Blockchain Alliance Formed In China To Combat Security Risks

Announcements, Blockchain | June 22, 2018 By:

Chinese tech giant Tencent has announced the formation of the China Blockchain Security Alliance to fight blockchain-related security issues.

Announced during the China Blockchain Security Forum in Beijing on Thursday, the alliance will be composed of Tencent Security, the China Blockchain Application Research Center, crypto exchange Huobi, China Technology Market Association (CTMA) and more than 20 public and private institutions. The mission of the alliance is to ensure the healthy and sustainable development of the blockchain ecosystem and protect it from fraud.

“We are willing to participate in blockchain’s industrial construction in the name of Tencent,” Tencent vice president Ma Bin said during the Summit. “We hope to contribute to blockchain’s security in China.”

The formation of the China Blockchain Security Alliance comes as the number of blockchain and crypto-related crimes has increased in China. In April of this year, Chinese police in Xi’an, the capital city of the Shaanxi province in central China, arrested the founders of DBTC, a faux blockchain platform that amassed some 13,000 registered users who invested over RMB86 million ($13M USD) within a fortnight this year.

Last month, police in Jinan, Shangdong province arrested a gang of more than ten suspects involved in a RMB300 million ($46.8M USD) pyramid scheme that masked itself as a blockchain project.