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Beijing investigates the first case of pyramid selling using blockchain and virtual currency, a technology company was fined and confiscated over 930,000 yuan

According to a report from the Beijing Daily client, the Market Supervision Administration of Haidian District, Beijing, investigated and handled the city's first illegal case of assisting pyramid schemes using blockchain and virtual currency technology, resulting in a technology company being fined and confiscated a total of over 930,000 yuan.The technology company involved is an outsourcing service provider for a certain public blockchain, offering support such as operations, market services, publicity and promotion, exchange docking, and maintenance. This public blockchain launched the "Atomic Plan" and "Hathaway Plan," which are centered around recruiting people for rebates, using the number of recruited individuals as the basis for rebates, and requiring participants to invest funds to obtain membership qualifications. Despite being aware of the pyramid scheme applications associated with this public blockchain, the involved company continued to provide technical operations, external publicity, and maintenance of virtual currency trading channels, facilitating the flow of funds and the spread of activities related to the pyramid scheme.Ultimately, the pyramid scheme activities of this public blockchain were investigated by public security authorities, the organizers were criminally detained, and the involved technology company was administratively punished with a total fine and confiscation of over 930,000 yuan for providing facilitative conditions.

Competition among exchanges extends to everyday payments, Gate launches a brand new one-stop financial portal Gate Money

According to an official report from Cointelegraph, the competition among cryptocurrency exchanges is undergoing transformation, with the industry's focus gradually shifting from trading data to users' broader daily financial needs. During TOKEN2049, Gate officially launched a one-stop financial service application, Gate Money, to lead this new competitive landscape.Dr. Han, the founder and CEO of Gate, pointed out that Gate Money aims to break down the barriers between traditional investments and daily consumption. It integrates users' named bank accounts, fiat currencies, cryptocurrency assets, and traditional financial holdings such as stocks and gold into the same account system, combined with the Gate Card that supports Apple Pay and Google Pay, as well as a Visa co-branded card, granting assets instant consumption capabilities. It also integrates various fiat currency deposits and withdrawals, on-chain transfers, instant exchanges, and up to 3.6% annualized wealth management, achieving a one-stop experience for asset management, appreciation, and payments.While expanding its business, Gate always places compliance and transparency at its core. Currently, the platform has obtained compliance qualifications in Malta, Dubai, Australia, and the United States; the platform's total reserves amount to $8.688 billion, with a comprehensive reserve ratio of 118.49%. The launch of Gate Money marks Gate's acceleration towards upgrading into a comprehensive financial ecosystem that encompasses daily payments and comprehensive asset management.

Samsung's Q3 net profit of 75.2 trillion won fell short of expectations, and it will distribute a dividend of 30 trillion won

Samsung Electronics announced its official financial report for the third quarter of 2026. The company's revenue for the quarter reached 195.3 trillion Korean won, slightly higher than the previously announced preliminary data, with an operating profit of 107.4 trillion Korean won for the third quarter. The net profit for the quarter was 75.2 trillion Korean won, falling short of market expectations of 83.6 trillion Korean won. Following the release of the financial report, Samsung Electronics' stock price briefly fell, then slightly rebounded, currently up 0.2%.The semiconductor business remains the main source of performance. The operating profit of the chip division for the third quarter was 106.5 trillion Korean won, with significant growth in the foundry business revenue. The company expects double-digit growth in this business's revenue in the fourth quarter. The display business recorded an operating profit of 1.1 trillion Korean won, while the mobile division reported an operating loss of 600 billion Korean won in the third quarter.Samsung Electronics announced that it will distribute a dividend of 4,601 Korean won per share for the third quarter, with a total dividend payout of 30 trillion Korean won. Management expects demand for memory chips to continue to expand in the fourth quarter and stated that the chip supply shortage situation will further worsen next year.
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