On July 27, 2021, a Chinese billionaire who had provided funding for the conservative social media platform GETTR was arrested for his role in a cryptocurrency fraud scheme. The news was a shock to the platform and its users, who had seen the billionaire as a key ally in their fight against big tech censorship.
The billionaire in question is Fang Ping, also known as Justin Fang. He was the founder and CEO of Boqi.com, a Beijing-based online search engine company that had recently pivoted to cryptocurrency trading. According to the Chinese authorities, Fang and his associates had swindled more than 100,000 investors out of billions of yuan by falsely claiming that their cryptocurrency had the backing of big-name companies like Alibaba and Tencent.
Fang’s arrest is a blow to GETTR, which had secured significant funding from him and his companies. GETTR, which bills itself as the “marketplace for ideas”, was founded by Jason Miller, a former aide to Donald Trump, and is seen as a conservative alternative to Twitter. The platform has attracted a number of high-profile users, including Trump himself, who was banned from social media after the Capitol riots in January 2021.
GETTR had been seen as a promising new player in the social media landscape, and many conservatives were hopeful that it could become a viable alternative to the liberal bias they perceived on other platforms. Fang’s arrest, however, has raised questions about the platform’s funding and its ability to stay afloat in the face of such setbacks.
The news of Fang’s arrest was first reported by the Chinese state media on July 27. According to the report, Fang had been detained along with four other executives from his companies, and was being investigated for “fraud and illegal fundraising”. The authorities had frozen Fang’s assets and seized his luxury cars and properties.
The news came as a shock to many, as Fang had been seen as a key ally to GETTR and other conservative causes. He had publicly praised Donald Trump and had donated heavily to Republican candidates in the past. He had also been a vocal critic of the Chinese government, and had called for greater freedom of speech and democracy in the country.
GETTR had not commented on Fang’s arrest at the time of writing, but the news had sent shockwaves through the platform. Many users expressed their dismay on the platform and on other conservative forums. Some accused the Chinese government of targeting Fang because of his support for conservative causes, while others questioned the wisdom of relying on a Chinese billionaire for funding.
The news of the arrest also highlighted the risks of investing in cryptocurrency. Cryptocurrency has become increasingly popular in recent years, but it is a largely unregulated market that is prone to fraud and scams. Many investors have lost their life savings by falling victim to fraudulent schemes like the one Fang is accused of running.
Cryptocurrency experts have warned investors to be cautious and to do their due diligence before investing in any digital currency. They recommend researching the company behind the currency, reading white papers, and consulting with experts before putting any money on the line.
The Chinese authorities have also cracked down on cryptocurrency trading in recent months, as they seek to stamp out illegal fundraising and money laundering. In May 2021, the Chinese government banned financial institutions and payment companies from providing cryptocurrency services, citing concerns about risks to financial stability.
The news of Fang’s arrest is just the latest setback for GETTR, which has faced a rocky road since its launch in early July. The platform was hit by a cyber attack just days after its launch, which forced it to temporarily shut down. It has also been criticized for its lax approach to content moderation, with many users posting hateful and inflammatory content without consequence.
Despite these setbacks, GETTR has continued to attract new users and has even managed to secure the support of some prominent conservatives. However, the news of Fang’s arrest has raised questions about the platform’s future and its ability to compete with more established social media platforms.
In conclusion, Fang Ping’s arrest for his role in a cryptocurrency fraud scheme has sent shockwaves through the conservative social media platform GETTR. Fang’s arrest has raised questions about the platform’s funding and its ability to stay afloat in the face of such setbacks. It has also highlighted the need for investors to be cautious when investing in cryptocurrency, which remains a largely unregulated market prone to fraud and scams. The news of Fang’s arrest is just the latest setback for GETTR, which has faced a rocky road since its launch and has struggled to compete with more established social media platforms. The platform’s future remains uncertain, and it remains to be seen how it will adapt and evolve in the face of these challenges.