Blatantly financializing NFT transactions, the iBox chain box is "taking risks"
Original Author: Xu Cihao, Dong Yujia
Original source: Financial Association
Financial Associated Press|Blockchain Daily, May 19th (Reporter Xu Cihao and Dong Yujia), on the evening of May 17th, due to the sharp drop in the price of digital collections on the iBox chain box platform, the iBox chain box rushed to the top ten Weibo hot searches.
It is reported that iBox is an NFT trading platform, which is different from other platforms in that it financializes NFT and provides matching transactions. At present, this emerging gameplay is popular among the post-00s minors.
Previously, the China Internet Finance Association, the China Banking Association, and the China Securities Association jointly issued the "Initiative on Preventing NFT-related Financial Risks", which clearly called for resolutely curbing the tendency of NFT financial securitization and not providing centralized transactions for NFT transactions (centralized transactions). Bidding, electronic matching, anonymous transactions, market makers, etc.), continuous listing transactions, standardized contract transactions and other services, setting up trading venues in disguise.
The practice of iBox to financialize NFT transactions and open transactions to college students has caused many controversies in the industry. A reporter from Blockchain Daily found out through the equity penetration of Tianyan that several shareholders of iBox finally pointed to several executives of Zhigui Technology.
first level title
Rising and falling NFT market
"Due to the recent large market fluctuations, our boss could not resist the temptation and misappropriated 100W of platform start-up funds to invest in iBox. The current position has shrunk to 10W. The platform can no longer continue to operate, and the technical team has been dismissed. After I finish writing this This announcement is about to be withdrawn, we will meet again and say goodbye!"
On the evening of May 17, the public account "TT Shuzang" released the above announcement, and the content quickly spread on the Internet. As shown in the figure below, the digital collections on the iBox chain box plummeted across the board that day, and the prices of most collections were cut in half.
Senior NFT player Xie Qiang (pseudonym) told the Blockchain Daily reporter that in addition to the sharp rise and fall of the iBox chain box, many high-priced charts are "prices but no market", and the high price is to attract leeks to enter the market.
According to Xie Qiang, the iBox chain box collapsed once in October last year. At that time, 8,000 pieces of Leslie Cheung's public welfare digital collections were sold at a unit price of 999 yuan in the market, and no one took them up. In addition, "the secondary market often failed to trade", and many users went to other platforms.
"The iBox chain box has been silent for three months. After changing the team, there are more players in it."
Xie Qiang said that some time ago, the digital collection of Zeus on the iBox chain box was traded off-site for 1.66 million yuan, but the transaction price on the market was capped at only 100,000 yuan, causing many people to stock up on the site.
Coin circle player Zhong Gang (pseudonym) told reporters that he registered an iBox chain box account years ago and was airdropped three collections. However, due to the "very poor liquidity" of the iBox at that time, "no one bought it for 99 yuan. So it was never taken care of.”
"I received a text message last week and the transaction was completed. I opened the platform and saw that the highest transaction record was 2,999 yuan." Zhong Gang said, but yesterday it dropped to 1,399 yuan.
On the evening of May 18, the prices of NFTs on iBox rose sharply across the board, with a basic increase of more than 30%.
In Xie Qiang's view, the iBox chain box's routine of rising and falling is not complicated, but it is very effective.
According to his analysis, the first step is to sell the collections on the iBox chain box and hold a large number of them; then use various methods to increase the price, such as left-handed and right-handed, and at the same time widely spread public opinion on high-priced transactions to attract newcomers; , The dealer continued to raise the price and throw out the collection; in the end, after a round of drumming and spreading the flowers, the latecomer took over, and the dealer completed the harvest.
The iBox chain box told the Blockchain Daily reporter that the iBox chain box does include two markets on the APP.
first level title
Popular among post-00s
According to Blue Whale Finance and Economics, the iBox chain box is popular among the post-00s minors, and the secondary market of the platform has been frequently traded at sky-high prices.
Xie Qiang, a senior NFT player, told reporters that many of the iBox chain box community he belongs to are college students, "but then the iBox chain box prohibited students and aunts from participating."
On May 13, iBox issued an announcement saying that the platform will suspend the purchase function of users born after January 1, 2003 and users over 60 years old. The purchased collections can still be consigned and withdrawn. It will continue to adjust and optimize the user structure in the future.
The official website of the iBox chain box shows that there are currently 52 digital collections below 1,000 yuan, and the lowest price is a cyber doll, 485 yuan. In addition, there are more than 400 pending orders with a price of 100,000 yuan.
"The platform's restrictions on age, price upper limit, etc. are determined by the platform and the third-party payment platform through joint discussion." The iBox chain box told reporters.
"Third-party payment platforms have relevant risk control measures for high prices. For example, the price listed on the platform is 50,000. If it is higher than 50,000, there will be no transaction channel between users."
Regarding the fact that someone bought or sold more than 50,000 yuan in the iBox chain box on the Internet. The above-mentioned staff replied that "things will never happen on the channels of the official platform."
However, the person pointed out that at present, the iBox chain box has updated the latest upper limit in terms of payment-that is, if the user opens the balance wallet function on the third-party payment platform. Then the buying and selling price of NFT can be linked up to 99,999 yuan.
It is worth noting that on April 13, the Internet Finance Association of China, the China Banking Association, and the Securities Association of China jointly issued the "Initiative on Preventing NFT-related Financial Risks" (hereinafter referred to as the "Initiative"). The "Proposal" clarifies the prohibitive regulations, requiring resolute curbs on the tendency of NFT financial securitization, strictly preventing the risks of illegal financial activities, and not providing centralized transactions for NFT transactions (centralized bidding, electronic matching, anonymous transactions, market makers, etc.) , continuous listing transactions, standardized contract transactions and other services, and set up trading venues in disguised form.
"The iBox chain box is precisely in violation of the prohibitive provisions of the "Initiative."Liu Yang, partner lawyer of Beijing Deheng Law Firm, told reporters.
In Liu Yang's view, the iBox chain box is not an isolated case, which also reflects the current chaos in the field of digital collections in China. "Although the concept of NFT is novel, its essence is to use virtual digital collections to raise funds, which is a variant of ICO."
"We can see that the NFTs of major manufacturers such as Tencent and Ali have not opened secondary trading channels. Even the transfer of donations has extremely strict conditions. The purpose is to prevent NFT speculation and illegal financial activities." Liu Yang said .first level title
Who is in control?
Although the "Proposals" of the three major associations put forward a series of industry-specific initiatives, they lack legal force because they do not belong to laws, regulations and departmental rules. Driven by the wealth creation effect of the market, there are always non-compliant NFT trading platforms that intend to take risks.
In this regard, Liu Yang suggested that relevant departments should give full play to the combined force of supervision, monitor the flow of funds from project parties and platform parties; timely warn high-risk NFT collections that lack value support; The NFT trading platform has strengthened its crackdown and comprehensively used a variety of regulatory methods to block the passage of the sickle to go to sea; for serious violations and crimes, clues should be handed over to the judicial authorities in a timely manner.
So who is the controller of the iBox chain box?
According to Tianyancha data, Hainan Chainbox Technology Co., Ltd. was established in May 2021, with the legal representative Li Wei and a registered capital of 5 million yuan.
Hainan Chain Box is composed of five legal person shareholders and one natural person Zheng Haipeng. Among the legal person shareholders, Super Starlink Digital Technology Co., Ltd. holds 50% of the shares, Hainan Lianchuang Internet Service Partnership (Co., Ltd.) holds 20% of the shares, Hainan Lianzang Internet Partnership (Co., Ltd.) holds 14.5% of the shares, and Shanghai Fumu Technology Co., Ltd. holds 5.5% of the shares, and Hainan Metropolis Sky Consulting Management Partnership (Limited Partnership) holds 5% of the shares.
It is worth mentioning that Hainan Chain Box has completed three shareholding changes, namely:
In January 2022, the original shareholders Hainan Newsoft Software Co., Ltd., Shenzhen Jiedakang Network Technology Co., Ltd., Shanghai Huoyuan Technology Co., Ltd., Hainan Yingdong Technology Network Co., Ltd., and Hainan Daruitong Network Technology Co., Ltd. all withdrew. Super Starlink Digital Technology Co., Ltd. is 100% owned.
In February 2022, the shares of Super Starlink Digital Technology Co., Ltd. were changed to 50%, and Hainan Lianzhong Internet Service Partnership (Co., Ltd.) accounted for 20% of the shares, and Hainan Lianzang Internet Partnership (Co., Ltd.) accounted for 25%. %, Shanghai Nanducheng Sky Consulting Management Partnership (Limited Partnership) accounted for 5% of the shares.
In March 2022, Shanghai Fumu Technology Co., Ltd. and Zheng Haipeng will be added to become the current equity structure.
Li Wei holds 45%, Xuan Songtao holds 10%, Chen Chang holds 10%, and Tang Ling holds 5%.
In addition, Xuan Songtao holds 80% of the shares of Hainan Lianzhong Internet Service Partnership (Co., Ltd.). According to the equity penetration of Tianyancha, Xuan Songtao is the ultimate beneficiary of Hainan Lianhe holding 29.7% of the shares, and Li Wei holds 22.5% of the shares.
According to public information, Xuan Songtao is the co-founder of Zhigui Technology, the founder of Tsinghua University’s Blockchain Finance Research Center, the director of the Shaanxi Provincial Key Laboratory of Blockchain and Secure Computing, and the vice president of Xi’an Blockchain Technology Application Association.
Chen Chang graduated from Tsinghua University and is the CTO & CEO of Zhigui Technology; Tang Ling is the founder of Zhigui Technology; Li Wei is the director of Zhigui Digital Technology (Yunnan) Co., Ltd., which is controlled by Zhigui Technology.
Regarding the relationship between Zhigui Technology and iBox chain box, Zhigui Technology responded to the reporter of Blockchain Daily that the two are independent, but there are individual overlaps in the shareholders.
