A prominent initiative by Chinese crypto giants to launch a $1 billion Ethereum fund has been abruptly halted. The project, spearheaded by Huobi founder Li Lin and other influential figures such as Xiao Feng, president of HashKey Group, and Bo Shen, founder of Fenbushi Capital, was aiming to create a digital asset fund focused on ETH. However, the plan’s suspension followed reports that the $1 billion investment had been fully refunded to investors. This decision was reportedly motivated by concerns about market stagnation and a desire to avoid potential investor loss of confidence. The project’s cancellation has further underscored the current challenges facing the broader cryptocurrency market following a significant downturn in October. Experts believe this move signals a cautionary period for market recovery. Please note, this does not constitute investment advice.