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Ng Man-ho, a 27-year-old computer technician, was convicted last month of seven counts of incitement charges after he made use of the 100,000-member Chinese-language channel that he runs and manages to post "seditious messages," which had been shut down since August 2020. Just at this time, Bitcoin and the broader crypto market have dropped to new 2022 lows. The Bitcoin price has tanked 10 percent dropping to $20,000. On the other hand, the altcoin space is witnessing even more brutal correction. Bitcoin has dropped nearly 60 percent year-to-date and more than 70 percent since its all-time high in November 2021. Ng, who had pleaded not guilty to all charges, had been detained for more than 20 months. His channel was said to have contained around 120 messages and photos that incited others to vandalise pro-government shops and commit criminal damage targeting police stations. Earlier, crypto enthusiasts had created a self-described “meme app” dubbed “gm” app wherein users would greet each other with “gm” or “good morning” messages. However, in September 2021, the gm app was down after a hacker reportedly gained access to the user data. The public channel had more than 109,000 subscribers, Judge Hui said. Ng had the power to remove or amend the messages in the channel, but he “allowed them to exist.”
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