China National Radio: Listed Company 2345 Suspected Illegal Crypto Issuance
[ChainDD report] March 16 (ChainDD) According to its special coverage of World Consumers Rights Day , The Voice of China, the flagship radio channel of China National Radio (CNR), noted that even though China’s government repeatedly highlighted its policy on banning cryptocurrency transactions, several sources revealed that Shanghai 2345 Network Holding Group Co., Ltd. (“2345”), as a listed company on Shenzhen Stock Exchange, was alleged to issue cryptocurrency in disguised form of “crypto-mining machine-oriented issuance of virtual digital assets” and allow its coin listed overseas and being converted into Chinese fiat currency yuan, which are suspected to violated multi laws and regulations in China.
The report said, the channel received a number of audience’s claims that they credulously believed in 2345’s promotion and paid a premium for its so-called blockchain product “Octopus Planet”. The company told them Octopus Planet is tradable by Star Coin (STC), a crypto token that can be earned by mining. STC then began to list on overseas crypto exchanges from last June 21 with two pairs that available for exchange into US dollar and yuan.
However, Due to the increase in suspicions of illegal issuance since last October, STC price tumbled and made investors suffer quite a lot of loss and Octopus Planet turn into worthless.