Journalist Colin Wu, well-known insider with expertise in Chinese crypto markets, shares details of another phase of Beijing’s crackdown on crypto
Veteran decentralized project Filecoin (FIL) addresses the building of a distributed data storage ecosystem. Shortly after the first anniversary of its launch on the Mainnet, Filecoin enthusiasts (FIL) were the target of police raids.
Filecoin community under fire: 31 arrested, $80 million seized
According to a press release on Xinhua News Agency shared by Mr. Wu, a municipal police unit of Xúzhōu city concluded a massive anti-criminal raid with 18,000 policemen involved.
As part of this operation, Chinese police attacked entities and individuals involved in drug trafficking, counterfeiting, money smuggling, prostitution, digital fraud, etc.
Fèngxiáng police arrested 31 members of Star Alliance Network’s alleged “multi-level-marketing” scheme. Additionally, agents seized nearly $ 80 million worth of various digital currencies, including Ethereum (ETH), Filecoin (FIL), and regional cryptocurrency Teda (TDB).
Mr. Wu stated that Star Alliance Network is one of the largest Filecoin (FIL) firms.
At the same time, Star Alliance officials released a statement that the seized funds were used for illegal activities, so the arrests have nothing to do with the company’s activities.
Filecoin (FIL) celebrates its first mainnet anniversary
As such, the majority of the arrested officials of Star Alliance are back to work; all services will be restored after the conclusion of an investigation.
On November 4, 2021, the Filecoin (FIL) team shared statistics on the achievements of the project in its first year on the mainnet. According to their statement, the product operates 13 EiB of file storage.
To provide context, this equates to 3.77 billion 1080p movies or 58,500 copies of all Wikipedia articles published by the fourth quarter of 2021, in all languages of the world.
