Wu Blockchain (@WuBlockchain): Chinese P2P Giant CreditEase Faces Criminal Probe as Founder Is Taken Into Custody
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Chinese P2P Giant CreditEase Faces Criminal Probe as Founder Is Taken Into Custody According to 21st Century Business Herald, Beijing police have opened a criminal investigation into companies linked to CreditEase, one of China’s largest former P2P lending groups, with founder Tang Ning and other suspects placed under criminal compulsory measures. CreditEase had previously halted redemptions on fixed-income-like products and said the group may be insolvent, with a significant repayment shortfall. CreditEase and its affiliated investment funds have also been active in crypto and fintech investments, with publicly disclosed portfolio exposure including Circle, Matrixport, Figure, Archax and Poko.