The official X account of Rivermen, one of the hottest NFT projects in China’s last Crypto bull market, Rivermen (Lihua) declared bankruptcy on 6 July 2023, due to poor management. They illegally & unethically fired employees and owe $80k in compensation.
The @RivermenNFT, an account on X (Twitter), is still owned by Lihua but is not linked to their intellectual property. The operations team’s past efforts are appreciated.
This bankruptcy has raised concerns about how businesses are managed on the X platform.
RivermenNFT bankruptcy & concerns https://t.co/qMeAAd7tzn pic.twitter.com/x75iL7wl20
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According to a Chinese crypto blogger Colin Wu, In March 2023, Rivermen’s price hit a high of around 1.2 ETH, valuing it at about $20 million. But, now, the lowest price is just 0.0075 ETH.
These types of things reflect that bankruptcy proceedings for crypto companies are nog going through a systematic process or may be abandoned because of the crypto blanket ban in mainland China.
China crypto ban
In mid-2021, the Chinese central bank, the People Bank of China (PBoC), imposed a blanket ban on the crypto sector. Even they kicked out those companies that were producing hardware for the crypto mining operations.
However Chinese authorities stated that they imposed a blanket ban on the crypto sector because of high electricity consumption by crypto mining activities & reduce carbon footprints but in reality, they aimed to eliminate the dominance of crypto & make the country’s digital sovereign fiat currency “Digital Yuan” successfully in terms of adoption.
To date, the Chinese population from mainland China visit Hong Kong to buy & sell crypto assets, which is illegal but there are no laws to stop people trading P2P currencies in offline stores of Hong Kong.
However, Hong Kong imposed a crypto trading ban for retail investors in 2021, following China crypto ban, but in the middle of 2023, Hong Kong legalised retail crypto trading & also invited global crypto companies to establish their headquarters in the jurisdiction of Hong Kong.
Read also: Vitalik criticises Australian rapper and model Iggy Azalea for launching $Mother crypto token
Hottest Chinese bankrupt Crypto NFTs project Rivermen owes employees over 591,692 Yuan
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