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The Chinese authorities have reportedly arrested the Bitfinex investor

July 2, 2020

Information that is disseminated in the Chinese media indicates this Zhao Dong, Director of the cryptocurrency lending platform over the counter RenrenBit was arrested by the local police.

The validity of these reports is currently unknown. Some say that Dong is currently in a Hangzhou police station, others claim that he is in Yancheng.

Matthew Graham, Boss Sino Global Capital, said on Twitter that reports of Zhao’s current situation seem “confirmed”.

RenrenBit apparently worked “as usual”

The Chinese authorities have reportedly arrested the Bitfinex investorThe Chinese authorities have reportedly arrested the Bitfinex investor

Graham makes that clear Being arrested is not the same as being arrested. He notes that the alleged arrest may not have anything to do with RenrenBit’s operations.

Quoting RenrenBit employees, Chainnews reported on July 2 that “all of the company’s employees have reported working as usual”.

In addition to his role at RenrenBit Zhao is known as an investor behind the Bitfinex crypto exchange.

Zhao is involved in illegal matters?

Chainnews claims that the director of RenrenBit It has worked with the Chinese authorities on the company’s alleged fraudulent transactions.

Zhao stated in 2019 that he believed spring for cryptocurrencies would not come until 2020. When asked about the future of Bitcoin (BTC), Dong recalled the peak in currency popularity in December 2017.

Compared to that time “BTC doesn’t care anymore these days “He added that the currency would not attract attention until it reached “tens of thousands of dollars” again.