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☆ Crypto scam: Inside the billion-dollar ‘pig-butchering’ industry
▼ + stars: | 2023-11-23 | by ( Reuters Graphic | ) www.reuters.com time to read: +11 min

Of that, at least $9.1 million came from a crypto wallet that U.S. blockchain analysis firm TRM Labs said was linked to pig-butchering scams. Neither did the Thai government, the Thai police or the Bangkok-based trade group Wang represented, the Thai-Asia Economic Exchange Trade Association. The crypto account registered to Wang was held at Binance, the world’s largest crypto exchange, according to three blockchain analysis firms. In April, the U.S. Department of Justice said it seized about $112 million worth of crypto linked to pig-butchering scams, without identifying suspects. The crypto account in Wang’s name was registered in November 2020, according to the financial records Reuters reviewed.

Persons: Wang Yicheng, Wang, Emma, Lisa Wolk, Erin West, Jessica Jung, West, “ I’ve, Jeremy Douglas, Binance, Bitmain, ” Organizations: Thai, Reuters, TRM Labs, Asia Economic Exchange Trade Association, U.S . Federal Bureau of Investigation, Secret Service, FBI, Secret, Global, U.S . Department of Justice, U.S . Treasury, United Nations Office, Drugs, Workers, KK Park, Commerce Company, Cultural Exchange Center, Overseas, United, Washington, Cultural Exchange Locations: California, Bangkok, Thai, Asia, Southeast Asia, U.S, Binance, United States, Thailand, China, Myanmar, KK, Ningbo, China’s, Xiamen

☆ Uncle Sam provides shaky base for Caterpillar
▼ + stars: | 2023-10-31 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

The $500 billion U.S. infrastructure spending bill, passed in late 2021, helped lift the firm’s third-quarter profit 41% from a year ago. As with other sharp pullbacks after government-supported pandemic spending, Caterpillar will prove that counting on federal aid isn’t a viable business model. And the construction firms that order from Caterpillar appeared to step back, with the company's backlog of deliveries falling $2.6 billion in the third quarter. The U.S. CHIPS Act set aside $39 billion to help build semiconductor factories, leaving more money for construction firms and, in turn, Caterpillar. Umpleby may be benefitting from Uncle Sam now, but before long Caterpillar will have to fend for itself.

Persons: Michaela Rehle, James Umpleby, Joe Biden’s, EBITDA, Uncle Sam, Lauren Silva Laughlin, Sharon Lam Organizations: Construction Machinery, Machines, Mining Machines, Construction Vehicles, REUTERS, Rights, Reuters, Caterpillar, U.S . General Services Administration, Siemens, Cummins, LSEG, Thomson Locations: Munich, Germany, Texas, China, U.S

☆ Bitcoin miners beef up Texas operations ahead of extinction-level event, exclusive data shows
▼ + stars: | 2023-09-26 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Bitcoin miners are barreling toward the "halving" — a major market-making event that some fear will be a death knell to many in the industry. "We're taking a long-term bet on bitcoin and on the fact that bitcoin mining will survive and will bounce back even stronger." Texas has grown to dominate bitcoin mining partly because of support from local authorities and the operator of the Texas energy grid, ERCOT. Even during the bear market, Texas miners are building out, buying new sites and fresh fleets of hardware. The mining company was spun off from Chinese bitcoin mining giant Bitmain and went public via SPAC earlier this year.

Persons: Kevin Zhang, Jihan Wu, Bitmain, Kevin Zhang Crypto, He's, China — he's, Zhang, bitcoin, Barry Silbert's, Foundry's, —, Chad Harris, ERCOT, Nic Carter, Shaun Connell, Brad Jones, Brandon Arvanaghi, Jason Les, Navarro, Les, hashrate, Morgan, Bitdeer Organizations: Foundry, Mining, CNBC, U.S, Riot, Cipher Mining, Georgia, Securities Exchange Commission, JPMorgan Chase Locations: Sweden, Republic of Georgia, China, America, Beijing, Shenzhen, Montana, North America, Texas, Wyoming, New York, United States, U.S, . Texas, Castle, Rockdale, Austin, Milam, Odessa , Texas, Minden , Nebraska, , Texas, New Hampshire, Pennsylvania, Nebraska, North Carolina , Kentucky , Oklahoma, Washington

☆ Standard Chartered sees upside to its 2024 bitcoin target of $100,000
▼ + stars: | 2023-07-10 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

"We previously predicted that this driver would add USD 10,000 to the bitcoin price," he added. BTC.CM= YTD mountain Bitcoin (BTC) this year Miners decide how much of the new supply of bitcoin (900 bitcoins a day) reaches the market, depending on their profitability. If they're more profitable per bitcoin mined, they can sell less while maintaining cash inflows. Miners have three sources of cash: selling bitcoin, selling equity or borrowing. Kendrick's analysis is based on estimates of cash costs per bitcoin mined, drawn from mining companies' quarterly earnings filings.

Persons: Bitcoin, Geoff Kendrick, — CNBC's Michael Bloom Organizations: Chartered, BTC, Standard Chartered, Miners

☆ Some US Caterpillar workers plan possible strike once contract expires
▼ + stars: | 2023-02-28 | by ( Bianca Flowers | ) www.reuters.com time to read: +2 min

REUTERS/Michaela RehleFeb 28 (Reuters) - Union workers at four Caterpillar Inc (CAT.N) U.S. facilities have threatened to strike for wage increases, improved safety measures and better healthcare benefits once a six-year labor contract expires this week. "We've been losing every contract for decades - the 2017 contract was nowhere near what we needed," the statement read. In January, union workers at the four Caterpillar facilities voted almost unanimously to authorize a strike, according to one local union's Facebook page. However, the Irving, Texas-based company said on its website that it will "continue to operate our facilities" with management and contract workers. A short supply of workers, experts said, has given unions bargaining power to negotiate better contracts.

WASHINGTON, Nov 21 (Reuters) - Two Estonian citizens were arrested in Tallinn, Estonia, on an 18-count indictment for their alleged involvement in a $575 million cryptocurrency fraud and money laundering conspiracy, the U.S. Justice Department said on Monday. They also made victims invest in a virtual currency bank called Polybius Bank, which in reality was not a bank and never paid out the promised dividends, the Justice Department said. "The size and scope of the alleged scheme is truly astounding," said Assistant Attorney General Kenneth Polite Jr of the Justice Department's criminal division. "U.S. and Estonian authorities are working to seize and restrain these assets and take the profit out of these crimes." The money laundering conspiracy allegedly involved at least 75 real properties, six luxury vehicles, cryptocurrency wallets, and thousands of cryptocurrency mining machines, according to the department, which said the case was probed by the FBI.

☆ This 22-year-old survives Lebanon with a bitcoin mining business that's been earning $20,000 a month
▼ + stars: | 2022-11-08 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +18 min

Against this backdrop, Abu Daher jumped into the crypto mining business a little over two years ago. Zoom In Icon Arrows pointing outwards Ahmad Abu Daher repairing mining equipment in the basement of a home in Zaarouriyeh. Ahmad Abu DaherIt has been 26 months since Abu Daher first set up shop, and he says that business is thriving. watch nowBuilding a bitcoin mining businessAbu Daher had a few black swan events on his side soon after he broke into crypto mining. In January, police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process.

☆ Bitcoin-Mining Machines: For Sale on Deep Discount
▼ + stars: | 2022-11-05 | by ( Paul Vigna | ) www.wsj.com time to read: 1 min

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A bitcoin representation is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. "Bitcoin miners have continued to watch margins compress - the price of bitcoin has fallen, mining difficulty has risen and energy prices have soared," said Joe Burnett, head analyst at Blockware Solutions. That's put serious pressure on some players who bought expensive mining machines, or rigs, banking on rising bitcoin prices to recoup their investment. Shares of Marathon Digital (MARA.O), Riot Blockchain (RIOT.O) and Valkyrie Bitcoin Miners ETF (WGMI.O) have sunk more than 60% this year, for example, while crypto-mining data center operator Compute North filed for bankruptcy last week. "From managing their balance sheet, processing units and energy costs, miners will look to stay afloat regardless of current market conditions," he added.

☆ Block CFO Amrita Ahuja breaks down the company's long-term growth strategy and how it positions itself for success
▼ + stars: | 2021-12-14 | by ( Lily Katzman | ) www.businessinsider.com time to read: +6 min

Its CFO, Amrita Ahuja, told Insider about how cryptocurrency is influencing its financial growth. Block is a global technology company focused on financial services that includes the digital payments company called Square. This is positive news for Block Chief Financial Officer Amrita Ahuja. Ahuja said this financial statement put Block in a position for long-term success. This is in addition to the development of Block hardware wallet, a product that Block says will normalize bitcoin storage.

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