China Launches Review of $2 Billion Purchase! Reason: Bitcoin (BTC) Investment!
China, known for its strict bans on Bitcoin (BTC) and cryptocurrencies, is experiencing another crypto crisis.
According to the Financial Times, China’s Ministry of Commerce is investigating Meta’s $2 billion acquisition of the AI platform Manus.
The reason for this investigation is said to be the company founder’s investment in Bitcoin.
Accordingly, Meta’s acquisition of Manus came under scrutiny by the Chinese Ministry of Commerce’s export control after it was revealed that Manus founder Xiao Hong is a Bitcoin (BTC) investor.
The investigation focuses on potential export control violations and specifically assesses whether Manus’s relocation of its employees and technology to Singapore required an export license under Chinese law.
According to the report, the investigation is still in its early stages and may not lead to a formal inquiry.
On the other hand, Wu Blockchain also stated in its post, “Cobo co-founder Xiao Hong, founder of DiscusFish Manus, has revealed that he is a Bitcoin (BTC) holder.”
While an investigation into Bitcoin investments continues in China, Arkham data shows that Manus founder Xiao Hong currently holds 0.0223 BTC, worth approximately $2,068, in his Bitcoin address.
*This is not investment advice.
