Foreigners support the alternative business practices in the cryptocurrency circle

During the Bitcoin Asia event in Hong Kong, Binance founder CZ and Trump's son Eric Trump made appearances... This conference should have been reserved for the elite and crypto industry insiders. However, what really stole the show was a white T-shirt emblazoned with four Chinese characters: "Laowai Zhantai." The wearer appeared to be a Westerner. As he posed for a photo alongside Changpeng Zhao in the crowd, the camera peppered him with questions: Who is he? What kind of business is this "foreigner platform" business? Foreigners in the Cryptocurrency Circle. This striking foreigner is named Dane, founder of the cryptocurrency agency 4am global. After graduating from Oxford University with a degree in computer science, a trip led him to China, where he has stayed for thirteen years. In his words, "If I didn't like it here, I would have gone back long ago." Like many Chinese university graduates, Dane was once a migrant worker in Beijing, working as a "foreign slave" for tech and internet companies. His years of living there not only made him fluent in Chinese but also familiar with Chinese social customs and practices. He even became fascinated by TV series like "Empresses in the Palace" and "The Temptation of Going Home." At the end of 2017, ICOs fueled a massive cryptocurrency bull market, and Dane officially entered the Chinese cryptocurrency community. The so-called "foreign platform" is a unique service model within the cryptocurrency community: providing foreign representatives to Chinese blockchain projects to enhance their international image and credibility. In English, this type of service is known as "White Monkey." But Dane sees it as much more than just a "white face"; it's a complete service encompassing international packaging, resource matching, and market communication. "Many people assume we only provide 'foreign platform' packaging, but in reality, we're a purely foreign team, with 80% of our clients coming from European and American projects," he said. This business stems from his experience personally promoting a Chinese public blockchain project while working as an overseas BD in 2018. As Dane delved deeper into the industry, he realized that while Chinese projects possessed ample funding, robust technology, and abundant exchange resources, they lacked international visibility, market acumen, and cross-cultural communication skills. Furthermore, China's long-term tightening of regulation of the crypto industry—from the 2017 ban on ICOs and exchanges to the complete halt to crypto trading and mining in 2021—had made many founders even more reluctant to appear in the spotlight. Consequently, finding a foreign expert to represent them became a pressing need. Thus, the "foreign platform" business emerged. Dane recalled that at a conference in Hong Kong, numerous Chinese projects approached him seeking his services. "Probably at least 50% of the Chinese projects had this need," he said, adding that a major exchange even invited him to become CEO. "I thought it was ridiculous at the time, but after further research, I realized the demand was actually reasonable." Which interest rate cut cycle are we at the beginning of? There's nothing new under the sun. Ten years ago, during the heyday of China's real estate boom, renting "Western faces" was already popular. The New York Times wrote at the time: "Filling remote buildings with foreign faces, even for just one day, is enough to prove the place's 'internationality.'" Using the face of a British model, De Rucci mattresses spun the story of "originating from the French designer De Rucci in 1868," selling mattresses from a thousand yuan to tens of thousands of yuan. It wasn't until the eve of the IPO that the China Securities Regulatory Commission revealed the truth: it was merely a 2009 image rights sale agreement, and the alleged French ancestry was completely fabricated. This type of packaging has a specific name in the West: "White Monkey." This industry has existed for half a century. With virtually no skills required, any white person can appear on stage, in offices, or in advertisements, portraying "foreign company executives," "company spokespersons," or "foreign experts."

On the forum Reddit, a group of foreigners exchanged their experiences of being a White Monkey in East Asia:

As The Spectator reported in 2022 As a 2017 report stated, "White men and women could even be hired as office staff, with no actual responsibilities, simply to create a more sophisticated, international atmosphere." This "atmosphere economy" is also prevalent in the crypto industry. During the 2017 ICO bull market, projects only needed a white paper to tell a story and raise funds. Alex's team not only ghostwrote white papers but also hired foreign actors. "Back then, just finding a white international student outside of Beijing Foreign Studies University or Beijing Foreign Studies University (Beijing Foreign Studies University) to be the CEO could easily raise tens of thousands of Ethereum," he still recalls. There was even a case where a Chinese team hired a white male model from a Shanghai nightclub as CEO. The model, however, turned the tables, seized control of the project under the guise of a DAO, and kicked the original team out. Later, with the help of Middle Eastern capital, the project's market value reached as high as $7 billion. Not just anybody. In 2020, Apple co-founder Steve Wozniak was hired by a Chinese team to issue the cryptocurrency WOZX, which once had a market capitalization of $1 billion. Now, it's worth just $1 million, practically zero. In 2025, former Serbian President Boris Tadic posted on the X platform confirming he was the CEO of a token foundation. According to sources familiar with the matter, the team behind the token is based in Hong Kong. In February of this year, Argentine President Milley was embroiled in a scandal after reposting a promotional post about the $LIBRA token on social media. He subsequently distanced himself from the incident, with The Economist calling it the "first major scandal" of his presidency. In Alex's view, the "foreign endorsement" model is constantly evolving. Initially, it consisted of photos and videos, meant to deceive investors. However, with the bursting of the ICO bubble, retail investors became less gullible, and the endorsement model entered its 2.0 phase. While the true bosses remain Chinese, CEOs and other senior executives are held by foreigners. These individuals are no longer mere actors; they possess at least presentation and business development skills, providing stronger market endorsements. "A blend of Chinese and Western, everyone makes money together." As for the reasons behind this, Alex bluntly stated that regulatory and compliance pressures are forcing founders into hiding, while retail investors' filters are also a factor. In China, Japan, and South Korea, people generally believe that European and American faces signify "internationalization," while local projects are easily labeled "Ponzi schemes" or "dog-market projects." For many projects, lacking a respectable international image means it's difficult to secure investment from venture capital firms and exchanges, as well as retail investors. Through this lens, Dane has witnessed many absurd scenarios: During the pandemic, many Ponzi schemes and dog-market projects would randomly hire a foreign student as CEO and conduct roadshows. In the next city, a new "foreigner" would take over. "One CEO per city is ridiculous. If a project has real substance, it should hire a foreigner with real substance," he bluntly stated. Only after truly delving into the business did Dane realize that "foreign endorsement" is far more than just hiring a foreigner for photos. Language barriers, cultural differences, time zone issues, and relationship maintenance... Simply using avatars and endorsements requires the continuous matchmaking and management of professional intermediaries to achieve so-called internationalization. Being an intermediary isn't easy. Dane admits that being a "foreign middleman" in the cryptocurrency world is far more challenging than he imagined. Language barriers, cultural differences, and time zones make it difficult for Chinese teams and international talent to understand each other directly. The first step is always "matching needs." Some projects seek experts familiar with DeFi and RWA, while others require candidates to be based in a specific country or city. Dane must constantly negotiate between the two parties' requirements. "Some requirements are reasonable, while others are outlandish—when there are too many, we really can't handle it." Over the past three years, Dane has attended conferences around the world and built a vast network of contacts. Approximately 80% of the time, suitable candidates are found, but the remaining 20% ​​often end in disappointment. In theory, he could simply act as a "headhunter," introducing people and then walking away, but in reality, less than 5% of projects see this through. For 95% of projects, the middleman must simultaneously act as translator, coordinator, and even event organizer. "Without this ongoing communication, conflicts quickly arise between both parties, and they may even refuse to continue working together. Cultural differences are the biggest challenge." Beyond matchmaking, maintaining relationships is even more crucial. Dane regularly chats with European and American talent, opens accounts, or meets at conferences to reminisce. "Many European and American professionals aren't short of money; what truly matters is the connection. The core of the foreign platform service is to maintain long-term trust." However, this business has also spawned chaos. Someone was selling a "Western talent" earning $3,000 USD/month for tens of thousands. The threefold price difference made Dane shake his head. "I think they'll eventually ruin the brand, but there's no denying there are a lot of people like them." A piece of clothing and four Chinese characters garnered Dane a lot of attention, but also led to many calls it "brutal, direct, and blatant." As the only person on the team who knew Chinese, his employees couldn't even grasp the meaning of "foreigners standing on the platform." However, there's no denying that this service, known in English as "White Monkey," is in high demand. He once helped a Chinese project secure $5 million in funding. He's more concerned with gaining market attention than the offensiveness of his choice of words. Looking ahead, he even plans to expand his business to publicly listed Web2 companies. "In traditional industries, this demand will only be greater."