Deep ｜ The Chinese face behind cryptocurrencies

21st Century Business Herald reporter Hu Tianzheng Shenzhen Report

There are more and more rotating doors between Wall Street and cryptocurrencies. Mainstream financial institutions have gradually incorporated encrypted products into its daily business and products, and the former is constantly conveying personnel to the cryptocurrency industry.

Whether it is transferred from the high -level investment bank to the cryptocurrency management, or directly creating an encrypted company, the "Chinese face" appears.

The more famous of which, such as Zhao Changpeng, is the most well -known person in the industry and abroad. He is the founder and CEO of Binance, the latter is one of the world's largest cryptocurrency exchanges; Chen Kailin, former president of UBS (China) Co., Ltd. Karen Chen was the CEO of Higgs Corporation in May 2018, and Higgs Technology was an operator of the Coinsuper Exchange.

Recently, the fluctuations in encrypted credit have made more related institutions pay attention to the media, and more "Chinese faces" have appeared one after another: Zhu SU is the CEO of the three arrow capital (3 Arrow Capital) that exerts the effects of crisis; Del Wang co -founded Babel Finance, and the two also served as CEO. Babel Finance is one of the first institutions.

Supervision is to pay attention to the encryption industry. Consensus and confidence are the absolute key to the industry, and Shunshui is often only overnight. Zhao Changpeng, who prefers T -shirts and hoodie, has already replaced regulatory agencies around Vietnam, France, Dubai and other localities, which repeatedly showed that currency Ann's attitude and sincerity. And Zhu Su said in the latest public appearance that it "has received a threat of personal violence."

For the development of the industry, the personal situation and the shrinking of the net may be the second, and the specific expectations of the virtual economy are the fulcrum. Nowadays, global regulation is tightened largely; the spread of the encrypted credit crisis has spread as usual; Bitcoin lingers for a long time on $ 19,000/$ 23,000 per interval, and the technical resistance line is not broken; Merge test. As a result, too many questions are placed in front of Chinese entrepreneurs who have entered or intend to enter the field.

Trillion gambling bureau

Global cryptocurrency exchanges 24*7 are constantly operating, of which Binance carries most of the transaction volume. In April 2018, Binance's transaction capacity of 1.4 million times per second attracted 6 million users, making it the world's largest cryptocurrency exchange.

The Canadian Chinese Zhao Changpeng is the primary person behind Binance and is responsible for platform business layout and daily resolutions. He is also regarded as the "Chinese richest man" in the encryption circle, and "CZ" is a common name for social media.

In 2013, Zhao Changpeng aimed at cryptocurrencies and worked at Blockchain.info and Okcoin. In 2014, Zhao Changpeng sold Shanghai's house and invested Bitcoin in the full position. In 2017, he left Okcoin and established Binance and served as CEO. In July 2017, Binance raised $ 15 million in the first token issuance, and became the world's largest cryptocurrency exchange in less than eight months.

The encrypted person's net worth is close to the cryptocurrency, and the changes in the latter will immediately determine the former ranking of the former in the rich list.

In February 2018, "Forbes Magazine" listed Zhao Changpeng as "the richest man in cryptocurrency." In May 2018, its value exceeded $ 1.39 billion. In December 2021, Zhao Changpeng's worth of Nongfu Spring, the chairman of Nongfu Spring, who was the first list of the first list, became the richest man in the world, ranking among the top 10 richest people in the world.

However, unlike the rapid increase in value in previous years, since this year, the global liquidity tightening and encryption crisis has caused their value to evaporate significantly. In mid -June 2022, when the price of Bitcoin reached the low point since December 2020, Zhao Changpeng's property immediately evaporated about $ 85.6 billion. As of 12:40 on August 8th, according to the Statistics of Forbes Global Real -time Rich List, its total assets were US $ 34.98 billion, ranking 36th.

The encrypted credit chain caused by TerraUSD and LUNA is one of the most popular events in the industry recently. The encrypted platforms such as Vault, Babel, Voyager have suspended user extraction business, and some of them request bankruptcy liquidation.

ZHU SU is the founder of Sanjian Capital. He studied at Phillips Academy and Columbia University at the private preparatory school. Founder and CIO.

Zhu Su's high -profile speech, participated in the "Ethereum" in November 2021. However, for the consideration of interests, he changed his mouth to support Ethereum, and said that he would not abandon Ethereum, and he would continue to buy in the future when panic.

In an interview last year, ZHU SU claimed that if the market value of Bitcoin reaches the level of gold, the price of the former may be as high as $ 2.5 million/piece. In early 2022, Zhu SU stated in social media that it would only make a prediction of 2022, that is, at least 10 countries will make Bitcoin a legal currency. In addition, ZHU Su also proposed the concept of "super cycle" that the encryption market will gradually rise in this market cycle to avoid sustainable bear markets.

At present, Sanjian Capital has tested and has caused a series of affected platforms such as Voyager. High leverage cyclic mortgage borrowing is the main reason for its failure.

Yang Zhou and Wang Li are the other two "Chinese faces" in the encryption field. The two jointly founded Babel Finance and listed as CEOs.

Babel Finance was founded in August 2018. Today, it has developed into a global -level cryptocurrency financial service provider. It has reached a cooperation with more than 500 institutions around the world to establish a cryptocurrency world financial infrastructure. , Financing, margin transactions and other derivative services. The total assets of the institution exceeded $ 7 billion.

According to the official website of Babel Finance and the Milken Institute website, Yangzhou is a belief and early practitioner of a blockchain technology and cryptocurrency. He graduated from City University of Hong Kong and worked at Puhua Yongdao, Hong Kong. His partner Wang Li graduated from China Agricultural University. Before the founding of Babel Finance, he successively worked as Industrial and Commercial Bank of China, Bowenpay, and 0fenbei.

2018-2021 is a period of rapid development of Babel Finance. On May 10, 2021, it completed a strategic investment of $ 40 million in Series. Investors include red shirt capital and tiger global fund.

On May 26, 2022, Babel Finance completed a $ 80 million financing and valued at $ 2 billion. But financing cannot guarantee the joint strike of LUNA and Sanjian Capital. According to media news, Babel Finance uses its asset speculative cryptocurrency without informed the risk of customers, which continues to increase leverage, causing failure to meet the agency's additional margin requirements in the end.

On June 17, Babel Finance issued an announcement saying that it decided to suspend the product redemption and increase the coins and notify the restoration time. Subsequently, the company stated that it had reached an agreement with the transaction opponent to repay some debt to alleviate short -term liquidity.

In addition, according to CoinDesk reported on July 1, Babel Finance is hiring Houlihan Lokey, an American Investment Bank, which is an expert in reorganization and bad mergers and acquisitions.

Anxious virtual world

Since the end of last year, with the continuous tightening of global liquidity, the plunge of cryptocurrency prices, and the recent crypto credit crisis, the encryption field has been significantly hit. At the same time, most participants in this field are investors who focus on short -term interests. As far as it is concerned, rapid profitability is the focus.

The price of the top 100 cryptocurrencies in the world has fallen by more than 50%so far this year; although Bitcoin has rebounded in recent weeks, it is still far below the high point of about $ 69,000/piece in November last year.

In addition, the progress of institutions that can raise cryptocurrencies such as Bitcoin last year can now bring obvious stimuli to the latter.

"At the beginning of the year, the three encrypted asset plans that were about to be talked about are now slow." A Hong Kong FOF investor told reporters, especially in Singapore. Since last year, in daily business exchanges, it noticed that Chinese faces often appeared. "Some of them are the founders of small encryption platforms, some of them are in large global encryption institutions, and some are mainly responsible for business development or transactions."

He showed that starting in March, his company began to turn to conservative attitudes. "The regulatory emotions of Asia -Pacific such as Hong Kong, Singapore, South Korea are stricter and compress the space that was slightly loose before. We still need to wait and see."

In June of this year, Singapore Financial Administration (MAS) chief fintech officer SopNendu Mohanty said that Singapore would take "strict strict measures" on bad cryptocurrencies. Subsequently, MAS condemned Sanjian Capital.

In addition to supervision, he added that the situation of the other party's financial assets is currently an obstacle. "Some projects/companies' lending entities are not clear and asset conditions are not transparent, making us unable to evaluate its liquidity and safety."

"I have not invested yet, but it may be voted in the future." Another Hong Kong FOF staff told reporters that supervision is a point that we pay close attention. We are also evaluating the long -term ecological impact of recent changes in the encryption industry.

Mingran (pseudonym) has worked in the field of encryption for about ten years, mainly in entrepreneurial and operating companies. "To be honest, I am a little disappointed in this industry." She told reporters that starting in 2018, international mainstream finance has begun to enter the field. However, the overall atmosphere of the industry is still a little chaotic, there is no obvious rules and logic. For example, some encrypted products/fields that should not be obviously related to the price of Bitcoin are now easily surrounded by the former price change.

The group that enters the cryptocurrency is divided into two categories as a whole: one is the purpose of holding innovation and entered a mainstream circle, and the other is speculative, just want to make money. "But whether it is elite, grassroots or speculative departments, freedom of wealth is one of the goals of everyone." It said that in the international level, there are very few people like Zhao Changpeng. "This industry has created anxiety, and everyone has a kind of anxiety." She said that the development speed of the encryption industry is too fast, and all kinds of coins, various concepts, and various chains will appear almost every day. Aspects to learn are also increasing, and at the same time, we must pay attention to the attitude of supervision in real time. "It is often in a state of" I want to catch it, but I am physically and mentally exhausted. "

The stricter of supervision, the prices of mainstream cryptocurrencies have fallen repeatedly, and a series of industry crises have a significant blow to the industry. "The global stricter supervision, the new crown epidemic, superimposed in the industry, whether in domestic or overseas, many people around them have left one after another, transferred back to the original field, or a more compliant field." Some projects are directly shelved, some projects have been suspended in the middle, and subsequent disputes are annoying.

Thinking about how to bring a sense of value to the industry is a clear goal. "Since they have persisted for so many years, they can't say that they leave." She added that there are no shortage of speculators in this field, but there are people who seriously want to innovate, and they still want to promote its development.

Ren Li (pseudonym) entered the encryption field in 2011. In 2016, he created an encryption institution with others in 2016 to cut in by asset management. The size of the asset management was about 50-600 million US dollars. "But then, in 2018, the entire encrypted assets were very poor. Bitcoin fell from 20,000 to 3000, and the risk control problem was superimposed. Since 2020, it has decided to fade out." Let go of the previously founded company, and turn to operate encryption consulting/information providing business, and occasionally invest in the project of his friends in the name of an individual investor.

"This round of cryptocurrency coins shrinks and the credit crisis is indeed 'scared away' has a lot of potential investors." Ren Li said that not only potential investors, but some familiar colleagues around him have temporarily or permanently left the industry, transferred to turn, and turn to turn. Go to study government -level blockchain projects.

On July 3, Zhao Changpeng wrote on the social platform: My team knows this, so whenever the challenge falls, they will always tell me: this is just a game. The pressure can indeed be eliminated, and I have been thinking about since 2015. Therefore, we only need to make full use of what we already have and still take work and life seriously. "Don't take yourself too much, make full use of this virtual world."

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