Business News
Latest business news and updates
Total: 2073
Crypto Fiasco in Korea: Exchange Reportedly Airdrops 620,000 'Bitcoin' — A Technical Glitch or Market Shockwave?
Reports that a South Korean exchange accidentally airdropped 620,000 units labeled as bitcoin sparked alarm amid a wider crypto market slump. Given the implausible scale, analysts suspect a technical or token‑mapping error; the episode nonetheless underscores operational, regulatory and information risks for centralized crypto platforms.
Typo, Turmoil: Bithumb's 'Won‑for‑Bitcoin' Error Sparks $40bn Flash Crash and Regulatory Sweep
A data‑entry error at South Korean crypto exchange Bithumb led to hundreds of user accounts being mistakenly credited with very large bitcoin balances, triggering a brief 17% price plunge on the platform. Bithumb said it recovered 99.7% of the coins, will compensate affected customers, and now faces regulatory reviews that could strengthen oversight of exchanges worldwide.
Washington Post CEO Abruptly Steps Down After Cuts That Removed a Third of Staff
The Washington Post's CEO and publisher Will Lewis left the paper immediately on February 7, with CFO Jeff D’Onofrio installed as interim publisher and CEO after the paper announced cuts of roughly one‑third of staff. The layoffs — affecting hundreds of journalists across nearly every beat — reflect wider financial pressures on legacy news organizations and could materially reduce the Post’s reporting capacity on international and specialized coverage.
Copyable Codes, 1‑Cent Milk Tea and a Grey Market: How AI ‘Red‑Envelope’ Promotions Are Testing China’s Platforms
WeChat briefly allowed users to copy AI app red‑envelope codes on Feb. 7, reigniting viral sharing of digital coupons after Tencent had blocked direct links. Alibaba‑backed Qianwen’s 1‑cent milk‑tea promotion sparked intense demand and a small secondary market selling redemptions, prompting the company to warn that its virtual benefits are non‑transferable and may be revoked if resold.
A Staggering Human Error Rocked Crypto Markets: Bithumb’s ‘Unit Mistake’ and the Fragility of Exchange Custody
A unit‑entry error at Bithumb turned routine promotional payouts into an apparent 620,000 BTC airdrop, briefly creating nominal balances worth tens of billions of dollars and triggering a market dip. Most coins were frozen and reclaimed; regulators have launched on‑site inspections and Bithumb has pledged full compensation to affected users while promising tighter controls.
China’s Spring Festival Drives Electric‑Vehicle Charging to Record Peaks, Posing New Tests for the Grid
State Grid projects record high EV charging during China’s Spring Festival, with platform daily peaks above 34 million kWh and highway charging over 11 million kWh. The surge reflects accelerating EV adoption and stresses the need for smart grid management and expanded fast‑charging corridors, especially in Jiangsu, Zhejiang and Anhui.
GAC’s Trumpchi M8 Hybrid Goes on Pre‑Sale — Big MPV Push Below ¥250,000
GAC has launched pre‑sales for the 2026 Trumpchi M8 HEV with two trims priced at ¥229,800 and ¥249,800, targeting family and executive MPV buyers seeking fuel efficiency without charging. The move reflects a broader strategy by Chinese automakers to expand hybrid offerings as a practical complement to plug‑in and pure electric models.
GAC’s Trumpchi M8 HEV Goes on Pre‑Sale in China — Hybrid MPV Targets Upmarket Families at Competitive Prices
GAC Motor has launched pre-sales for the 2026 Trumpchi M8 HEV with two trims priced at ¥229,800 and ¥249,800, signaling a hybrid‑first strategy for its flagship MPV. The move reflects broader market dynamics in China where hybrids provide a practical bridge between conventional cars and fully electric models amid shifting incentives and consumer preferences.
Alibaba’s Qianwen Turns Lunar New Year into a Milk‑Tea Blitz — And Strains Stores, Couriers and Systems
Alibaba’s Qianwen launched a 30 billion yuan promotional blitz offering free orders that generated roughly 10 million orders in nine hours, crashing ordering systems and overwhelming tea shops and couriers. The firm extended voucher expiry dates to ease pressure while markets cheered the traffic; analysts warn the stunt highlights logistic limits and the difficulty of turning subsidy‑driven users into loyal customers.
Inside Dreame’s 'Universe': A Founder’s Bid to Build a Multi‑Trillion Tech Empire
Dreame Technology, founded in 2017 and known for its robot vacuums, is executing a rapid, multi‑category expansion under CEO Yu Hao’s charismatic leadership. The company claims strong revenue growth and profitable units, but its aggressive ecosystem strategy—funded internally and via an affiliated venture fund—carries governance, funding and execution risks reminiscent of prior Chinese tech conglomerates.
Small Chinese Banks Raise Deposit Yields Ahead of Lunar New Year, but Gains Look Transient
Ahead of the Lunar New Year, city and rural commercial banks in China have rolled out limited‑time, high‑minimum deposit products with three‑year yields up to about 2%, outpacing offers from larger banks. The moves are tactical attempts to capture year‑end cashflows and shore up funding, but they are localized, come with restrictions, and are unlikely to signal a sustained rise in nationwide deposit rates.
China’s Central Bank Keeps Buying Gold — Small Steps, Strategic Shift
China’s central bank increased its gold holdings for the 15th month in a row to 74.19 million ounces at end-January 2026, adding roughly 40,000 ounces. Foreign-exchange reserves rose to $3.399 trillion, helped by a weaker dollar and asset price gains; analysts see Beijing’s modest, persistent gold buying as a cautious move to diversify reserves.