As a crypto analyst tracking Asia's blockchain scene, I dissect the frenetic corporate reshuffling among China's top 20 blockchain firms. From Beijing's regulatory whiplash sparking FOMO registrations to mining rig manufacturers' perpetual legal battles, we'll analyze capital flows (average $2.6M registered capital), executive musical chairs at Bitmain, and why exchanges face 3x more lawsuits than DeFi projects. Spoiler: When 'blockchain' becomes a buzzword, expect turbulence.