China Updates Crypto Ranking – Bitcoin Makes Top 10

China Updates Crypto Ranking – Bitcoin Makes Top 10


China has updated its crypto ranking, adding two projects to the previous month’s list. Bitcoin has significantly improved, making the top 10 list for the first time. Crypto projects are ranked in three categories: technology, application, and innovation.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

33 Crypto Projects Ranked

China’s Center for Information Industry Development (CCID), under the country’s Ministry of Industry and Information Technology, officially released its fourth crypto project ranking on Friday. The new list consists of 33 crypto projects, two more than the previous list.

China Updates Crypto Ranking – Bitcoin Makes Top 10The center began ranking 28 crypto projects in May. The following month it added 2 more projects: EOS and Nebulas. Last month one more was added: Gxchain. This month two more public chains were added: NULS and Tezos.

For the first time since the CCID began ranking crypto projects, Bitcoin made the top 10 list, jumping from the 16th place in the previous month to the 10th place this month. Meanwhile, EOS remains top of the list, followed by Ethereum.

China Updates Crypto Ranking – Bitcoin Makes Top 10

The CCID explained that its assessment “mainly examines the basic technology, application and innovation of public chains,” adding:

The current model is basically the same as the previous one, and only some data accounting methods have been revised. In terms of the composite index, the three public chains with the highest increase in scores compared to the previous period were EOS, Nano and Komodo, and the three public chains that have risen the fastest in ranking were Komodo, Nano and Bitcoin.

Bitcoin’s Lead and New Additions

The CCID elaborated that “in terms of innovation sub-indicators, Bitcoin’s recent code update is very active,” earning the project a score of 40.3 for this category – the highest on the list.

The overall ranking puts EOS at the top of the list, Bitcoin the 10th spot, Stratis the 13th spot, Bitcoin Cash 29th, and Hcash 30th. However, the center noted:

Compared with the previous ranking, the top five most improved [in terms of] innovation are EOS, Bitcoin, Bitcoin Cash, Hcash and Stratis.

The two new additions, NULS and Tezos, debuted in the 21st and 28th places, respectively. The former “is a blockchain infrastructure for customized services,” consisting of “microkernels and functional modules,” the center described. It occupies the 21st place overall “due to the short time its mainnet has been online, [and] many functions are still under development.” Similarly, the center ranks Tezos 28th even though “Tezos also has outstanding features in technological innovation,” the CCID detailed.

What do you think of the CCID’s new ranking? Let us know in the comments section below.

Images courtesy of Shutterstock and the CCID.

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Biggest Bitcoin Heist in China Results in 3 Arrests

Police arrested three men in connection to the biggest Bitcoin heist in China that totaled $87 million.

Hacking has been a thorn in the side of cryptocurrency for quite some time. Earlier this year, it seemed that every week brought news of another exchange getting hacked. Now a number of individuals and companies in China have found themselves the targets of cybercriminals looking to steal Bitcoin and other cryptocurrencies. Police have recently rounded up three individuals that looted 600 million yuan ($87 million) worth of virtual currencies.

Largest Crypto Theft in China

Chinese media are saying that the recent Bitcoin heists are the largest to have happened in the country. The entire situation began when a man in the city of Xian notified law enforcement that hackers had gotten into his computer and stole $15 million worth of ETH and BTC. Eventually, other victims of the hackers came forward.

Police began investigating the theft back in May but found it difficult due to the technical complexity involved. Plus, one police officer noted:

Our bureau has not dealt with this kind of case before. It’s the first virtual currency-related case in Shaanxi.

Law enforcement had to analyze 30,000 pieces of information before being able to identify their first suspect. They then went on a prolonged stakeout and monitored the suspect for two months before he led them to two more culprits.

Once police believed that they had located all the suspects involved in the Bitcoin heists, they moved in and arrested all three during coordinated raids.

Needless to say, such thefts are a prime warning to keep your cryptocurrency safely secured in cold storage.

Police in China arrest 3 men for stealing $87 million worth of cryptocurrencies.

Chinese Police Are Being Kept Busy

This heist is just the tip of the iceberg when it comes to cryptocurrency crimes in China. Just last month, police in South China arrested more than 540 people associated with an illegal gambling platform using Bitcoin. The platform was used for people to wager on soccer games during the FIFA World Cup.

In April, law enforcement confiscated 600 Bitcoin mining machines. The Chinese government has been cracking down severely on cryptocurrency mining, and the computers were seized after irregular energy use was noticed.

Another 200 computers were confiscated in June. The computers were being used to mine Bitcoin and Ethereum. The owner of the computers had decided to dodge paying the electric bill once he realized how much it was ($927 a day), so he short-circuited the meter. He managed to steal 150,000 kW hours of power before being caught by authorities.

Do you worry about hackers stealing your Bitcoin? Let us know in the comments below.

Images courtesy of Shutterstock.

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Three Chinese Men In Custody Over $87M Cryptocurrency Theft

Police in China has detained three men suspected of pulling the country’s biggest ever cryptocurrency heist — worth 600 million yuan ($87 million). 

Theft is China’s Biggest: Reports

As multiple outlets report quoting local news publication Huashang News on August 19, authorities concluded an investigation spanning almost six months into three men who allegedly hacked a computer for Bitcoin and Ether.

“Our bureau has not dealt with this kind of case before,” South China Morning Post quotes a police officer as telling Huashang“It’s the first virtual currency-related case in Shaanxi.”

According to Huashang, the investigation behind the arrest of the men — known as Zhang, Cui and Zhou — began in March, when the victim came forward to report a hacking of his computer. At the time, losses were thought to total 100 million yuan.

Having analyzed “30,000 pieces of information” related to the event and the alleged perpetrators, the arrests were made on Wednesday last week. Legal proceedings remain ongoing.

China Leads World in Blockchain Patent Applications

Disrupting The Bitcoin Criminal Narrative

The size of the theft is reminiscent of an increasing cryptocurrency criminal trend largely playing out in nearby Vietnam.

As Bitcoinist previously reported, a giant altcoin scam which afflicted 32,000 investors earlier this year saw organizers make off with funds worth a reported $660 million at the time. More recently in July, the CEO of a local cryptocurrency mining company suddenly disappeared and shuttered operations — leaving $35 million unaccounted for.

While Chinese police added that the use of cryptocurrency made their job more difficult, on a global level, law enforcement agencies are beginning to change the narrative that crypto assets aid and abet the success of criminals.

In an interview with Bloomberg earlier this month, Lilia Infante, an agent with the Cyber Investigative Task Force at the US Drug Enforcement Administration, said she actually hopes malicious actors will “keep using” Bitcoin and even privacy-focused altcoins such as Monero. “The blockchain actually gives us a lot of tools to be able to identify people,” she revealed. 

What do you think about China’s latest cryptocurrency theft? Let us know in the comments below! 

Images courtesy of Shutterstock.