China’s Crypto Titans Halt $500M Ethereum Treasury Plan Amidst Market Downturn

Prominent figures in China’s cryptocurrency industry have abandoned a high-profile effort to establish a $500 million Ethereum Digital Asset Treasury (DAT) firm. This initiative, spearheaded by Huobi founder Leon Li Lin, HashKey Group CEO Xiao Feng, Meitu co-founder Mike Cai Wensheng, and Fenbushi Capital founder Bo Shen, was halted after months of planning due to the worsening crypto market downturn. 110 million in capital commitments secured, but the group chose to suspend their plan amidst the current bearish climate.