Weekly Report: BitMEX Founder Fined and More


Here are the top stories from last week in the field of cryptoährungen:

  • Pantera Capital intends to strengthen its Präsenz in India with scaled investments
  • Argo Blockchain’s Helios plant is now powered and is scheduled to start mining in the next week
  • The three co-founders of BitMEX were each ordered to pay a civil fine in the amount of 10 million USD
  • Rapper Ice Cube Supports Dogecoin and Spurs DOGE’s Biggest commercial Transaction in an NFTs purchase
  • California aims to create a comprehensive regulatory framework for Web3 Technology

Pantera Capital Doubles Funding for Crypto Firms in India

Crypto-focused hedge fund Pantera Capital has announced that it is increasing its investment push in India. According to Paul Veradittakit, a partner of the company, Pantera has completed around ten transactions in India, in particular the financing of the crypto exchange and trading platform CoinDCX.

Last month, CoinDCX raised $135 million in a Series D financing round under the management of Pantera Capital at a valuation of $2.2 billion. In conversation with the Economic Times sagte Veradittakit said that the round was part of a larger effort to promote investment in India. In addition to the fact that the macro factors in this region are a good sign for the introduction of crypto, the Pantera partner noted the rich developer talent available there.

Pantera Capital announced in a press release by Dan Morehead, CEO of Pantera Capital Blog Postthat CoinDCX was one of three Debüaunts of the newly launched Pantera Select Fund. The asset manager said that the Fund would focus on developed revenue-generating institutions. As the Fund is expected to commence and close this month, the current companies will receive approximately USD 20 million per fund.

In the next month, Pantera will also launch the $1.3 billion blockchain fund, which is far above the $600 million target.

Argo Blockchain Announces that Its Helios Facility Will Start Mining in the Next Week

Bitcoin miner Argo has begun building its flagship mining facility in Dickens County, Texas. Last week bestätigte the company that has supplied the farm with energy and is ready to start mining from the next week. Argo Blockchain bought a 320-hectare piece of land last July and managed to build a 200-megawatt plant in less than a year.

By the end of the year, Argo expects the facility to be able to achieve a total hashrate of 5.5 exahashes/second. This means that Argo Blockchain could produce almost 2.5 times the current hashrate. With additional power to come at a later date, Argo plans to bring 600 megawatts to its facility in Dickens County, a point at which they expect a total hashrate of 20 exahashes per second.

The mining farm will use Bitmain S19J Pro-rigs – Argo Blockchain has already bought 20,000 of these miners, and their installation is expected to run until September. The mining company also expects, after a Exchange agreement about 9,000 S19J Pro rigs will be delivered with Core Scientific. Texas is loved by miners for its crypto-friendly environment and abundant electricity supply.

U.S. Court Orders BitMEX Co-founder to pay $30 Million fine

On Thursday, the United States District Court for the Southern District of New York (SDNY) the three co-founders of the troubled BitMEX crypto exchange are subject to a civil fine in the amount of 30 million USD. Each of Arthur Hayes, Peter Delo and Samuel Reed was ordered to pay a fine of $ 10 million in consent payments for violating regulations on money laundering and illegal operation of a crypto trading platform – BitMEX.

BitMEX, its Gründer, and the US Commodities Trading and Futures Commission (CTFC) are embroiled in a long-running battle that will finally come to an end soon. The U.S. District Court is expected to issue a ruling in the coming weeks.

From February to March, the three co-founders all pleaded guilty to violating the Banking Secrecy Act and non-compliance with CTFC regulations. This marked the end of a legal dispute that has been ongoing since October 1, 2020, when the CTFC filed the lawsuit against BitMEX and its co-founders. The Börse has already been charged and ordered to pay a fine in Höhe from 100 million USD, after the CTFC had reached an agreement with it in August last year.

Rapper Ice Cube is a Dogecoin supporter

The traction of crypto currencies is increasing, and one push factor for this growth is mainstream acceptance. Public life personalities, including celebrities, have also shown interest in cryptocurrencies and crypto-related products such as NFTs and DAOs.

The jüngste substützer is the American rapper O’Shea Jackson Sr., popularly known as Ice Cube. The rap legend from the Westküste gründ the Big3 Basketball League in 2017, a 12-team ball completion that uses a three-on-three team instead of the traditional Fünf vs.Fünf team. Big3 launched interactive NFTs with the goal of connecting the league with the fans.

1000 NFTs are available to each team. There would be 25 Fire NFTs and 975 Gold NFTs for $5,000 and $2,500 respectively. The NFTs are trying to revolutionize the ownership model of the teams

With the NFT set to drop this month, Ice Cube took to Twitter to announce late last month that his fellow rapper Snoop Dogg had committed to buying. This is where Bill Lee came in and show be prepared to copy the collectors’ items as well. After the co-signature of Ice Cube – „Come on, Bill, you know that I’m with the Doge’s Army i’m done“ – lock the MyDoge chair made a purchase of 25 „Fire“-NFTs worth $ 600,000.

The deal was announced as the largest commercial exchange of DOGE in one transaction.

California Aims to Streamline Crypto Regulatory Scene

The Governor of California issued the Blockchain Executive Order on Wednesday sign. The directive qualifies the state as the first in the US to try to create a regulatory framework to define a suitable environment for Web3, to promote innovation and, ultimately, to protect users.

Governor Gavin Newsom said that the decision to eliminate the smoke around the regulations, with a similar Clarification voted for by Präsident Biden ü. Newsom notes that governments have lagged behind in the development of the past, especially in technology, and the Order should provide a solid foundation for the prosperity of companies and other users. The Director of the Governor’s Büros for Business and Economic Development, Dee Dee Myers, sagtethat one in four of the 800 blockchain companies in North America are located in California, and the regulations mean they could work more seamlessly.

In addition, the Blockchain Executive Order provides for the governor’s Office of Business and Economic Development to work with several other departments to create the framework for the regulation of this asset class. Stakeholders will work with technical experts, stakeholders, consumers and critics to develop an approach that harmonizes with state and federal laws.

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