Source: Adobe/Mariia Korneeva.

Simply 4 years earlier, Wang Yue was being fêted by the likes of Forbes as one of the “world’s youngest billionaires.” At 32, he had the world at his feet, as the head of gaming giant Shanghai Kingnet Technology, likewise called Shanghai Kaiying Network Technology or simply Kaiying Network— a business he built up from scratch in 2008.

In 2018, the Chinese business world held its breath with anticipation when he revealed that the business was starting into the blockchain technology sector.

Simply 2 years later on, the Kaiying Network blockchain dream remains in tatters– and the business states it has actually turned its back on blockchain, most likely for great, with Wang positioned behind bars.

The business’s blockchain fall from grace has actually been incredible.

As just recently as a couple of months earlier, the Shenzhen Stock market was still putting Kaiying on its Blockchain 50 Index, together with business heavyweights like Ping An

Wang Yue’s blockchain strategies sounded grand at the time, and focused around a content-sharing platform which stood out of media giants like Xinhua per a Bi Shi Jie report from last year, Wang Yue was currently in alarming financial straits when he made the statement.

Stock rates toppled in 2018, and his own financial resources had actually suffered worst of all, with share cost falls of as much as 90% reported.

The blockchain platform was Wang Yue’s last toss of the dice, although couple of people other than he understand this at the time. When interest in the platform cooled rapidly over the course of 2018, perhaps accompanying falling crypto rates, Wang Yue stressed.

Reports of dubious behind-the-scenes transactions started to surface area by early 2019, and he dropped off the radar entirely, with even the business he established and still owned over 20% of not able to reach him. He was gotten rid of as CEO and by May in 2015 “no longer held any position in the company,” per an official declaration.

Days later on, as recounted by KR-Asia, he was located by the cops in Shanghai and jailed on suspicion of controling the securities market, with a court freezing his shares.

The business was rocked when more in December in 2015 when it lost a copyright violation suit to South Korean gaming giant WeMade (currently aiming to rearrange itself as a significant blockchain gamer). As reported by Chosun, Kaiying was bought to pay USD 3.4 million in damages and over USD 34,000 in payment.

The Chinese business’s blockchain strategies had actually remained in de facto limbo since, however JRJ reports that at a current Kaiying Network financier relations call, it appears to have actually lastly fixed a limit under its once-grand blockchain strategies.

A financier asked,

” Has Kaiying entirely withdrawn from the blockchain business?”

The business responded that it was now concentrating on its core business of gaming, “having already explored blockchain and other fields,” including that “no more” blockchain financial investment was currently on the horizon.

The post The Rise and Fall of a Chinese Blockchain Star Kaiying Network appeared first on World Weekly News.