China continues the war against cryptocurrency, with local police reportedly detaining staff of a major offshore yuan-pegged stablecoin CNHC.
The Chinese government continues to crack down on the cryptocurrency industry with a new investigation targeting a major Chinese yuan stablecoin issuer.
Employees of Trust Reserve — the issuer of the Chinese yuan-pegged stablecoin CNH Coin — have been detained by Chinese police, the local blockchain publication PANewsAccording to the report, Trust Reserve employees have been out of reach since the afternoon of May 29 due to multiple arrests. Some employees’ family members have reportedly been notified about the detentions.
PANews also learned that Trust Reserve’s office in Pudong, Shanghai was empty as of May 31. The door was sealed on May 29, with a notice saying, “Judicial seizure, strictly no vandalism.”Trust Reserve, formerly known as CNHC Group, issues the CNHC stablecoin and Hong Kong dollar-pegged HKD Coin .
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