Category: bitcoin

Over the course of several months in 2024, TIME spoke to more than 40 people in the Granbury area who reported a medical ailment that they believe is connected to the arrival of the Bitcoin mine: hypertension, heart palpitations, chest pain, vertigo, tinnitus, migraines, panic attacks. At least 10 people went to urgent care or the emergency room with these symptoms. The development of large-scale Bitcoin mines and data centers is quite new, and most of them are housed in extremely remote places. There have been no major medical studies on the impacts of living near one. But there is an increasing body of scientific studies linking prolonged exposure to noise pollution with cardiovascular damage. And one local doctor — ears, nose, and throat specialist Salim Bhaloo — says he sees patients with symptoms potentially stemming from the Bitcoin mine’s noise on an almost weekly basis. “I’m sure it increases their cortisol and sugar levels, so you’re getting headaches, vertigo, and it snowballs from there,” Bhaloo says. “This thing is definitely causing a tremendous amount of stress. Everyone is just miserable about it.” “By the end of 2024, we intend to have replaced the majority of air-cooled containers with immersion cooling, with no expansion required,” said a representative for Marathon Digital Holdings, the company that owns the mine. “Initial sound readings on immersion containers indicate favorable results in sound reduction and compliance with all relevant state noise ordinances.” They did not answer questions about the health impacts their mining site was causing.

“We’re living in a nightmare,” said Rosenkranz. She clocked the hum at 72 decibels in Indigo’s bedroom in the dead of night. “Indigo’s room directly faces the mine, which sits about a mile and a half away,” notes TIME. She had to be pulled from her school after she developed so many ear infections from the sound.

The report also said a resident’s dog “started going bald and developed debilitating anxiety shortly after the Bitcoin mine began operating four blocks away.” TIME added: “Directly next door, Tom Weeks’ dog Jack Rabbit Slim started shaking and hyperventilating uncontrollably for hours on end; a vet placed him on the seizure medication Gabapentin. Rosenkranz’s chickens stopped laying eggs for months. And Jerry and Patricia Campbell’s centuries-old oak tree, which had served as the family’s hub and protector for generations of backyard family reunions and even a wedding, died suddenly three months ago.”

Of the $160 million in total contributions Fairshake has raised since it was founded, around $155 million — or 94% — can be traced back to just four companies: Ripple, Andreesen Horowitz, Coinbase and Jump Crypto. But it’s not just money that the crypto industry plans to deploy this fall. The nonprofit Stand With Crypto says it has collected more than 1.1 million email addresses of crypto “advocates” it hopes to engage all the way to the ballot box. The strength of the crypto groups is getting noticed on Capitol Hill, especially among lawmakers who are facing tough elections in 2025, where a few thousand voters, or a hefty donation, could make a difference in not only a race but in which party controls each chamber. […]

In the coming months, the group doesn’t plan to spend on the presidential race, but rather the House and Senate, according to a Fairshake spokesperson. Both of those chambers are in play for 2025. Fairshake has yet to start spending in the general election cycle, but several officials in the industry said they are keeping an eye on states such as Ohio and Montana, where Democratic incumbents who are bearish on crypto face challengers who have embraced the technology. […] Ads funded by Fairshake deliver messages that are typically less about a candidates’ support for or opposition to crypto, and more about broader issues that resound with voters, such as fairness and integrity.

They’re accused of “conspiracy to commit money laundering.” Why “conspiracy to commit” as opposed to just “money laundering”?

Because they didn’t hold anyone else’s money or do anything illegal with it. They provided a privacy tool that may have enabled other people to do illegal things with their bitcoin… What this tool does is offer what’s known as a “coinjoin,” a method for anonymizing bitcoin transactions by mixing them with other transactions, as the project’s founder, Keonne Rodriguez, explained to Reason in 2022: “I think the best analogy for it is like smelting gold,” he said. “You take your Bitcoin, you add it into [the conjoin protocol] Whirlpool, and Whirlpool smelts it into new pieces that are not associated to the original piece.”

Reason argues that providing the tool isn’t a crime, just like selling someone a kitchen knife isn’t a crime:

The government’s decision to indict Rodriguez and his partner William Lonergan Hill is also an attack on free speech because all they did was write open-source code and make it widely available. “It is an issue of a chilling effect on free speech,” attorney Jerry Brito, who heads up the cryptocurrency nonprofit Coin Center, told Reason after the U.S. Treasury went after the creators of another piece of anonymizing software…

The most important thing about bitcoin, and money like it, isn’t its price. It’s the check it places on the government’s ability to devalue, censor, and surviel our money. Creators of open-source tools like Samourai Wallet should be celebrated, not threatened with a quarter-century in a federal prison.
Long-time Slashdot reader SonicSpike shared the article…

Buterin also addressed the relatively low number of solo Ethereum stakers, as most stakers choose to stake with a staking provider, either a centralized offering like Coinbase or a decentralized offering like Lido or RocketPool, given the complexity, hardware requirement, and 32 eth minimum needed to operate an Ethereum node solo. While Buterin acknowledges the progress being made to reduce the cost and complexity around running a solo node, he also noted “once again there is more that we could do,” perhaps through reducing the time to withdraw staked ether or reducing the 32 eth minimum requirement to become a solo staker. “Incorrect answers could lead Ethereum down a path of centralization and ‘re-creating the traditional financial system with extra steps’; correct answers could create a shining example of a successful ecosystem with a wide and diverse set of solo stakers and highly decentralized staking pools,” Buterin wrote. […]

Buterin finished his post by imploring the Ethereum ecosystem to tackle the hard questions rather than shy away from them. “…We should have deep respect for the properties that make Ethereum unique, and continue to work to maintain and improve on those properties as Ethereum scales,” Buterin wrote. Buterin added today, in a post on X, that he was pleased to see civil debate among community members. “I’m really proud that ethereum does not have any culture of trying to prevent people from speaking their minds, even when they have very negative feelings toward major things in the protocol or ecosystem. Some wave the ideal of ‘open discourse’ as a flag, some take it seriously,” Buterin wrote.

Bitcoin’s move may have been exacerbated by a large bitcoin holder, or “whale,” who transferred more than 4,000 bitcoin to the Bitfinex exchange late Monday night. Data from CryptoQuant shows a spike in that exchange’s reserves — which typically signals a boost in selling activity — that coincides with the sudden drop in bitcoin price late Monday night. Stocks tied to the performance of bitcoin were dragged down but traded off their lows to end the day.

Although Wen was living in a flat above a Chinese restaurant in Leeds when she became involved in the criminal activity, her new lifestyle saw her move into a six-bedroom house in north London in 2017 which was rented for more than $21,000 per month. She posed as an employee of an international jewelry business and moved her son to the UK to attend private school, the Crown Prosecution Service (CPS) said. That same year, Wen tried to buy a string of expensive houses in London, but struggled to pass money-laundering checks and her claims she had earned millions legitimately mining Bitcoin were not believed. She later travelled abroad, buying jewelry worth tens of thousands of pounds in Zurich, and purchasing properties in Dubai in 2019.

Another suspect is thought to be behind the fraud but they remain at large. The Met said it carried out a large scale investigation as part of the case – searching several addresses, reviewing 48 electronic devices, and examining thousands of digital files including many which were translated from Mandarin. The CPS has obtained a freezing order from the High Court, while it carries out a civil recovery investigation that could lead to the forfeiture of the Bitcoin. The value of the Bitcoin was worth around $2.5 billion at the time of initial estimates — but due to the fluctuation in the currency’s value, it has since increased to around $4.3 billion.

The Nigerian government has accused Binance of exacerbating the country’s foreign exchange challenges through rate manipulation for profit. The authorities have also accused the crypto exchange of illegal operations and have restricted access to the company’s website. There are also reports that Nigeria sought a $10 billion penalty from Binance for processing around $26 billion in untraceable funds in the country. […] The reason why and how Nigeria’s economic crisis is linked with Binance is yet to be found out. Binance is hoping to resolve the matter soon, according to CoinDesk. The report notes that Nigeria is experiencing its worst economic crisis in recent years due to inflation and the devaluation of their currency, the naira.

Harrison, who at the time was a freelance television presenter engaged in unpaid football commentary, said he had been approached and offered the HyperVerse work by a friend of a friend. He said he was new to the industry and had been open to picking up more work and experience as a corporate “presenter.” “I was told I was acting out a role to represent the business and many people do this,” Harrison said. He said he trusted his agent and accepted that. After reading through the scripts he said he was initially suspicious about the company he was hired to represent because he was unfamiliar with the crypto industry, but said he had been reassured by his agent that the company was legitimate. He said he had also done some of his own online research into the organization and found articles about the Australian blockchain entrepreneur and HyperTech chairman Sam Lee. “I went away and I actually looked at the company because I was concerned that it could be a scam,” Harrison said. “So I looked online a bit and everything seemed OK, so I rolled with it.” The HyperVerse crypto scheme was promoted by Lee and his business partner Ryan Xu, both of which were founders of the collapsed Australian bitcoin company Blockchain Global. “Blockchain Global owes creditors $58 million and its liquidator has referred Xu and Lee to the Australian Securities and Investments Commission for alleged possible breaches of the Corporations Act,” reports The Guardian. “Asic has said it does not intend to take action at this time.”

Rodney Burton, known as “Bitcoin Rodney,” was arrested and charged in the U.S on Monday for his alleged role in promoting the HyperVerse crypto scheme. The IRS alleges Burton was “part of a network that made ‘fraudulent’ presentations claiming high returns for investors based on crypto-mining operations that did not exist,” reports The Guardian.

Worldcoin pulled in $100 million from investors last year through a token sale that valued the company at around $3 billion, according to a report by The Information from March 2022. That fundraising effort came before a bruising period for crypto in which flagship tokens like bitcoin and ether cratered in price and high-profile companies including Bankman-Fried’s FTX collapsed. “It’s a bear market, a crypto winter. It’s remarkable for a project in this space to get this amount of investment,” one of the FT’s sources told the publication.

Despite Bittrex’s impending exit from the U.S., the SEC sued it in mid-April on allegations it operated a national securities exchange, broker and clearing agency. The SEC also sued former Bittrex CEO Bill Shihara and Bittrex Global. Bittrex Global CEO Oliver Linch said last month that the exchange intended to fight these charges in court, but a bankruptcy proceeding may make this more difficult.