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Tuesday, March 19, 2024
Large cryptocurrency miners in US now have to report energy use to government

Large cryptocurrency miners in US now have to report energy use...

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Enlarge / A worker installs a row of new mining machines at the largest bitcoin mining facility in the US, located in Rockdale, Texas, on October 9, 2021. Experts say lax regulation and cheap electricity in the US are a draw for bitcoin miners, whose energy-gulping computers race to unlock units of the currency. Mark…
Over 2 percent of the US’s electricity generation now goes to bitcoin

Over 2 percent of the US’s electricity generation now goes to...

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Enlarge / It takes a lot of energy to keep pumping out more bitcoins. What exactly is bitcoin mining doing to the electric grid? In the last few years, the US has seen a boom in cryptocurrency mining, and the government is now trying to track exactly what that means for the consumption of electricity.…
SIM-swapping ring stole $400M in crypto from a US company, officials allege

SIM-swapping ring stole $400M in crypto from a US company, officials...

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The US may have uncovered the nation's largest "SIM swap" scheme yet, charging a Chicago man and co-conspirators with allegedly stealing $400 million in cryptocurrency by targeting over 50 victims in more than a dozen states, including one company. A recent indictment alleged that Robert Powell—using online monikers "R," "R$," and "ElSwapo1"—was the "head of…
A Colorado pastor accused of pocketing $1.3 million in cryptocurrency scam says the Lord encouraged him to use funds for a home remodel

A Colorado pastor accused of pocketing $1.3 million in cryptocurrency scam...

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A Colorado pastor facing civil fraud charges related to his cryptocurrency business admitted to pocketing $1.3 million but says he used part of it for a biblically ordained home remodel.Eli Regalado and his wife, Kaitlyn Regalado, are being sued in Denver District Court by Colorado Securities Commissioner Tung Chan, who accused the couple of targeting…
How a 27-year-old busted the myth of Bitcoin’s anonymity

How a 27-year-old busted the myth of Bitcoin’s anonymity

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Sam Rodriguez JUST OVER A DECADE AGO, Bitcoin appeared to many of its adherents to be the crypto-anarchist holy grail: truly private digital cash for the Internet. Satoshi Nakamoto, the cryptocurrency’s mysterious and unidentifiable inventor, had stated in an email introducing Bitcoin that “participants can be anonymous.” And the Silk Road dark-web drug market seemed…
Child abusers are covering their tracks with better use of crypto

Child abusers are covering their tracks with better use of crypto

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For those who trade in child sexual exploitation images and videos in the darkest recesses of the Internet, cryptocurrency has been both a powerful tool and a treacherous one. Bitcoin, for instance, has allowed denizens of that criminal underground to buy and sell their wares with no involvement from a bank or payment processor that…
Actor paid to pose as crypto CEO “deeply sorry” about $1.3 billion scam

Actor paid to pose as crypto CEO “deeply sorry” about $1.3...

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Enlarge / A screenshot from Jack Gamble's video outing Stephen Harrison as HyperVerse's fake CEO, posted on Gamble's "Nobody Special Finance" YouTube channel. An actor who was hired to pretend to be the highly qualified CEO of a shady, collapsed cryptocurrency hedge fund called HyperVerse has apologized after a YouTuber unmasked his real identity last…
Elon Musk drops price of X gold checks amid rampant crypto scams

Elon Musk drops price of X gold checks amid rampant crypto...

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There's currently a surge in cryptocurrency and phishing scams proliferating on X (formerly Twitter)—hiding under the guise of gold and gray checkmarks intended to mark "Verified Organizations," reports have warned this week. These scams seem to mostly commandeer dormant X accounts purchased online through dark web marketplaces, according to a whitepaper released by the digital…
Crypto hedge fund CEO may not exist; probe finds no record of identity

Crypto hedge fund CEO may not exist; probe finds no record...

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Enlarge / A still from a HyperVerse video featuring CEO Steven Reece Lewis. For years, rumors spread on social media that Steven Reece Lewis, the chief executive officer of a now-shuttered cryptocurrency hedge fund called HyperVerse, was a "fake person" who "doesn't exist." After its investigation, The Guardian has confirmed that no organization cited on his…
US dodges delay of Sam Bankman-Fried’s sentencing by dropping second trial

US dodges delay of Sam Bankman-Fried’s sentencing by dropping second trial

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After FTX co-founder Sam Bankman-Fried was convicted of seven charges related to wire fraud and money laundering in 2023, the US recently decided not to proceed with a second trial over additional charges in 2024. During the second trial, Bankman-Fried could have been convicted on additional charges of conspiracy to bribe foreign officials, conspiracy to…

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