In line with recent reports being circulated in Chinese media allege that Zhao Dong, head of the over-the-counter [OTC] cryptocurrency lending platform RenrenBit, has been detained by local police.
The validity of these reports isn’t known at this point. Some say Dong is presently detained at the police headquarters in Hangzhou, while others claim he’s in Yancheng.
The chief of Sino Global Capital, Matthew Graham, added that reports about Zhao’s current situation seem “confirmed.”
Detained Isn’t Similar To Being Arrested
Graham clarifies that being detained isn’t similar to being arrested. He added that the alleged detention might not have anything to actually do with RenrenBit’s operations.
Earlier on 2nd July, Quoting RenrenBit employees, Chainnews added that “all of the company’s staff have turned up for work as usual.”
Additionally to his role at RenrenBit, Zhao is understood for being an investor behind the crypto exchange, Bitfinex.
Zhao & Illicit Cryptocurrency Trading Cases
Chainnews alleges that the head of RenrenBit has been cooperating with the Chinese authorities associated with suspicions of alleged fraud transactions performed by the firm .
Earlier in 2019, Zhao added that he believes that the crypto spring will only be available 2020. When asked about the longer term of Bitcoin [BTC], Zhao Dong recalled the height of the coin’s popularity in December 2017.
In comparison thereto time, nobody cares about BTC today, he said, adding that the coin will only draw attention when it reaches “many tens of thousands of dollars” once again.