Crypto
Utahn accused of collecting $1.7 million for ‘sale’ of fake cryptocurrency mining machine
A Utah man has been charged with 5 counts of wire fraud and two counts of cash laundering associated to a cryptocurrency enterprise and personal funding agency he owns, in keeping with the Division of Justice. (Spenser Heaps, Deseret Information)
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SALT LAKE CITY — A Utah man has been charged with 5 counts of wire fraud and two counts of cash laundering associated to a cryptocurrency enterprise and personal funding agency he owns, in keeping with the Division of Justice.
James Wolfgramm, 43, of Spanish Fork, was named in a grand jury indictment in Utah’s U.S. District Court docket on Thursday, together with two of his corporations, Bitex LLC and Ohana Capital Monetary Inc., in keeping with the DOJ. Bitex is known as in two wire fraud counts, and Ohana Capital Monetary is known as in two wire fraud counts and two cash laundering counts.
Wolfgramm and Bitex are accused of gathering almost $1.7 million from two potential consumers of a high-powered cryptocurrency mining machine known as the “Bitex Blockbuster” — which doesn’t truly exist, investigators stated. Mining for cryptocurrencies requires refined computer systems that allow a person to “mine,” which is how new items of the cryptocurrency are made. Mining gear additionally wants massive quantities of electrical energy to energy.
The indictment alleges that Wolfgramm displayed one of many machines in Bitex’s workplace house to purportedly reveal the mining machine’s real-time operations.
“In actuality, the machine was pretend, and the monitor displayed a prerecorded loop that merely gave the looks of mining exercise,” stated a press launch from the DOJ.
Wolfgramm and Ohana Capital Monetary are accused by investigators of gathering hundreds of thousands of {dollars} from clients after falsely claiming that Ohana had a board of advisors and promising clients that their funds had been bonded. In actuality, the corporate is registered as a personal lender, and lacks accreditation as a full monetary establishment, in keeping with the Division of Justice.
The corporate is accused of spending clients’ funds on unrelated enterprise bills with out their data, moderately than maintaining them on deposit, DOJ officers stated.
Lastly, Wolfgramm was charged with fraudulently buying the Sports activities Metropolis advanced in Draper for $15 million in 2021. In line with federal prosecutors, Wolfgramm took over the property and billing of shoppers with out ever paying utilities or bills and with out making any of the promised funds to the vendor. The DOJ claims he collected almost $160,000 from clients.
Prosecutors say Wolfgramm gave the sellers of the property a verify for $1 million that bounced. Wolfgramm claimed to have paid greater than $255,000 in taxes on the property, however prosecutors say these funds failed as nicely as a result of Wolfgramm had knowingly used an account with inadequate funds.
Wolfgramm, Bitex and Ohana have confronted related allegations earlier than. In January, Wolfgramm was charged with 4 counts of wire fraud whereas working his cryptocurrency enterprise and mishandling clients’ funds.
The Division of Justice stated Wolfgramm has additionally used the names Semisi Niu and James Vaka Niu.
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Crypto
ZT Mining Introduces User-Friendly Cloud Mining Services for Global Cryptocurrency Investors | Bitcoinist.com
ZT Mining is revolutionizing cryptocurrency investment by offering accessible and secure cloud mining solutions to a worldwide clientele.
Since its inception in 2020, ZT Mining has emerged as a reputable entity in the cryptocurrency sector, serving over 200,000 clients across more than 150 countries. The platform enables users to mine various cryptocurrencies without expensive hardware or specialized technical knowledge.
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Bitcoin S21e XP Hyd | $15,000 | 20 Days | $270.00 | $20,400.00 | Yes |
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Affiliate Program for Additional Earnings
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Diverse Plans for Varied Investors
The mining platform offers a variety of investment plans, catering to different budgets and risk appetites. From low-cost entry-level options to high-value, short-term contracts with significant returns, the platform ensures flexibility for every investor type. Adding features like guaranteed capital return enhances its appeal to those seeking secure, high-reward opportunities in the cryptocurrency space.
These differentiators solidify ZT Mining’s position as a go-to platform for cryptocurrency enthusiasts, combining accessibility, reliability, and profitability in one comprehensive solution.
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Summary
ZT Mining is a trusted and user-friendly platform that simplifies cryptocurrency mining for all types of investors. With advanced technology, diverse investment plans, and a focus on security and transparency, it has gained the confidence of over 200,000 users worldwide.
FAQs
- How does ZT Mining ensure the safety of user investments?
ZT Mining employs advanced security measures, including EV SSL encryption and DDoS protection, to safeguard user data and transactions. The platform also provides transparent earnings tracking, ensuring users fully see their investments.
- Do I need technical knowledge or mining equipment to start with ZT Mining?
No, ZT Mining’s cloud-based system eliminates the need for expensive hardware or specialized technical skills. It offers a simple setup and a user-friendly interface.
- How can I earn additional income with ZT Mining?
ZT Mining’s affiliate program allows users to earn commissions by referring new clients. Affiliates receive a 3.2% commission on referred investments and bonus rates for indirect referrals. Sharing your unique referral link on social media platforms can help you generate passive income.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
Crypto
Crypto miners must register with state and reveal power usage under new Texas rule
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Texas’ utility regulator on Thursday adopted a rule requiring cryptocurrency mining facilities connected to the state’s main electric grid to register with the state’s grid operator.
The rule, which was mandated by lawmakers in a 2023 bill, requires crypto mining facilities that consume more than 75 megawatts of power to tell the Public Utility Commission and the Electric Reliability Council of Texas, which oversees the state’s power grid, the facility’s location, ownership and electricity demand.
Crypto mining, which consumes vast amounts of power to run and cool its computers, has been growing in Texas, contributing to a surge in electricity demand across the state. The rule was designed to help the state see how much electricity crypto facilities will consume and protect the grid’s reliability.
“This is another example of the PUCT and ERCOT adapting to support a rapidly changing industrial landscape,” PUC Chairman Thomas Gleeson said in a statement. “Most importantly, we will always take the steps necessary to ensure reliable, affordable power for all Texans.”
Existing facilities must register by Feb. 1 and renew their registration annually. Companies must also provide each facility’s anticipated peak load for the next five years, in addition to the actual power the facility consumed in the prior year.
Failure to register could result in up to a $25,000 penalty per violation per day.
Crypto facilities are considered “large flexible loads” by state regulators, meaning they can adjust their power consumption quickly — such as powering off their computers when the grid is strained.
As of July, ERCOT estimated that crypto facilities on the main grid could use up to 2,600 megawatts of power — about the same amount of power used by the city of Austin. The state recently approved crypto mining facilities that are expected to use another 2,600 MW of electricity, and more are expected to locate in Texas soon.
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That growth, in addition to increasing interest in Texas from data centers, hydrogen production facilities and oil and gas companies that are electrifying their drilling operations largely concentrated in the Permian Basin, has driven ERCOT’s prediction that electricity demand in Texas could nearly double within six years.
Demand on the power grid hit a record of 85 gigawatts last year, which was the hottest ever recorded in the state. ERCOT experts now say demand could reach around 150 gigawatts by 2030.
Crypto
Bitcoin, Ether, XRP, and others: Cryptocurrencies to watch this week
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Crypto enthusiasts worldwide are eagerly watching, hopeful that Bitcoin will soon shatter the $100,000 barrier—a market milestone that would further cement its status in financial history.
The cryptocurrency has shown impressive momentum, gaining over 8% in the past week and continuing its upward trajectory.
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