Cryptocurrency

Confusion Reigns in China as RenrenBit CEO Reportedly Detained by Police


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Chinese media shops are reporting that Zhao Dong, the top of over-the-counter (OTC) and crypto lending platform RenrenBit and a distinguished Bitfinex investor has been taken in for questioning by police.

Per stories from media outlet BlockBeats and Chainnews, “rumors” are circulating in on-line communities about Zhao Dong, with many individuals claiming he has been taken right into a police station in Hangzhou, in Zhejiang Province. However, different stories appear to assert he’s actually being grilled by cops in Yancheng, Jiangsu Province.

The media shops quote RenrenBit’s head of promoting as stating nothing seems to be amiss and that “all of [the company’s] staff have turned up for work as usual” on July 2.

The media stories additionally say that rumor has it the police should not investigating any potential wrongdoings on the a part of RenrenBit – quite they’re extra occupied with Zhao Dong’s non-public actions. Some social media customers have claimed the case pertains to an “illegal crypto trading operation.”

As beforehand reported, Zhao Dong is one among China’s best-known OTC merchants. According to earlier stories, his blockchain funding agency DGroup was additionally talked about among the many shareholders of the Bitfinex alternate.

Zhao Dong is partially answerable for placing collectively the USD 1 billion Bitfinex LEO Token (LEO) preliminary alternate providing (IEO), with some claiming that the CEO’s “clout and network helped Bitfinex win back Chinese traders.”

China-based Sino Global Capital chief Matthew Graham took to Twitter to level out that it “seems confirmed” that the RenrenBit CEO has certainly been taken in for questioning.

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