Bitmain Lawsuit Seeks Millions from Staffers Who Founded Rival Mining Pool

The Takeaway Bitmain is suing three former employees who started Poolin, a rival to the chip manufacturer’s BTC.com mining pool. The company is seeking $4 million in damages, alleging the Poolin co-founders violated their non-compete agreements; The former employees say Bitmain voided the non-compete by failing to pay them on time as agreed. The case offers…

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FINRA Fines Ex-Merrill Lynch Investment Adviser Over Crypto Mining Sideline

U.S. self-regulatory organization, the Financial Industry Regulatory Authority (FINRA), has fined and suspended an investment adviser over undeclared cryptocurrency mining activities. According to a letter of acceptance, waiver and consent published by FINRA on June 10, Kyung Soo Kim had been working at Merrill Lynch and was registered with the watchdog as a general securities representative through the firm…

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Major Pan-African Insurance Firm Rolls Back Insurance for Crypto Mining Equipment

Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry. Pan-African insurance company Old Mutual has opted out of insuring cryptocurrency mining equipment due to the absence of regulation in the industry, local technology-focused new outlet ITWeb reported on June 10. Following comprehensive…

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New Malware Campaign Spreads Trojans Through Clone Crypto Trading Website

Twitter user and malware researcher Fumik0_ has discovered a new website that spreads cryptocurrency malware, according to a report by Bleeping Computer on June 5. According to the report, the host for transmitting these viruses is a website that imitates the website for Cryptohopper, a website where users can program tools to perform automatic cryptocurrency…

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Chinese Authorities to Investigate Illegal Mining Farms at ‘Global Mining Capital’ Sichuan

The state authorities of China’s Sichuan province will investigate local bitcoin (BTC) mining farms that have been allegedly been built illegally, local media agency Sina reports on May 30. Located at the bitcoin “global mining capital” of Sichuan, the bitcoin mining farms with over 30,000 bitcoin mining machines have been reportedly constructed without an official…

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