How did Binance's Zhao Changpeng, who left Shanghai, get pardoned by Trump? — A decade of memories and industry puzzles from an old cryptocurrency person.
From the grass-roots era of Beijing's Xierqi in 2014 to Trump's pardon in 2025, Zhao Changpeng's ten-year trajectory is like a mirror, reflecting the barbaric growth of the cryptocurrency world, regulatory storms, and power struggles. Those details scattered throughout time have become the keys to unlocking the 'pardon puzzle.' 1. First Encounter: The Smoke and Fire of Xierqi and the 'Grass-Roots Era' of Cryptocurrency 1. The 'Trio' in the Beijing Yiquanhui Office In 2010, I worked as a senior product operator at the open platform of Shanda Online, owned by Chen Tianqiao. At that time, Shanda Group had invested in hundreds of companies, including Moji Weather co-founded by Zhao Dong (【人物志】Zhao Dong: The Passive Lock-in Under Iron Bars) and Douding Network where Xu Mingxing served as CTO. My job responsibility was to integrate all the products invested by Shanda into our Shanda open platform. It was during that time, when I still didn't know about Bitcoin, that I met Xu Mingxing, who was in charge of connecting their Douding Network to Shanda's open platform. On November 22, 2013, after I bought Bitcoin for the first time, I posted it on WeChat Moments, receiving hundreds of likes and comments.
I suggest everyone watch the AFC U23 Championship final between China and Japan tonight, or it may be another 20 years before the Chinese team reaches the final again.
Now there are very few places in the country like Vietnam to watch the game on a big screen. In Ho Chi Minh City, Vietnam, they set up a giant screen just to broadcast this match. Before the game, fans danced around the field to celebrate. No one in the whole country thought they would lose to China. They gathered together, waving national flags and beating drums to cheer for the team. Whenever the Vietnam team took a shot, they would stand up in a frenzy! Unexpectedly, Vietnam U23 shrank back on defense right after the kickoff, hoping that their tight defense would wear down the Chinese team. In the second half, they planned to exert themselves, but their strategy was the same as China's. All the attacking players for China were newcomers with good stamina who weren’t afraid of being pushed around, and in the end, Vietnam lost 0 to 3 to China. After the match, the celebrations that the Vietnamese fans had prepared were gone. The fire trucks that were supposed to spray water on the streets returned to their stations, and everyone rode home in an orderly fashion! The streets were littered with discarded drink bottles, and they probably couldn’t understand why they lost to China. Meanwhile, many Vietnamese fans left comments online saying they lost the game and lost face! Looking at their current state, it reminds me of the nights during the World Cup qualifiers a few years ago. Now, it’s hard to find such big screens in the country, and there isn't that much passion to go out and watch the game!
【Trading Rules】Have you learned them? This trade might be wrong. Consider risk first. 1. Money management: divide funds into 10 parts, never risk more than 10% per trade. 2. Set stop-loss immediately after opening a position. Create a table and record it. 3. Avoid overtrading. Be patient and wait for the best opportunity. 4. Don't let floating profit turn into floating loss. After entering a long position and price rises, set a breakeven stop-loss. 5. Don't go against the trend. Don't trade if the trend is uncertain. 6. If in doubt, step back and observe. 7. Don't trade low-liquidity instruments. 8. Diversify risk. Never go all-in. 9. Don't always use limit orders. Sometimes, market entry is necessary. 10. Don't open or close trades without solid reasons. 11. Partially take profit and move profits to a backup account. 12. Never average down. Don't keep adding to losing positions. 13. Don't rush. Don't exit due to impatience. 14. Avoid small gains and large losses. Once a stop-loss is set, don't cancel it. 15. Avoid frequent entries and exits. 16. If strongly bullish, go long—trade in line with the trend. 17. Don't buy just because the price is low. Don't sell just because the price is high. 18. Use pyramid scaling carefully: only add to positions after breaking through resistance levels. 19. For long positions, choose small-cap; for short positions, choose large-cap. 20. If position size is wrong, don't hedge—exit with a stop-loss and wait for the next opportunity.
Did former Xunlei CEO Chen Lei use part of the embezzled funds to speculate in cryptocurrencies?
Summary In 2026, a corruption case involving a major internet company that spans five years has once again attracted attention. A relevant court in Shenzhen has officially accepted the civil lawsuit filed by Xunlei against former CEO Chen Lei. This case, which involves more than 200 million yuan in damages to the company, not only exposes the chaotic phenomenon of 'soft power rent-seeking' in the traditional internet industry due to complex asset transfer paths and a long-standing deadlock in cross-border pursuit, but also reflects the new risks of corrupt individuals evading regulation under the guise of emerging technologies in the wave of Web3, pushing the deeper challenges of anti-corruption in the industry into the public eye.
【Chen Lei, former CEO of Xunlei, allegedly misappropriated tens of millions of yuan from the company for illegal cryptocurrency trading】 According to a report by The Paper, Xunlei has filed a lawsuit against its former CEO Chen Lei and his core team, accusing them of infringing on the company's interests and seeking compensation of up to 200 million yuan. The case has been accepted and registered by relevant courts in Shenzhen. Chen Lei recruited his relatives and close friends through Dong Xue, a former senior vice president of Xunlei, placing them in key positions within the company. He then used illegal means such as fabricating transaction procedures and falsifying contracts to siphon off company funds, involving a massive amount of money. The new management team has since carried out cleanup and reorganization of Xunlei's business operations and personnel. Additionally, Chen Lei is suspected of misappropriating tens of millions of yuan from the company for illegal cryptocurrency trading, which is strictly prohibited by the state. Chen Lei joined Xunlei in 2014 as Chief Technology Officer and was promoted to CEO in 2017. In 2020, Xunlei dismissed him on suspicion of embezzlement. Subsequently, the Shenzhen Public Security Bureau initiated an investigation into Chen Lei and others suspected of embezzlement. To avoid investigation, Chen Lei and Dong Xue, former senior vice president of Xunlei, have fled overseas.
Where Do People End Up After Being Harvested by the 'Quick Rich' Trap?
Summary "Should you jump into the MEME coin that doubles in 7 days?" "Zero-cost side hustle earning over 10,000 per month—limited-time free access." "Seize this bull market wave and achieve financial freedom."—Open your social apps, and such 'quick-rich' temptations are everywhere. In this era obsessed with 'fast, short, and immediate,' 'overnight wealth' has become the obsession of countless people, while 'slow and steady wealth' is mistakenly seen as a sign of incompetence. Yet reality often shows: those shouting 'quick riches' are usually the ones preying on those chasing fast wealth; those chasing trends for speculation ultimately become 'cannon fodder' after the hype fades; and those seeking shortcuts to accumulate wealth end up exhausting their capital and energy through constant trial and error. The true survivors who endure economic cycles and achieve long-term wealth preservation and growth are always the practitioners of 'slow wealth.' Slow wealth is not laziness or stagnation—it's a clearer, more stable philosophy of wealth. It leverages compound interest as a lever, centers on value creation, and sets risk control as its foundation, ultimately achieving stability in both wealth and life. 'Slow wealth is eternal'—because slow wealth accumulates not just money, but also the ability to withstand risks and the confidence to control one's life. This is the 'eternal wealth' that stands the test of time and never fades.
The horse year commemorative note has become popular; on second-hand platforms, complete sets of horse notes are being resold for between 1,100 and 2,000 yuan, with premiums reaching 3 to 5 times their face value.
However, last year's 'dragon note' also saw a sharp rise at the beginning, and everyone knows how its price turned out later. Commemorative coins and notes usually have massive issue volumes, and short-term price surges are mostly the result of scalpers hoarding and speculation.
If you're collecting for personal enjoyment, it's recommended to wait until the hype dies down, as prices are likely to drop back down.