hottest cryptocurrency in China is not bitcoin

China’s cryptocurrency enthusiasts have been left out of bitcoin’s historic rally in recent months, thanks to the Chinese government banning initial coin offerings in September and then shutting down all major domestic exchanges. But it didn’t take long for them to find something new to pour their money into.
That turned out to be OneCoin, designed by Chinese tech company Xunlei. Since its launch in mid-October, OneCoin’s value has jumped dramatically in secondary markets—at one point more than 80-fold, according to numerous reports (link in Chinese). That’s despite OneCoin not being available for trade in any major marketplace. Its crazy ride has helped Xunlei become the best-performing stock on Nasdaq for most of the past two months.