India: Fourth Suspect Arrested Following Alleged $70+ Million Crypto Scam

Indian police have arrested an associate of a group accused of conducting a crypto scam involving 5 billion rupees (about $71.6 million), English-language local media The Indian Express reports Jan. 7.

This is the fourth arrest of the ongoing case and reportedly occurred a year after Thane police uncovered the alleged scam in Mumbai. The man, Rohit Kumar, has reportedly been arrested by Delhi police acting on a complaint from a Kanpur resident.

According to the police, Amit Lakhanpal — the man who launched the allegedly scam cryptocurrency — is the CEO of a real estate firm. The police also reportedly said that the token, dubbed Money Trade Coin (MTC), allegedly was never listed on a cryptocurrency exchange.

An unspecified police source, cited by The Indian Express, declared that “the accused had set up office in Delhi’s Vikram Nagar and used [it] to collect money from investors promising high returns.”

According to the police, the organization inflated the price of the token to prop investments. When the price of the token fell, investors were reportedly unable to sell them. A first information report from the police, registered Dec. 31, reportedly charges the accused with cheating, criminal conspiracy and banning.

According to reported police statements, Lakhanpal conducted events in Dubai that were attended by members of the royal family. Furthermore, an unnamed police officer reportedly claimed that “the accused also showed prospective clients an article in an international magazine, which claimed that one of the royals was his partner.”

As Cointelegraph recently reported, the police of the Indian state of Jammu and Kashmir issued a public statement warning the public against investing in cryptocurrencies.

In December, an government committee in India reportedly suggested that cryptocurrencies should be legalized in the country.

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Phishing Attack on Electrum Wallet Nets Hacker Almost $1 Million in Hours, Report

A reportedly ongoing hack against cryptocurrency wallet Electrum has seen a malicious party steal almost 250 Bitcoin (BTC) (about $937,000), commentators reported on social media Dec. 27.

Subsequently confirmed by Electrum itself, the attack consists of creating a fake version of the wallet that fools users into providing password information.

“The hacker setup a whole bunch of malicious servers,” Reddit user u/normal_rc explained:

“If someone’s Electrum Wallet connected to one of those servers, and tried to send a BTC transaction, they would see an official-looking message telling them to update their Electrum Wallet, along with a scam URL.”

Affected users report trying and failing to log in to their wallets after providing their two-factor authentication code — something Electrum does not in fact request during login. The hackers then empty the wallet balance.

“[W]hen I logged on it immediately asked me for my 2 factor code which I thought was a little strange as well as Electrum usually only asks for that when you attempt to send,” one victim continued in another Reddit post, adding:

“I kept trying to send and kept getting an error code ‘max fee exceeded no more than 50 sat/B [satoshis per byte]’ I then restored my wallet on a separate pc and found that my balance had been transferred out in full[.]”

According to u/normal_rc, several addresses are feeding into one main holding address, which currently contains 243 BTC.

Electrum posted about the incident on Twitter today, stating “[t]here is an ongoing phishing attack against Electrum users” and implored users to check the validity of the resource they were logging into.

“Our official website is https://electrum.org[.] Do not download Electrum from any other source,” the tweet continued.

Wallet hacks are less frequent than those afflicting online exchanges, several of which — most notoriously Japan’s Coincheck — have lost users hundreds of millions of dollars in 2018.

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EOS DApps Lose Almost $1 Million to Hackers Over the Last Five Months

Decentralized apps (DApps) based on the EOS blockchain have lost up to $1 million to hacks since July, Chinese crypto media Blockchain Truth reports Tuesday, Dec. 4.

The report cites data by PeckShield, a blockchain security company that monitors different ecosystems. According to the report, the DApps on EOS have seen 27 breaches from July to late November, losing up to 400,000 EOS, or 8 million yuan. As of press time, the amount hacked was worth $800,000 according to the EOS price chart on CoinMarketCap.

Nonetheless, Guo Yonggang, an expert cited by Blockchain Truth, believes that most of the attacks on EOS DApps correlate with their vulnerabilities rather than with a bug in EOS itself. Yonggang also tends to think that similar attacks will become more frequent, as hackers are intensively seeking exposures in applications.

Moreover, the report states that the EOS blockchain has a significant amount of dormant accounts — around 200,000 of 500,000 in total. In addition, nearly 120,000 accounts are reportedly managed by groups, which means that 37 percent of the EOS blockchain is real active users.

As of press time, EOS’s price hovered around $2. Its total market capitalization is up to around $1.8 billion, which makes EOS the seventh largest cryptocurrency by market cap.

Last week, United States -based cryptocurrency exchange Coinbase announced it was exploring the option to list over 30 more cryptocurrencies, including major players such as Ripple (XRP), EOS and Cardano (ADA). However, the exchange noticed it would likely be a long-term process, and some assets might not be available in several countries.

As Cointelegraph reported in early December, the month has started with yet another debate around the EOS ecosystem, as Starteos — one of the official sanctioned nodes which can approve EOS transactions — appeared to publically offer its token holders financial rewards in return for their votes.

EOS had previously come under criticism for a lack of decentralization after some confirmed transactions allegedly from a phishe account were reversed this fall.

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Chinese Blockchain-Related Company Xunlei Reports $45.3 Million Q3 Revenue

Chinese desktop software and blockchain-related company Xunlei has published its Q3 report Wednesday, Nov. 14. According to the report, the firm’s revenue increased in 2018 after the introduction of blockchain services.

The report notes that the company’s Q3 revenue reached $45.3 million, representing an increase of 1.1% year-over-year. The firm attributed $19.8 million of that revenue to its cloud and Internet value-added services sectors, which is an increase of 8.3 percent over the same period last year.

Lei Chen, CEO of Xunlei group, stated that blockchain remains one of the key investment areas for the company, noting:

“We believe that blockchain is a technology that can change our lives, and we will strive to make it available in different areas in a simpler and more cost-effective way.”

The company specifically mentioned its blockchain platform ThunderСhain, which has been launched this year, and lists recent blockchain-related partnerships, including a deal with the largest media group in China, People’s Daily, which is also the official newspaper of the Communist Party of China.

Xunlei, known for its P2P software and BitTorrent client and especially popular in China, re-oriented towards blockchain technology development in October 2017.

Back then, following a sustained downturn over two years, the company announced its first blockchain-driven initiative: the Link Token, which could be used to pay for some of Xunlei’s services. Shortly after, Xunlei became the best performing stock on Nasdaq, seeing up to 75 percent increase in shares, according to Bloomberg.

Later, in November, Xunlei came under scrutiny from China’s financial regulator following a state ban on Initial Coin Offerings (ICO). Consequently, its shares fell 40 percent. Despite the loss, Xunlei launched two new blockchain products in the spring, StellarCloud and ThunderChain Open Platform. Several months after the launch, the company’s CEO Lei Chen claimed that in Q2 Xunlei saw a $65.8 million in revenue, meaning a growth of over 70 percent on a year-over-year basis.

As Cointelegraph previously reported, in 2018 Xunlei also partnered with People’s Daily to construct a laboratory for “technology innovation” at the People Capital’s Blockchain Research Institute. Moreover, the two will develop a blockchain-driven platform to organize competitions, seminars, workshops, and promote and identify startups in the blockchain industry.

Several crypto-related companies have recently published their Q3 2018 reports: Japanese IT giant GMO Internet revealed a “historical performance” of its crypto-related sector, and Canadian Bitcoin (BTC) mining company Hut 8 declared a record revenue of $13.5 million, an increase by 126 percent compared to the previous quarter’s revenue of $5.9 million.

Moreover, Q3 2018 marks biggest quarter yet for Bitcoin revenue of Square — a U.S. financial services company that introduced Bitcoin support in its Square Cash payment app earlier this year.

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Plastic Surgeon and Startup Investor Buys $352 Million Stake in Korean Crypto Exchange Bithumb

A group led by one of South Korea’s leading plastic surgeons, Dr. Kim Byung Gun, has made a major investment in crypto exchange Bithumb’s holding company. Bloomberg reported the news Friday, Oct. 12.

The surgeon’s BK Global Consortium has closed a deal to acquire “50 percent plus one share” of BTC Holding Co. – the largest investor in Bithumb’s operator – for around 400 billion won ($352 million), Bloomberg reports, citing a Bithumb spokesperson. The report states that BK Global Consortium was already the “fifth-largest” shareholder of BTC Holding.

According to Bloomberg’s source, the transaction is to be finalized in February 2019.

Dr. Kim Byung Gun also established an Initial Coin Offering (ICO) analysis firm in Singapore last year, according to a Korea Joongang Daily profile published in May. The firm reportedly aims to help individual investors distinguish between scams and “promising project models,” amid the surgeon’s concern about the prevalence of Ponzi schemes and other fraudulent offerings in the space.

The profile outlines how the surgeon, who is said to have made his fortune by investing in tech and bio startups, “has caught the blockchain fever.”

Bithumb is currently the world’s second largest by reported daily traded volume according to CoinMarketCap.

Earlier this month, Cointelegraph reported that the exchange plans to open a global decentralized crypto exchange (DEX) with technical support from blockchain firm One Root Network (RNT).

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UK-Based Crypto Platform Launches $1.45 Million Crowdfund Campaign to Bank the Unbanked

Nebeus, the London-based crypto platform, has launched a 1.1 million pound ($1.45 million) crowdfunding campaign as they set out their ambitious goal of bringing financial services to people around the world. According to the World Bank, there are 1.7 billion adults globally who remain unbanked, yet two-thirds of them own a mobile phone that they could use for online banking. The Nebeus’ campaign went live on Sept. 24, 2018 and has already attracted more than 400,000 pounds ($527,490).

The goals of the campaign

Backed by industry expert Brett King, the Nebeus campaign will last until October 23, 2018. Currently operating in 45 countries, they now plan for expansion across Europe, Asia and South America. The company wants to make banking simple for people and encourages a wider use of cryptocurrency in everyday spending, offering user-friendly Bitcoin wallets and its recently launched Exo card. The new prepaid card allows users to seamlessly convert crypto into fiat, making transactions convenient online, offline and even at ATMs.

“We want to create an ecosystem where those who add value are rewarded, and those

who consume services and products can do so in a competitive and secure

environment, built on blockchain technology. Our current campaign will bring us a step

closer to achieving this,” Konstantin Zaripov, co-founder and CEO of Nebeus, said.

How the platform works

Nebeus is a new crypto bank which facilitates crypto-collateral Bitcoin loans globally. The company says it is working on “bridging the gap between crypto and fiat finance through the use of blockchain technology.” According to the company, 30,000 users of the Nebeus platform have already created active blockchain-based wallets.

The fintech startup was founded in 2014, and the peer-to-peer (p2p) exchange platform was launched at the end of 2017. Nebeus has already enabled the transaction of 34 million euro ($39.9 million) and facilitated 1.9 million pounds ($2.23 million) in p2p Bitcoin loans. Their trading platform allows users to purchase and sell Bitcoin and Ethereum with instant deposits into their accounts.

Nebeus’s open API allows third parties to develop value-added products and services on top of the Nebeus platform or incorporate Nebeus’s services into their existing ecosystems.

The Nebeus card, launched in the summer of 2018, allows for converting cryptocurrency into fiat and also has some additional features. For example, all the users’ cryptocurrencies can be stored, easily accessed and managed in a Crypto Basket. Moreover, the Nebeus card functions as a regular debit card. It is accepted in over 40 million locations and can be used in stores, for online payments or for ATM withdrawals. The card can be issued to consumers worldwide.

The expansion to unbanked regions

In June 2018, Nebeus announced it was entering the African market through local telecommunications and mobile money. The company said that cryptocurrency users in Kenya, Uganda, Tanzania, Rwanda, South Africa, Nigeria and Ghana have received full access to the startup’s “crypto bank.” The company expects to enable over 400 million people with crypto services through help of local partners that already have an established network in the region.

Some of the latest research from the World Bank proves that Nebeus’s targeting of mobile money is justified. The organization’s analytics came to the conclusion that “in Sub-Saharan Africa, mobile money drove financial inclusion.” While the share of adults with an account with a financial institution remained flat in the region, the share with a mobile money account has almost doubled since 2014. Moreover, mobile money accounts have spread from East Africa to West Africa and beyond.

However, there are still a lot of unbanked adults in other continents too. According to the World Bank, account ownership in Europe and Central Asia was 65 percent in 2017 (58 percent of adults in 2014) and 71 percent in East Asia and the Pacific.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Okex Socializes Loss From Over $400 Million Bet Among BTC Futures Traders

Exchanges

Anyone getting involved with leveraged trading must assume upon themselves the risks associated with the potentially highly rewarding practice. A recent event should remind traders that, sometimes, even when the trade goes your way, you can still take a hit. Okex socialized one trader’s massive loss on BTC futures with a clawback.

Also Read: The Weekly: China Hires Cryptographer, McDonald’s Unveils Maccoin, Bitmain Gets Richer

Forced Liquidation

Okex Socializes Loss From Over $400 Million Bet Among BTC Futures TradersOkex, the Chinese-run cryptocurrency exchange based in Hong Kong, has announced on Friday that “an enormous long position” in BTC0928 futures contract was force-liquidated on July 31, 2018. And due to the sheer size of the order, worth over $400 million, the uncovered loss (about $9 million) will need to be socialized with a clawback.

According to the venue’s societal loss risk management mechanism, when the insurance fund cannot cover the total margin call losses, a full account clawback occurs. In such case, users who have a net profit across all three contracts for that week will be subject to the clawback. “We will take a portion of the profit in equal percentage from all profited traders only to cover the difference between the liquidated price and settled price.”

Incident Report

Detailing the incident, the exchange wrote that: “client with user ID 2051247 initiated an unusually large long position order (4168515 contracts) at 2am on July 31 (HKT) and triggered our risk management alert system. Our risk management team immediately contacted the client, requesting the client several times to partially close the positions to reduce the overall market risks. However, the client refused to cooperate, which lead to our decision of freezing the client’s account to prevent further positions increasing. Shortly after this preemptive action, unfortunately, the BTC price tumbled, causing the liquidation of the account.”

The Okex team added that: “In order to prevent socialized clawbacks from occurring, we have been working really hard to optimize our risk management system, such as launching price limit rules, early forced liquidation system, forced liquidation order price adjustment and more. There have been malicious rumors accusing us of manipulating the forced liquidation system. We hereby would like to point out the fact that, most of the similar price movements in the market are caused by forced liquidation orders.”

Won’t Happen Again?

Okex Socializes Loss From Over $400 Million Bet Among BTC Futures TradersIn order to reduce the market risks induced by this incident, Okex said it is injecting 2500 BTC from its own capital pool into the insurance fund and will monitor the settlement to prevent manipulation attempts. These actions will help reduce the socialized clawback ratio of the week.

The exchange also announced it will implement a series of risk management enhancements, which are meant to prevent any similar cases from occurring again. These include a new anti-manipulation policy; a mark price to be released at the end of August; a tiered margin system & optimized process of forced liquidation and an optimization of insurance fund usage to be released in September.

Is this a fair way for a trading platform to handle such situations? Share your thoughts in the comments section below.


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Public Chain ASCH Receives $7.5 Million USD Investment from Bitmain


This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Hong Kong: August 1st, 2018

During the Bitcoin Cash Anniversary Global Summit on August 1st, Hantao Qian, CTO of public chain company ASCH, announced that recently ASCH has received 50 million RMB ($7.5 million USD) investment from Bitmain, the world’s biggest crypto company. ASCH accomplished cross-chain operation for BTC and BCH two months ago, which means both BTC and BCH can be used on ASCH’s mainnet.

Everything Is Now in Place

Bitmain founder Jihan Wu said of the investment deal:

“I have always admired ASCH’s solid technology and geek culture. Soon after ASCH’s accomplishment of cross-chain technology, Bitmain decided to invest in ASCH. We will soon start cooperations in aspects of R&D, community building and overseas marketing. Our collaboration will greatly expand the usage of BCH and accelerate its growth”.

There are at least a dozen active projects on ASCH’s platform, which include BlockDino, a digital dinosaur pet game, Koumei Cottage, a prediction market place, and Dream World, a VR game developed based on real world geography.

ASCH also strives to “reform” traditional industries with blockchain technology. It recently made its first step with Fangjinsuo, a loan consulting service provider which can potentially bring 3 million loan agents in China. Fangjinsuo has completed its DApp development on ASCH and begun private beta testing.

ASCH’s Two-Year Effort

ASCH’s founder Qingfeng Shan said of Bitmain’s investment:

“I really appreciate the investment from Bitmain, the world renowned enterprise with a strong blockchain ecosystem. The investment is a recognition of ASCH team’s efforts of past two years, and the cooperation will definitely boost our strengths in R&D and marketing. We will strengthen our cooperation in all aspects, and look forward to a bright future together.”

About ASCH

ASCH, founded in 2016, is a public chain platform based on cross-chain technology and multi-chain architecture.

Its mainnet has been running smoothly and safely for two years, with the token XAS listed on exchanges including OKEx, Kucoin, and Bit-z.

ASCH is a technology-driven project excelling in security, efficiency, flexibility, and cost. By providing an easy-to-use SDK and API and providing interoperability, ASCH is committed to lowering the barrier for developing a DApp (decentralized app) and building a solid foundation for the blockchain ecosystem.

About Bitmain

Bitmain, both the biggest bitcoin mining equipment manufacturer and Bitcoin mining pool around the globe, recently managed to close a Series B funding round and has a current $12 billion USD valuation. It is the largest blockchain company in the history of Bitcoin and cryptocurrency, with its equipment powering over 38 percent of the Bitcoin blockchain’s hashpower.

For more information about ASCH, please visit its homepage and online communities below:

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SBI Invests $9 Million in Institutional-Grade Cryptocurrency Derivatives Platform


Japanese financial services giant SBI Holdings has invested $9 million in U.S. digital marketplace architect Clear Markets to fund the latter’s creation of a cryptocurrency derivatives trading platform built for institutional investors.

Nikkei Asian Review reports that SBI Crypto Investment has obtained a 12 percent stake in Clear Markets, which is headquartered in Charlotte, NC and has branch offices in New York, London, and Tokyo. Though the terms of the deal were not disclosed, the publication states that SBI likely paid 1 billion yen ($9 million) for its minority ownership position in the company.

In funding Clear Markets, SBI aims to build a derivatives exchange that allows institutional investors to trade investment products tied to the price movements of bitcoin and other cryptoassets. Such products — which may include futures, options, and swaps — allow institutions to hedge other positions that they may have in the cryptocurrency market, reducing risk and enabling them to lock in profits or mitigate losses.

Along with lack of access to regulated custodians, the dearth of cryptocurrency derivatives products is often cited by institutional investors as a reason that they have not felt comfortable allocating capital into this burgeoning industry.

At present, the U.S. is home to two regulated exchanges — CBOE and CME, both based in Chicago — that offer bitcoin futures contracts. Cryptocurrency trading platform LedgerX offers institutional investors several other derivatives products, including calls, puts, and day-ahead swaps, but it has yet to attract consistent, meaningful volume.

Nevertheless, industry analysts are confident that the tide will turn over the course of the next calendar year, largely due to the entry of new custodians into the market and the development of new platforms that provide institutions with more flexibility in how they obtain exposure to cryptoassets.

Earlier this month, SBI became the first banking institution to directly launch a cryptocurrency exchange. That platform, VCTRADE, serves Japanese retail investors.

Previously, SBI — which has formed a close partnership with U.S. blockchain startup Ripple — led funding rounds in several large cryptocurrency exchanges, including the Tokyo-headquartered bitFlyer and the San Francisco-based Kraken.

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Crypto Mining Firm CEO Exit Scams with $35 Million in Investor Funds


The CEO of Sky Mining, a crypto mining company in Vietnam, has disappeared with investor funds totaling about $35 million, according to a local news outlet.

About 20 investors of Sky Mining reported the matter to the local police in the Phú Nhuận District after learning that “approximately 600 mining machines had been removed” by imposters who had claimed to be maintenance workers. The investors were also alarmed when they noticed the company’s central office was shut down and its branding removed. The investors believe the company’s CEO, Lê Minh Tâm — who had been unreachable for a week — had run off with the stolen funds.

Le Minh Hieu, deputy chairman of Sky Mining, shared the same sentiment. In an interview with the local media, he said it was possible Tâm stole the mining rigs along with the funds. While maintaining his innocence in the fraud, he said, “[The board] has reported this to the police and showed evidence that we are not guilty, he said. “We are victims, too.”

In a twist of events, Tâm, who had not been in contact with any of his colleagues since the incident was reported, posted a 44-second video on Telegram, where he claimed to be receiving medical treatment and promised to return investors funds.

“You will have your money, thank you for your cooperation, I did not run or go anywhere, I will come back soon,” he said.

The Sky Mining app store claims to have more than 1,000 machines operating around the clock, allowing investors to rent mining rigs to earn passive income over a period.

The company hosted events in Hanoi and HCMC to attract investors in which its officials claimed it was the biggest cryptocurrency mining company in Vietnam.

Investors were advised to invest a minimum of $100 to $5,000 in each of the rigs, which were kept at a storage center owned by Sky Mining. The company also promised investors a mouth-watering ROI plus commissions for inviting new members.

Cryptocurrency mining has been on the rise in Vietnam, as businesses lure investors with an attractive monthly interest in addition to capital invested. According to a Xinhua report, Vietnam imported over 6,300 mining devices from January to April in 2018 and over 9,300 in 2017.

Last month, Vietnam’s Central Bank agreed to enforce stricter restrictions on digital currencies by suspending the importation of crypto mining devices.

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Crypto Mining CEO Said to Disappear With $35 Million In Funds

The chief executive of a cryptocurrency mining startup has reportedly disappeared with $35 million in client investments, Newsweek reported Monday.

Le Minh Tam, head of Vietnam-based Sky Mining, has been missing since July 26, according to the report. The startup, which claimed it would rent crypto miners to investors for between $100 and $5,000, received funds from roughly 5,000 individuals prior to Tam’s disappearance last week. Each miner would promise a 300 percent return over a year, with investors keeping the machines for at least 15 and up to as many as 18 months.

However, when one group of investors went to pick up their miners last Friday, they found that the firm’s mining facility and office were empty, and that the mining machines had already been taken away. Tam later reportedly claimed he sold them to cover financial losses, and that his disappearance was aimed at protecting his life.

He sent a similar message on Sunday, claiming that he would return, but Sky Mining deputy chairman Le Minh Hieu claimed the CEO had stolen the funds and relocated to the U.S.

Some investors have already filed lawsuits against the firm, though it is unclear if they will receive their funds back.

Vietnamese news outlet VnExpress reported that Tam controlled every aspect of the company, overseeing all mining operations and controlling all the funds.

Hieu said he tried to set up a temporary board to run the company in Tam’s absence, but death threats against him and his family forced him to shut it down.

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Mining Round-Up: Sky Mining CEO Flees with $35 Million, Texas Attracts Miners

Mining

In recent mining news, it has been alleged that the CEO of Vietnam-based Sky Mining has fled the country with $35 million USD in investor funds in his possession. Meanwhile, in the US, Tmgcore has acquired a 100-megawatt data center in Dallas, Texas, and local media have reported that Bitmain will open a mining facility in a former aluminium smelter in Rockdale, Texas.

Also Read: Market Caps for Privacy-Centric Currencies Have Dropped Significantly

Investors Allege CEO of Vietnamese Mining Company Fled to U.S. With $35 Million

Mining Round-Up: Sky Mining CEO Flees With $35 Million, Texas Attracts MinersInvestors and board members of Ho Chi Minh City-based Sky Mining have expressed fears that the company’s chief executive officer, Le Minh Tam, has fled the country and run away with approximately $35 million USD in investors funds.

According to local media, Mr. Tam has not been contactable since Monday, with the exception of an apology note posted to investors on Wednesday via Facebook. Investors reportedly visited the company’s main office in Phu Nhuan District to discover “the building closed and the company nameplate removed.” Additionally, “all 600 mining machines in the company’s factory in the neighboring Dong Nai Province’s Bien Hoa Town had been taken away by a group of people claiming to be maintenance workers.”

Le Minh Hieu, the deputy chairman of the company, is forming a temporary board to “support investors and calculate the remaining asset[s] of the company,” and has accused the CEO of fleeing to the United States. “[The board] has reported this to the police and showed evidence that we are not guilty,” said Mr. Hieu.

Bitmain to Open Mining Facility in Former Aluminum Smelter

According to local media, Bitmain will be opening a bitcoin mining facility in a former aluminum plant in Rockdale.

Jeff Mosier, an energy and environment reporter for Dallas News, states: “The new Bitcoin mining facility is going to be opening at the former Alcoa Aluminum smelter, and that’s next door to the coal plant that just closed. So now that that’s gone, they have a big industrial facility with lots of electricity infrastructure [capable of] Bitcoin mining, which is essentially a huge server farm.”

No indication has been made as to when the facility will launch operations, however Dallas News reports that a listing on job site Indeed.com indicates that Bitmain Technologies is seeking to employ a project manager for the Rockdale location. According to the publication, the facility is expected to create “300 to 500 jobs.”

Tmgcore Purchases $60 Million Data Center in Dallas

Mining Round-Up: Sky Mining CEO Flees With $35 Million, Texas Attracts MinersMining company Tmgcore has acquired a “$60 million USD, 150,000-square-foot data center” in Plano, Dallas, according to local media.

The facility is reportedly capable of a 100-megawatt power load, with the Tmgcore chief executive officer, JD Enright, stating: “One of the things you need is a lot of power, and there’s not a lot of places with 100 MW lying around.”

Mr. Enright claims that the company has “developed a two-phase liquid cooling Immersion technology to dramatically decrease cooling costs by up to 90 percent, allowing us to mine anywhere — even in Plano in the middle of the summer.”

Do you think that Texas will continue to see investment from cryptocurrency mining companies? Share your thoughts in the comments section below!


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Wall Street Traded $572 Million in Bitcoin Futures During Tuesday’s Bull Run


The bitcoin price is rallying, and this time, it looks like Wall Street has shown up to the party.

On Tuesday, bitcoin brief briefly broached the $8,500 threshold on Bitfinex for the first time since mid-May, and while it has since pulled back several hundred dollars from that two-month high, it has nevertheless risen 10 percent in the past week and 29 percent over the course of a month.

bitcoin price
BTC/USD | Bitfinex

As noted by Mati Greenspan, a senior market analyst at eToro, this rally was fueled in the spot markets by the usual suspects — traders in Japan and South Korea — who provided a surge of volume to help push the bitcoin price past key levels.

“According to the volume on exchanges, it seems clear that the rally is being led by East Asia,” Greenspan wrote in commentary provided to CCN. “The US Dollar had a spike as well but it was much more focused. Meaning that the Americans only participated during the extreme part of the surge and less in the before and after party.”

That’s not to say that the U.S. was absent from the rally. In fact, Greenspan said, trading data from Chicago-based. derivatives exchanges CME and CBOE — the only two regulated U.S. exchanges to list bitcoin futures — suggests that Wall Street wants a piece of the action.

Tuesday trading volume on CME reached 12,878 contracts across all expiration dates, worth an equivalent 64,390 BTC (each contract represents 5 BTC). CBOE traders exchanged 7,138 contracts, each equivalent to 1 BTC, bringing total U.S. bitcoin futures volume to 71,528 BTC. At $8,000 per coin — the mean of Tuesday’s opening and settlement price in CME’s August futures market — this translates into a daily volume of $572.2 million.

That volume is still minor relative to the global cryptocurrency marketplace, however. The worldwide bitcoin spot market saw more than $7.7 billion in volume on Tuesday, according to CoinMarketCap.

Moreover, Hong Kong-based cryptocurrency margin trading platform BitMEX reported that it saw a record 1 million XBT contracts traded during a 24-hour period on Tuesday, worth more than $8 billion. The vast majority of this — more than $7 billion — was concentrated in XBT/USD markets.

Nevertheless, this uptick in bitcoin futures volume could serve as another in a growing list of data points and anecdotes that suggest Wall Street is beginning to make a strategic entry into this nascent ecosystem.

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FlipNpik Raises $2 Million to Date in ICO Private Sale, Consolidates Partnerships for Expansion into Asia


This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

24th July, London, UK and Singapore, Singapore – FlipNpik’s unconventional democratic ICO private sale has already raised USD 2 Million, 4 days after opening it to the public. Notably, funds raised have come from a combination of cryptocurrency and fiat payments – a clear indication that the project is appealing to both the crypto and non-crypto communities.