanghai's Pudong district. To our surprise, the office was eerily empty, devoid of any signs of occupation. The entrance was sealed off with an official notice, clearly stating "Judicial Seizure, Destruction Prohibited," and dated May 29, 2023.
In March, CNHC made headlines by successfully concluding a notable $10 million Series A+ funding round, drawing investments from reputable entities such as KuCoin Ventures, Circle, and IDG Capital.
This incident marks another significant event in China's relentless crackdown on the cryptocurrency sector. In recent years, the Chinese government has been implementing stringent measures to strengthen regulatory oversight within the cryptocurrency market. Authorities have expressed concerns over financial risks, money laundering, and illicit capital outflows associated with virtual currencies.
To investigate further, PANews conducted a visit to the company's office situated in a prominent building in Shanghai's Pudong district. To our surprise, the office was eerily empty, devoid of any signs of occupation. The entrance was sealed off with an official notice, clearly stating "Judicial Seizure, Destruction Prohibited," and dated May 29, 2023.
In March, CNHC made headlines by successfully concluding a notable $10 million Series A+ funding round, drawing investments from reputable entities such as KuCoin Ventures, Circle, and IDG Capital.
This incident marks another significant event in China's relentless crackdown on the cryptocurrency sector. In recent years, the Chinese government has been implementing stringent measures to strengthen regulatory oversight within the cryptocurrency market. Authorities have expressed concerns over financial risks, money laundering, and illicit capital outflows associated with virtual currencies.
