Ethereum DAT Ambitions of China’s Crypto Heavyweights Collapse Amidst Bleak Market Signals

China’s prominent crypto figures have quietly shelved a high-profile effort to create a $500 million Ethereum Digital Asset Treasury (DAT) firm, halting the initiative after months of planning amid a deepening slump across global crypto markets.

The project, which was spearheaded earlier this year by Huobi founder Leon Li Lin, HashKey Group chairman and CEO Xiao Feng, Meitu co-founder Mike Cai Wensheng, and Fenbushi Capital founder Bo Shen, had set out to raise half a billion dollars to build a DAT company dedicated to investing in ether, the world’s second-largest cryptocurrency.