- Weibo suspended 25 crypto-related accounts.
- Accounts like Blockbeats, SuperBTC and 8BTC were also suspended.
- Previously, Weibo had also suspended accounts of significant crypto companies such as Huobi, OKEx, Binance, Tron and its CEO.
Weibo, the Chinese social media company, has suspended accounts of almost twenty-five crypto influencers. A few days ago, Weibo users shared the accounts of several crypto influencers and crypto-related media outlets whose accounts had been banned. A few days ago, Chinese regulators reiterated their cryptocurrency bans on account of heightened volatility, and people think that this is another outcome of its crypto ban.
SuperBTC Switches to Crypto-Friendly, Twitter
SuperBTC, a significant crypto influencer of the Chinese crypto community, announced its sudden inaccessibility to Weibo. In a tweet, SuperBTC said that Weibo, the Chinese Twitter, has suspended their account and several other accounts that were somehow related to cryptocurrency. To express disappointment on Weibo’s censorship act, SuperBTC added that Twitter is very friendly to cryptocurrency. Reports of several other crypto influencers like Blockbeats and 8BTC were also suspended.
BTC’s Value Dropped by 3% as Soon as News of Weibo’s Suspension Spread the Community
Although Weibo has still not disclosed the reason behind these accounts’ suspension, all the accounts that were blocked had one thing in common. Their account bore words like ‘btc’, ‘bitcoin’, ‘crypto’, ‘blockchain’, and it looked pretty obvious that it was somehow related to the recently imposed cryptocurrency suspension. Such bans were previously charged in 2013 and 2017. If true, this will be the first time Chinese regulators have taken such a severe step. Previously, Weibo had also suspended accounts of significant crypto companies such as Huobi, OKEx, Binance, Tron and its CEO.
As soon as the crypto accounts were suspended by Weibo and the news spread in the Chinese crypto community, bitcoin’s price toppled by 3%. It dropped to $35,300; however, currently, it is trading at $36,151.44 and is down by 2.17% in the last 24 hours. In addition, a few days ago China State Council announced a crackdown on bitcoin-related activities to stabilize the country’s economic conditions.
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With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.