China opens criminal probe into CreditEase after $4.5B defaults — Details!
Photo: AMBCrypto
Chinese authorities in Beijing's Chaoyang district have accelerated their quest against criminal activities in crypto. They are in the news today after opening a probe into CreditEase and companies linked to it. Key details in the CreditEase probe CreditEase is a Chinese peer-to-peer (P2P) lending giant. The authorities have now escalated the crisis from a liquidity freeze into a full investigation. The move comes on the back of the firm halting redemptions on fixed-income-like products worth $4.50 billion in May, arguing risk of insolvency. The firm's apology followed on 11th October, a day before the police issued a notice.
Source: AMBCrypto
