Blockchain
Asic examines collapsed bitcoin company Blockchain Global after Guardian investigation
Australia’s corporate regulator will examine details of the collapsed bitcoin company Blockchain Global after a Guardian Australia investigation revealed links between two of its directors and a series of failed crypto investment schemes.
Blockchain Global collapsed in 2021 owing creditors $58m, with the liquidator referring its directors – Allan Guo, Sam Lee and Ryan Xu – to the Australian Securities and Investment Commission for potential breaches of the Corporations Act. This included possible breaches of director’s duties, breaches of trust and unreasonable director-related transactions.
Asic initially advised liquidators Pitcher Partners that it did not intend to take action after it received the first report on the company’s activities in March 2022.
But after a Guardian Australia investigation into the HyperVerse crypto investment scheme, which has links to Lee and Xu, Asic has begun an examination of the liquidator’s report. A final version was filed to Asic in October.
An Asic spokesperson told Guardian Australia: “Asic confirms that it is assessing reports from the liquidator in relation to BGL.”
Guardian Australia has revealed widespread losses to the HyperVerse investment scheme, which escaped regulator attention in Australia despite being flagged by authorities overseas – by one as a possible “scam” and another as a “suspected pyramid scheme”.
Court documents filed in January in the US against Bitcoin Rodney, a senior US promoter of HyperFund and HyperVerse, allege the scheme operated with a network or promoters making “fraudulent promotional presentations” to investors and potential investors. He has been charged with operating and conspiring to operate an unlicensed money transmitting business.
An affidavit filed by the US internal revenue service alleges that early investors were “paid with funds collected from more recent investors”, and the company’s claimed revenue-generating bitcoin mining operations did not exist. There is no mention of Xu or Lee in the court documents filed by authorities in that case.
Lee has denied being behind HyperVerse, saying his involvement was limited to technology provision and the funds management side of the organisation. Both Lee and Xu appeared in the HyperVerse global launch event in 2021, alongside a fake chief executive officer called Stephen Reece Lewis. Xu and Lee also both featured prominently in promotional material for the schemes that preceded HyperVerse, known as HyperFund and HyperCapital.
Reece Lewis has since been revealed by the Guardian to be the British man Stephen Harrison, who said he was hired for a short period via a talent agent to play a “corporate presenter” and that he had no role in the actual business.
Lee relocated to Dubai in 2021, while the whereabouts of Xu is unknown. Guo is not involved in the Hyper group schemes.
The US-based crypto analysis firm Chainalysis estimates losses to HyperVerse in 2022 amounted to US$1.3bn (A$1.97bn).
The move by Asic to examine the Blockchain Global collapse comes as the liquidator also reveals a possible link in the company’s records to the operation of HCash, which was a cryptocurrency linked to the Hyper investment schemes.
“The liquidators have identified two debt transactions totalling $500,000 in Blockchain Global’s main bank account [linked to HCash]. These transactions both occur on 5 August 2019,” Pitcher Partner’s liquidator Andrew Yeo told Guardian Australia.
“It is not clear whether the funds were used for this intended purpose.”
Rewards that were accumulated through the earlier Hyper schemes were converted to HCash before they could be converted to other cryptocurrencies.
According to a “HyperTech group organisational chart”, HCash was one of three Australian companies behind the Hyper investment schemes, in alliance with Blockchain Global, Collinstar Capital and the HCash Foundation.
According to the HyperTech group’s promotional material, Collinstar Capital, Blockchain Global and HCash were a “multi billion dollar group of companies”.
The HCash official Telegram group confirmed its association with HyperTech and HyperCapital in 2019, saying it was “allied with the HyperTech group”.
Asic documents show that HCash Tech Pty Ltd was owned by Xu and Jianbo “Jacob” Cheng and was established in 2017. An application for it to be deregistered was made in May 2023.
Collinstar Capital was owned by Xu until mid 2022, after which it was taken over by Cheng.
Asic documents reveal shares of the company’s 40 founders were transferred from Xu to Cheng for $5.50, while 200,000 noncumulative preference shares were transferred at no cost, with a value of $125,000 listed as unpaid.
Cheng did not respond to questions from Guardian Australia.
Lee did not respond to questions from Guardian Australia before the publication of a previous article about his involvement in the establishment and operation of HyperFund and HyperVerse. He has previously denied the schemes are a scam.
In a WhatsApp message after the article was published he alleged it included “misstatements” about his role in running the Hyper schemes but did not respond when asked what they were. He also claimed that “people on the internet continues [sic] to make things up”.
Lee has also not responded to questions from Guardian Australia about the liquidators’ findings in relation to Blockchain Global.
Source: The Guardian
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Blockchain
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From Apes to Humans: ApeChain Joins Humanity Protocol’s zkProofer Network to Scale Proof of Humanity
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Blockchain
Blocks & Headlines: Today in Blockchain – January 30, 2025 (Qubetica, BTQ, Binance, EVIANCX)
The world of blockchain and cryptocurrency continues to evolve, with new projects, technological breakthroughs, and strategic investments shaping the landscape. As 2025 unfolds, the blockchain industry is being propelled forward by innovation, partnerships, and a deeper exploration of blockchain’s potential across diverse sectors. In this edition of Blocks & Headlines: Today in Blockchain, we take a closer look at the latest developments in the blockchain space, from new projects to quantum alternatives and the return of a major crypto figure.
1. Layer Qubetica: Blockchain Solutions for Real-World Use Cases
Source: The Independent
Qubetica, a new blockchain project, is making waves by developing solutions that aim to bridge the gap between blockchain technology and real-world applications. This platform is designed to provide secure and scalable blockchain solutions for businesses looking to enhance their operations with decentralized technology.
The core focus of Qubetica’s blockchain solutions lies in improving supply chain transparency, reducing fraud, and increasing efficiency across industries. One of the standout features of the platform is its ability to integrate seamlessly with existing systems, offering a straightforward approach for businesses to adopt blockchain without disrupting their current operations.
Blockchain technology has often been criticized for its complexity and steep learning curve, especially for companies that are new to the space. However, Qubetica’s user-friendly approach could help demystify blockchain for businesses across various sectors, including logistics, finance, and healthcare. This is a major shift in the blockchain industry, as more companies begin to see the potential of this technology beyond just cryptocurrency and DeFi projects.
The introduction of such accessible blockchain solutions is a significant milestone for the industry, as it demonstrates blockchain’s versatility and potential to revolutionize industries far beyond crypto.
2. BTQ Proposes Quantum Alternative to Crypto’s Proof of Work
Source: CoinDesk
As the cryptocurrency space continues to evolve, so does the need for more energy-efficient consensus mechanisms. Enter BTQ, a company proposing a quantum computing-based alternative to the widely used proof-of-work (PoW) consensus mechanism that underpins many cryptocurrencies like Bitcoin.
BTQ’s proposal aims to address one of the biggest criticisms of PoW: its environmental impact. While PoW requires vast amounts of computational power and energy to validate transactions and secure the network, BTQ believes quantum computing offers a far more efficient solution. Quantum computing, which leverages the principles of quantum mechanics, has the potential to solve complex problems much faster than traditional computers, making it an ideal candidate for powering blockchain networks without the energy-intensive demands of PoW.
This proposal could have far-reaching implications for the future of cryptocurrencies and blockchain technology. If successful, it could not only make cryptocurrencies more sustainable but also introduce a new paradigm for securing blockchain networks. Quantum computing is still in its early stages, but if BTQ’s proposal gains traction, it could signal the beginning of a new era in blockchain development.
3. Binance’s CZ Returns to Crypto with $16M Investment in Sign
Source: CoinDesk
Changpeng Zhao, better known as CZ, the CEO of Binance, has made a return to the crypto space with a $16 million investment into Sign, a blockchain-based messaging platform. This move comes after a period of relative silence from CZ, following the turbulence Binance faced in 2024 with regulatory scrutiny and market fluctuations.
Sign, which is designed to offer a decentralized alternative to traditional messaging platforms, promises enhanced privacy and security by leveraging blockchain technology. The platform is set to allow users to send encrypted messages without relying on centralized servers, giving them greater control over their data.
CZ’s investment is seen as a strong endorsement of Sign’s potential, signaling that Binance’s leadership remains confident in the future of blockchain beyond cryptocurrency trading. This move also highlights the growing interest in Web3 technologies, which aim to decentralize the internet and give users more control over their digital interactions. With CZ’s backing, Sign is poised to gain traction in the growing Web3 ecosystem.
As more blockchain applications extend beyond finance, CZ’s investment is an indication of the expanding use cases for blockchain technology, especially in areas like communication and data privacy. It also suggests that Binance, despite its recent challenges, is still positioning itself at the forefront of the broader blockchain revolution.
4. Nine Surprising Ways Blockchain Technology is Making a Difference
Source: GeekSide
Blockchain technology’s potential extends far beyond cryptocurrencies like Bitcoin and Ethereum. In a recent article by GeekSide, nine unexpected ways that blockchain is being used to solve real-world problems were explored, including in sectors like healthcare, education, and entertainment.
One of the most surprising applications is in healthcare, where blockchain is being used to track the provenance of medical supplies and pharmaceuticals. By ensuring that drugs and equipment are sourced from legitimate suppliers and are handled according to strict regulations, blockchain can help combat counterfeit drugs and improve patient safety.
In education, blockchain is being used to issue verifiable certificates and diplomas. This not only makes it easier for employers to verify candidates’ credentials but also ensures that students’ achievements are securely stored and cannot be tampered with.
The entertainment industry is also embracing blockchain for creating decentralized platforms that allow content creators to retain more control over their work and receive direct compensation for their efforts. This is a stark contrast to traditional models, where middlemen often take a significant portion of the revenue.
These applications demonstrate that blockchain’s potential is far-reaching and that the technology is being adopted across industries in ways that were once considered improbable. As more organizations realize the benefits of decentralization, blockchain will likely become a core component of many sectors.
5. EVIANCX: Enhancing Cryptocurrency and Blockchain Usage in Latin America
Source: GlobeNewswire
EVIANCX, a blockchain platform focused on enhancing the cryptocurrency ecosystem in Latin America, has made significant strides in improving access to decentralized finance (DeFi) and blockchain-based services in the region. The company’s efforts aim to address the challenges faced by Latin American countries, where economic instability, inflation, and lack of access to traditional banking services have led to the rapid adoption of cryptocurrencies.
EVIANCX is working to create a more inclusive financial system by enabling people to use cryptocurrency for everyday transactions, including remittances, payments, and savings. The platform’s innovative features also focus on providing educational resources to help users better understand blockchain and cryptocurrency, thereby empowering them to take control of their financial futures.
The growth of blockchain technology in Latin America is part of a broader global trend toward decentralized finance and digital currencies. As traditional financial institutions struggle to keep up with the demand for more inclusive and accessible financial services, blockchain-based platforms like EVIANCX are filling the gap, offering a glimpse into the future of global finance.
This is a significant development for the crypto space, as it demonstrates how blockchain can be used to empower underserved populations and create more equitable financial systems. The rise of blockchain in Latin America will likely have a lasting impact on the global adoption of cryptocurrency and DeFi technologies.
Conclusion: Blockchain’s Expanding Reach
The latest developments in blockchain and cryptocurrency show just how far the technology has come since its inception. From improving supply chain transparency and enhancing messaging security to exploring quantum alternatives to proof of work, blockchain is proving its potential to revolutionize industries across the globe. As the technology matures, we can expect to see even more innovative use cases that extend well beyond the world of digital currencies.
With companies like Qubetica and EVIANCX pushing blockchain into real-world applications and industry leaders like CZ continuing to invest in the space, the blockchain and cryptocurrency ecosystems are set to continue their rapid evolution. As blockchain technology finds its footing in sectors like healthcare, education, and communications, its long-term impact could be nothing short of transformative. The future of blockchain is bright, and its possibilities are just beginning to unfold.
The post Blocks & Headlines: Today in Blockchain – January 30, 2025 (Qubetica, BTQ, Binance, EVIANCX) appeared first on News, Events, Advertising Options.
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