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Russian Police investigate a crypto mining facility

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Russian Police are investigating a crypto mining facility, which is suspected of defrauding clients

It’s understood the miners handed devices to those who were running a mining hotel.

They are also accused of stealing their expensive coin minting hardware, and stopping payments to their customers.

The scam allegedly took place from November to May, where the suspects worked with people who wanted to install their coin minting hardware in a mining hotel.

They were offered electricity prices that were below market value.

Electricity consumed by some of the world’s largest cryptocurrencies has dropped by nearly half.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

Business

Why a Bitcoin mining company is going against a major merger

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Bitcoin mining company PrimeBlock has ended plans to go public via a specialpurpose acquisition company (SPAC) merger with 10X Capital.

The firms terminated the agreement via mutual consent, according to a US Securities and Exchange Commission filing.

Plans for the merger were confirmed in April, with expectations that it would be completed in the second half of 2022, carrying an enterprise value of $1.25billion.

No official reason has been given for the decision, but it is believed the volatility of both the crypto and mainstream markets in recent months may be a factor.

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New York closes in on Robinhood dodgy crypto arm

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Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules

New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.

It follows several regulatory probes into Robinhood in recent months.

In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.

As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.

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Crypto

At what times does the world invest in crypto?

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New figures are out on when the most activity on the Bitcoin Network happens

Coin Metrics has found European and U.S. business hours is a hotspot for crypto investment on the Bitcoin Network.

It’s understood U.S. investors use the services in the morning hours, while Europe waits for later in the day.

Analysts are reporting a drop in the share of activity happening during Asian hours.

It seems like the use of Bitcoin in Asian markets fell around a year ago, which coincides with China’s crack downs on crypto mining.

The figures looked at when changes to wallets took place, before they were segmented based on the opening hours of various global exchanges.

Coin Metrics looked specifically at the Hong Kong Stock Exchange, London Stock Exchange, and the New York Stock Exchange.

Analysts also looked at Ethereum data, which is less clear than Bitcoin. However, the company believes Ethereum trading also tends to occur during U.S. waking hours.

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