Rising electrical energy consumption within the crypto mining sector might require the development of recent energy technology amenities in Siberia, the vitality minister of Russia has acknowledged. Demand continues to extend in residential areas as nicely, after regional authorities deserted a proposal to introduce greater tariffs for Russians minting digital cash at their properties.
Russian Minister of Vitality Nikolay Shulginov has acknowledged the elevated demand for electrical energy from cryptocurrency miners in some elements of Siberia the place the business has been increasing. Further producing capacities could also be needed to fulfill their wants, he indicated, quoted by native media and crypto information shops.
Shulginov didn’t reveal particular plans however made it clear that Russian authorities in these areas are contemplating the additional improvement of the vitality networks utilized by mining firms and the development of extra energy crops. The grids within the Republic of Khakassia and Irkutsk Oblast are at present experiencing the best hundreds, Bits.media reported.
“The place of the Ministry of Vitality has all the time been based mostly on the necessity to create working circumstances for mining,” the federal government official emphasised. He additionally famous that electrical energy consumption of the inhabitants has risen as nicely, typically inflicting harm to the distribution networks.
“As for industrial mining, it’s also rising, primarily in areas the place the tariff is low. In these areas, we’re seeing vital consumption progress, which we should bear in mind,” Shulginov commented in an interview with the Russia-24 TV channel and elaborated:
Almost certainly, it received’t go with out the development of technology [capacities] within the southeastern a part of the unified vitality system of Siberia.
Crypto mining has been increasing in Russia, a rustic with plentiful low-cost vitality assets and funky local weather, each as a worthwhile enterprise exercise and as an extra supply of earnings for a lot of unusual Russians minting in basements and garages. In response to a examine printed in October, bitcoin mining income in Russia grew 18 instances in 4 years earlier than markets and sanctions hit it this 12 months.
At-home mining has been blamed for breakdowns and blackouts in locations corresponding to Irkutsk, dubbed the mining capital of Russia, which affords a number of the lowest electrical energy charges within the nation. A proposal to introduce differentiated tariffs, growing vitality prices for novice miners with the intention to restrict consumption, was backed by the vitality ministry however ultimately rejected by native authorities aside from the area of Kemerovo.
In early December, Deputy Vitality Minister Pavel Snikkars stated that the business might even see a two-fold improve in its share of Russia’s whole energy consumption in 2022. His division and the Financial institution of Russia supported a invoice designed to control cryptocurrency mining however lawmakers postponed the adoption of the draft legislation for 2023.
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DPD and blockchain analytics company Chainalysis co-hosted other law enforcement agencies and cryptocurrency exchanges for ‘Operation DeCloak’
A cryptocurrency fraud workshop co-hosted by the Delta Police Department last fall identified over 1,100 victims worldwide, including a ‘significant number’ in Canada.
On Sept. 16 and 17, 2024, the DPD and blockchain analytics company Chainalysis hosted “Operation DeCloak,” bringing together representatives from law enforcement agencies including the RCMP, Victoria Police Department, Vancouver Police Department, the BC Securities Commission, the BC Prosecution Service and the BC Financial Services Authority, as well as key stakeholders from cryptocurrency exchanges such as Shakepay and others.
The initiative was a localized “sprint” of Chainalysis’ “Operation Spincaster,” a series of public-private collaborations designed to disrupt and prevent cryptocurrency scams. Spincaster itself spun out from “Operation Disruption,” a collaboration between Chainalysis and the Calgary Police Service in March 2024.
“Leveraging the transparency of the blockchain, Chainalysis proactively identified thousands of compromised wallets. This actionable intelligence formed the basis of a series of operational sprints across six countries (U.S., U.K., Canada, Spain, Netherlands and Australia) with over 100 attendees, including 12 public sector agencies and 17 crypto exchanges,” the company said in a press release.
“Over 7,000 leads were disseminated during these sprints, relating to approximately US$162 million of losses. These leads were used to close accounts, seize funds and build intelligence to prevent future scams.”
During last fall’s Operation DeCloak, Chainalysis led training sessions in investigating leads, tracing stolen funds and identifying compromised wallets using the company’s proprietary “Crypto Investigations Solution.”
According to a DPD press release, 240 crypto addresses were closely examined, revealing an estimated collective loss of C$35 million.
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The event also promoted proactive policing and disruption strategies aimed at combating fraud, with particular emphasis on a growing tactic known as “approval phishing” used by romance and investment scammers targeting cryptocurrency transactions.
The method involves scammers gaining their victim’s trust by promoting false investment opportunities with the promise of high returns, thereby convincing victims to unknowingly approve malicious blockchain transactions.
The initial transaction gives the scammer access to tokens in the victim’s digital wallet without the victim’s knowledge, resulting in unauthorized withdrawals.
Police say scammers typically connect with their victims through social media, or via apps or pop-up ads.
During Operation DeCloak, police say immediate steps were taken to notify identified victims of these scams.
“With the co-operation of the exchange companies, affected individuals were promptly contacted with the goal of preventing further harm,” the DPD said in its press release.
Since the workshop, the department has successfully deployed the techniques learned through Operation DeCloak.
“The technique was applied to a previous investigation which identified stolen cryptocurrency funds in a blacklisted address containing US$1.2 million. This address was in the process of being seized by an overseas police agency,” the department said.
Using the DeCloak techniques, the DPD’s Cybercrime Unit has identified an additional 70 transactions worth US$800,000 sent from Canadian exchanges. Investigators are identifying those victims and seizing the funds from the blacklisted address so they can be returned.
“This collaboration with Chainalysis and cryptocurrency exchanges is a testament to the DPD’s focus on innovation and commitment to community safety and well-being.”
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Cryptocurrency exchange Coinbase said Tuesday (Jan. 14) that it is investigating a problem with delayed sends of Ripple (XRP) on its platform.
“We are aware that some users may be experiencing delayed sends for Ripple (XRP),” Coinbase said in an incident report on its status page. “Buys, Sells and Fiat withdrawals/deposits are not affected. We are investigating this issue and will provide an update shortly.”
In an earlier, separate report on its status page, Coinbase said some users experienced delayed sends and receives for Stellar (XLM) on Friday (Jan. 10). That incident was resolved within 90 minutes.
On Thursday (Jan. 9), some users experienced latency or degraded performance with buys, sells, sends, Coinbase Onramp and Advanced Trade. That issue was resolved within two hours, according to the page.
In other, separate news about the company, it was reported Thursday (Jan. 9) that Coinbase told customers that it may have to share data demanded by the Commodity Futures Trading Commission (CFTC).
The regulator sent a subpoena to the firm that seeks information about Coinbase customers’ interactions with prediction market firm Polymarket, and Coinbase emailed some customers saying it may have to share that data with the CFTC.
“When we receive requests for information from a government, each request is carefully reviewed by a team of trained experts using established procedures to determine its legal sufficiency,” a Coinbase spokesperson told CoinDesk.
On Dec. 9, cryptocurrency payments solution firm Triple-A announced an integration with Coinbase that it said it designed to let Coinbase users make payments to select merchants in the Triple-A network.
“Triple-A’s integration with Coinbase Commerce will empower merchants to offer a Coinbase-specific payment option, enhancing the convenience for Coinbase users and allowing Coinbase to connect with a wider network of merchants, to drive the broader adoption of cryptocurrency payments,” the company said in a press release.
Coinbase upgraded its Coinbase One subscription program and launched a new tier called Coinbase One Premium on Dec. 4, saying that with these new offerings, “Coinbase One now truly benefits all types of traders.”
Coinbase One membership has reached 600,000 across 42 countries, the company added.
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