Bitcoin drops as China cracks down on crypto mining
Chinese authorities have increased their crackdown on crypto mining labelling it as an “extremely harmful” practice that threatens the country’s efforts to reduce CO2.
A spokesperson for China’s National Development and Reform Commission blasted Bitcoin mining during a press conference today in Beijing.
Meng Wei stated that activity “consumes lots of energy” and “produces lots of carbon emissions.”
Ms Meng stated that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.
Meng also said that crypto production and trade produce “prominent risks,” and blasted the industry as “blind and disorderly”.
As part of the organisation’s push, the NDRC stated that it would raise electricity prices for any institution found to be abusing its access to subsidised power to participate in crypto mining.
Chinese authorities have traditionally offered schools, community centres, or other public welfare institutions lower prices for electricity.
The price of Bitcoin fell after the remarks were made, with the cryptocurrency dropping by more than 7 per cent to US$60,889 – its lowest value in more than a week.
Celebrities busted over illegal crypto scheme
Agreements have been settled without admitting guilt
Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.
The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.
Lohan and Paul have reportedly settled the matter without admitting guilt.
But, regardless, it’s just another bad look for the already embattled crypto industry.
Crypto fugitive Do Kwon arrested in Montenegro
He was carrying falsified documents at an airport
One of the world’s most wanted crypto fugitives has been arrested in Montenegro.
It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.
Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.
He was reportedly arrested at an airport after carrying falsified documents.
It follows a red notice being issued by South Korea last September.
SEC sues Jake Paul over paid crypto promotions
The issue is linked to Tron founder Justin Sun
The U.S. Securities and Exchange Commission (SEC) is suing YouTube personality Jake Paul over a promotion of cryptocurrencies linked to Tron founder Justin Sun.
The SEC is accusing Paul of a paid promotion of assets without disclosing those payments to the public.
Other celebrities such as Lindsay Lohan, Ne-Yo and Akon and are also being investigated for their involvement.
Meanwhile, the SEC is going after Sun for potential fraud and market manipulation.
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