9GAG’s meme mogul goes Bitcoin The creator of meme culture pi
 |
9GAG’s meme mogul goes Bitcoin
The creator of meme culture pioneer 9GAG is diving headfirst into Bitcoin and blockchain, acquiring a publicly listed Hong Kong company with plans to turn it into a crypto and AI venture.
Ray Chan, co-founder of 9GAG, has acquired a controlling stake in Howkingtech International Holdings Limited and plans to convert the company into a Web3 outfit.
Chan has proposed renaming the firm to MemeStrategy, a nod to MicroStrategy (now Strategy), which popularized the 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 Bithumb executive currently serving time behind bars for accepting bribes tied to a token listing has received a multi-million dollar bonus from the company as part of a broader surge in crypto exchange payouts following a lucrative 2024.
Lee Sang-jun, the former 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 listings. 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).
Read also
Features
Crypto Is Alive and Well, Though Skeptics Say It’s ‘Not Money’
Features
Green consumers want supply chain transparency via blockchain
34 jailed over $63.5 million WeChat scam
A 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…
cointelegraph.com