9GAG’s meme mogul goes Bitcoin

The creator of meme culture pioneer 9GAG is diving headfirst into Bitcoin and blockchain

Meme mogul Ray Chan, co-founder of 9GAG, is acquiring a controlling stake in publicly listed Hong Kong company Howkingtech International Holdings Limited and plans to convert it into a crypto and AI venture.

Chan, known for his involvement in the meme culture and viral content platform 9GAG, has proposed renaming the firm to MemeStrategy, taking inspiration from MicroStrategy's (now Strategy) corporate Bitcoin accumulation playbook.

He will serve as chairman and CEO, pending shareholder approval, and several members of the 9GAG team have joined the board.

MemeStrategy aims to incorporate Bitcoin and other cryptocurrencies into its balance sheet while investing in promising Web3 and AI startups. Its strategy leverages the global influence of 9GAG's online community to drive growth.

Founded in 2008, 9GAG is one of the internet's most recognizable meme and viral content platforms. With over 200 million followers across Instagram, TikTok, X, and other social media channels, it gives MemeStrategy a built-in global audience for marketing and user engagement.

The company also outlined initiatives under a so-called "Creator Economy 4.0," aimed at helping creators monetize their IP through Web3 tools. It also plans to develop DePin (Decentralized Physical Infrastructure Network) services by merging its legacy IoT business with decentralized infrastructure models.

MemeStrategy isn't Chan's first foray into Web3. He and the 9GAG team previously launched Memeland, a venture studio behind several NFT projects, including The Captainz and The Potatoz.

Bithumb's jailed ex-CEO bags $3.5M bonus

A former executive of Bithumb, currently serving time behind bars for accepting bribes tied to token listing on the exchange, has received a multi-million dollar bonus from the company.

Lee Sang-jun, the ex-CEO of Bithumb Holdings, was paid nearly 4.7 billion Korean won (around $3.5 million) last year, according to Bithumb’s annual report, as reported by state-backed news outlet Yonhap. That includes a 2 billion won ($1.4 million) bonus, 2.2 billion won ($1.5 million) in retirement pay, and close to 470 million won ($320,000) in base salary, despite Lee being convicted and sentenced in December 2024.

Lee should not be confused with Lee Jung-hoon, the former Bithumb chairman acquitted of fraud charges, a decision recently upheld by the Supreme Court. The exchange also paid a 1 billion won ($740,000) bonus to Lee Jung-hoon.

Lee Sang-jun was convicted in December 2024 and was found guilty of accepting luxury gifts and favors in return for token listing on the exchange. While prosecutors alleged he took 30 billion won (around $20 million) in cash, the court cleared him of that charge but upheld a guilty verdict for other forms of bribery. He was sentenced to two years in prison and fined around 50 million won ($37,000).

The local outlet cited a Bithumb spokesperson who defended the payout, saying Lee had played a key role in professionalizing the company’s operations, like establishing Bithumb’s institutional foundations and improving customer asset protection.

Bithumb wasn’t the only crypto exchange in South Korea handing out massive checks in the wake of 2024’s recovery. Dunamu, the operator of Upbit, paid its chairman Song Chi-hyung over ₩110 billion ($82 million) last year, Yonhap reported.

Employees of South Korea’s top crypto exchanges earned salaries comparable to major banks. Upbit staff earned an average of nearly 200 million won ($147,000) in 2024, up 71% from the year before. Bithumb employees saw their average pay rise to 116 million won ($85,000) from 99 million won ($68,000).

Crypto Is Alive and Well, Though Skeptics Say It’s ‘Not Money’Green consumers want supply chain transparency via blockchain34 jailed over $63.5 million WeChat scamA Chinese court has sentenced 34 individuals to prison for orchestrating a large-scale cryptocurrency investment scam that defrauded nearly 30,000 victims out of 460 million yuan (approximately $63.5 million). The ruling was issued by the Ezhou Intermediate People’s Court in Hubei Province and shared via its official WeChat account.

According to the court, the scam ring built a fraudulent trading platform called OurBit (OURBIT) which claimed to be a Singapore-registered exchange with financial licenses from the U.S. and the U.K. The platform