Thunder Speed's Reboot Countersues Former CEO Chen Lei, Who Was Involved in Embezzling Millions of Yuan from the Company for Cryptocurrency Speculation凸(⊙▂⊙ )
On January 15th, Xunlei (Nasdaq: XNET) restarted a lawsuit against former CEO Chen Lei and his core team, alleging they infringed the company’s interests and seeking up to 200 million yuan (≈$27.8M) in damages. The case has been accepted and filed by a relevant court in Shenzhen, Guangdong, China.
This follows Xunlei’s September 2020 announcement accusing Chen of embezzling millions of yuan in company funds for cryptocurrency speculation, and arranging relatives to fabricate contracts to siphon additional funds. Chen left China with his lover in April 2020.
Chen was appointed Xunlei Group CEO in June 2017. One month later, Xunlei rebranded its Money Cat product to Wanke Cloud, launched the Wanke Coin cryptocurrency, and shifted from a cash subsidy model to rewarding users with crypto for shared resources. Some 4 million Money Cat users became Wanke Cloud miners, driving Wanke Coin’s price to surge from 0.01 yuan to over 10 yuan on trading platforms. In 2017, daily revenue from Wa
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"Pal" Reduces ETH Long Position, Account Shows $876,000 Unrealized Gain
January 15th — Per monitoring from HyperInsight (Telegram: @HyperInsight), the "Big Brother Whale" address Lil Bubble has been trimming its ETH long positions over the past 30 minutes.
Current positions:
- Holds 9,620.13 ETH long positions with 25x leverage (~$32.03M), average entry price $3,217.71, floating profit ~$1.07M;
- Holds 310,000 HYPE long positions with 10x leverage, average entry price $25.62, floating loss ~$194k.
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PBOC Structural Interest Rate Cut: Lowered Various Structural Monetary Policy Tool Interest Rates by 0.25 Percentage Point
**January 15 —** Zou Lan, spokesperson and deputy governor of the People's Bank of China (PBOC), announced at a State Council Information Office press conference today that rates for various structural monetary policy tools have been cut by 0.25 percentage points. The annual interest rate for all reloans has been lowered to 1.25%, with rates for other tenors adjusted accordingly. Enhancing structural tools and boosting support will further help optimize economic structural transformation.
Zou added that there remains room for reserve requirement ratio (RRR) cuts and interest rate reductions this year. On the RRR front: the current average statutory deposit reserve ratio for financial institutions stands at 6.3%, indicating room for further cuts. For policy rates: externally, the RMB exchange rate is currently relatively stable, and the U.S. dollar is in an interest rate-cut cycle, so the exchange rate does not pose a significant constraint. Internally, since 2025, banks’ net interes
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Infinex's TGE is scheduled for January 30, with a final public sale subscription amount of approximately $7.2 million
On January 15th, cross-chain aggregation DeFi platform Infinex announced the conclusion of its public sale.
Key details:
- 868 total participants
- Raised 7.214 million USDC
- $5 million in subscriptions equates to a 5% allocation of the INX supply
- ~$2.21 million in refunds issued
- After removing ~$1.2 million from a whale address, the maximum allocation per participant is $245,000
- 99.5% of participants received full allocations
- Refunds have been credited to users’ Infinex accounts
Additionally, the Token Generation Event (TGE) is set for January 30th.
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Affected by the USD1 Trading Competition, some veteran USD1 pools Meme coins rose today
January 15th — GMGN monitoring indicates the 10-day "USD1 Trading Competition" restart on BNB Chain may be driving meme coin momentum today. Previously top BSC meme coins from the USD1 competition are surging again, while older USD1 pool memes (e.g., Z and E) with smaller market caps jumped over 300% before sharp retracements. Key details below:
- **B**: ~6% 24-hour gain | Market cap: $248M | Current price: ~$0.248
- **EGL1**: ~29% 24-hour gain | Market cap: $22.2M | Current price: ~$0.22
- **E**: ~110% 24-hour gain | Peaked at $1.9M market cap this morning, now at $400k | Current price: ~$0.0004
The prior USD1 Trading Competition ran roughly May-July 2025, co-hosted by WLFI, BUILDon, Four.meme, PancakeSwap, and BNB Chain, with a total prize pool exceeding 1 million USD1 tokens.
BlockBeats caution: Meme coin trading is highly volatile, heavily tied to market sentiment and hype, and lacks tangible value or use cases. Investors should exercise extreme caution amid these risk
13 minutes ago
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