News of Chinese Singer’s Drug Arrest Sees Royalty Shares Offloaded From Blockchain-Based Music Exchange
Chen Yufan, member of renowned Chinese soft-rock duo Yu Quan, was allegedly arrested after being found in possession of crystal meth and marijuana on November 26. He tested positive for both drugs.
The news concerning Chen’s arrest sparked an uproar when it was first made public two days later on Sina Weibo, the Chinese equivalent of Twitter.
Shortly afterwards, AIP.trade, a blockchain-based music exchange for trading royalty shares, saw a sell-off in royalty shares of the track Most Beautiful (Shook Remix, NL) by Yu Quan, according to PANews. The exchange streamlines royalty collection using blockchain technology with smart contracts on a decentralized public ledger.
Cryptonews Hub took a closer look at the trading data, only to find that a massive 72.24% of transactions associated were for offloading the shares.
The initial police announcement only identified the singer by his surname—Chen. Yet soon afterwards, the official Weibo account of the Beijing Municipal Public Security Bureau reposted the original announcement with the comment “Drugs wither the most beautiful.”