China begins censoring ‘crypto millionaires’ to preserve communism

In a move to reinforce communist culture and curb materialism, China has begun censoring crypto millionaires’ display of wealth on social media.

The Cyberspace Administration of China (CAC) recently banned posts that display extravagant wealth, deleting several popular accounts, including that of influencer Wang Hongquanxing, known as the ‘Kim Kardashian of China’, with 4.3 million followers.

The internet regulator’s decision is part of a larger effort to control Chinese citizens’ online behavior and promote socialist values.

The state-controlled Beijing News stated: “Materialism, once it starts to spread, can have a bad influence on teenagers. Therefore, this trend of luxury on the internet needs to be stopped.”

This movement reflects the government’s attempt to maintain social order and prevent the spread of Western values ​​of consumption and wealth.

China and cryptocurrencies

According to the state-controlled Global Times, China’s version of TikTok, Douyin, removed more than 4,700 posts flaunting wealth this month alone. The Chinese version of Instagram, Xiaohongshu, deleted more than 380 accounts for similar reasons.

This censorship directly affects crypto millionaires who often flaunt their lavish lifestyles online, with expensive cars, luxury watches and designer clothes.

The lives of crypto millionaires in mainland China are becoming increasingly restricted. Many crypto leaders are known for using principles from the book “The 48 Laws of Power” to attract attention to their projects, displaying jewelry, claiming their wealth is self-sufficient, and asking followers to make sacrifices to achieve success.

However, the ban on displaying wealth on social media makes it difficult for these leaders to maintain their influence online.

Changpeng Zhao, CEO of Binance, was born in China but spent most of his career abroad. He is known for his active presence on social media, where he has stated that he was “not that rich” because his net worth was less than $74 billion.

Justin Sun, founder of Tron, is also known for his extravagant posts, including buying a ticket to space and having dinner with Warren Buffett.

Crypto millionaires still residing in mainland China are adapting their online behavior to avoid problems with authorities. Bobby Lee, co-founder of BTC China (now BTCC), maintains a modest social media presence despite having purchased Bitcoin since 2011, when it was worth less than $10.

Binance co-founder Yi He also maintains a low profile on social media while managing billions of dollars in assets.