China NFT Weekly: China’s Burgeoning NFT Black Market


NFT Black Market updates: Babel Finance lost $280 million trading customer funds. The firm lost around 8,000 bitcoin and 56,000 ether in June in forced liquidations during a crypto market crash that sent the price of bitcoin below $20,000.

Babel Finance was one among many crypto companies heavily afflicted by the market contagion in June. Its decision to halt withdrawals came after that of Celcius Network, a blockchain-based financial services provider, and Voyager Digital.

On June 23, Bloomberg Businessweek published a profile of Zhao: “Can Crypto’s Richest Man Stand the Cold?” However, in Hong Kong, Modern Media published a Chinese article with a different headline: “Zhao Changpeng’s Ponzi Scheme.”

The headline, according to Zhao’s representative, was designed to spur “hatred, contempt and ridicule” for the chief executive.

Zhao called for the edition’s removal from newsstands and for a restraining order to stop the publisher from perpetrating the message.

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