Second-largest Ethereum Mining Pool to Suspend All Operations 0 40

The China based largest Ether mining company suspends its operations. SparkPool which owns more than 22% of Ether mining in China has decided to stop its operations. SparkPool is second only to Ethermine when it comes to extracting Ethereum.

SparkPool is the latest victim of Chinese crackdown. The world’s second-largest Ethereum mining organization has decided to shut down its operations in China. As of this writing, the business organizations have only restricted the access of its operations to the new users in China. Company’s official statement has said that this being taken as company is trying to adopt the new crypto environment within the country.

The company officials have also said that company will totally shutdown its operations not just in China, but also outside China. The company said that these measures were necessary to ensure the customer safety under the regulatory policy requirements. Moreover, the company’s officials have also criticized the negative approach adopted by the Chinese government towards the crypto market.

Chinese government on last Friday declared all sort of crypto related activities as illegal. SparkPool is not the only crypto related business company which has suspended its operations. Following the news two of the world’s biggest crypto exchnages Binance and Huobi have also suspended offering new accounts to the users from mainland China.

The company officials have said that they will share the detailed point of view via emails and newsletter. The company refused to give any immediate detailed response to the acts committed the Chinese regulatory authorities. Company also hinted that their legal team would talk about the matter with the Chinese authorities and willing to ensure that all legal requirements will be fulfilled.

Despite the fact that SparkPool has closed its worldwide mining operations. However, Ethereum blockchain is switching its business operations form proof-of-work consensus mechanism to a proof-of-stake model in 2022. This is the part of the company’s long term business policy in order to stay competitive in the market. This long-planned upgrade is also known as Ethereum 2.0.

Ethereum has already informed all the Ether miners once the upgrade plan is launched the mining will become obsolete. Hence, Ether miners will not have any other option left than to upgrade or stop mining. However, the upgrade is different thing. Crypto experts have labelled the current policy of Chinese government extremely cruel and harsh towards the crypto market. Some of the world’s renowned crypto exchnages have already said that they are ready to sit the with government’s officials to discuss the legal concerns and how to address them. But as of this writing, the response from the regulatory authorities and government officials is nothing but harsh.

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Sentenced ‘Bitcoin Czar’ Named Among Pandora Papers 0 9

Juts couple of days ago ICIJ published its new research about some of the world’s top leaders’ and influential peoples’ stories of financial misconducts.  The reports by ICIJ also argued that “Bitcoin czar” may have been the member of the Carbanak hacking group. The International Consortium of Investigation Journalists (ICIJ) have also discussed the crypto criminal in their new leaks called “Pandora Papers.’

The ICIJ’s Pandora Papers have claimed “Bitcoin czar” a famous criminal who masterminded the largest “cyberheist in history” own the offshore assets. However, the Pandora Papers also said that those offshore assets being managed by a third independent firm.

Pandora Papers have exposed how some of the world’s most influential people have hidden their wealth. Where those papers have exposed world’s top 300 politicians and businessmen. The report has also discussed the operations of hacker group Carbanak. The cybergang according to the reports have stolen around $1.24 billion from financial institutes and the digital crypto exchnages as well. The network operated over more than 100 countries from 2013 to 2017.

However, the most famous arrest of this network’s members came in 2018, when the authorities finally managed to arrest the master mind Denis Tokarenko (also known as Denis Katana), and many people have voiced that Pandora Papers indirectly called his name.

The reports published by the Bloomberg’s business research and network team concluded that at the time of Tokarenko’s arrest back in the month of March 2018, the Spanish National Police recovered 15,000 Bitcoin (BTC), worth $162 million from his possession. This is history’s biggest crypto scam till today.

The illegal approach adopted by the Tokarenko did not just end here. The Chief inspector of the Spanish police, Carlos Yuste also told the sources that Tokarenko also purchased a bitcoin mining system in China. He used his mining system to launder his illegal Bitcoins as well.

Despite the fact that Pandora Papers have not directly covered the crypto thefts and other cyber-attacks, but these papers have partially included the incidents from digital trading as well. This leads to the future possibility the ICICJ might decided to open up about the digital thefts and cybercrimes incidents as well.

But the fact is that Pandora Papers have provide quite the useful insight about the some of world’s most famous cyber-attacks on the recent time. If authorities decided to put investigate these facts, then there might be multiple people who find them behind the bar. The primary issue regarding the cyber-attacks culprits is that majority of them gets away because of the lack of the profs. The only notable person who was sent to prison on committing a cybercrime was former Rizal Commercial Banking Corporation employee Maia Santos Deguito.

Uzbekistani Citizens Warned Against the Use of Unauthorized Exchanges 0 9

The government of Uzbekistan has been quite proactive when it comes to the use of crypto exchanges. As most of you may know, there has been a fair bit of commotion in the crypto world and most of it exists because of the regulations being implemented by a large number of governments. While some people are not in the favor of these regulations, many people, including a large number of crypto experts believe that they will be quite handy.

This is because regulating crypto will ensure that people don’t have to worry about false transactions, scams, frauds, and a large number of other issues prevalent in the world of crypto. The government of Uzbekistan has been especially quite determined to eliminate crypto-related corruption in the country. One of the first steps that the country has taken is to make sure that people in the country steer clear from making transactions with unauthorized exchanges.

For those who don’t know, there are loads and loads of exchanges operating in Uzbekistan and other countries in the world. Sure, not all of them are unauthorized but you will be surprised to learn that a large number of them happen to not be authorized.  What makes things so complicated is the fact that knowing which exchange is legit and which one isn’t can be quite challenging. This is because most exchanges, if not all, look one in the same and it is difficult for people to tell them apart.

This is one of the main reasons why the government of Uzbekistan has stepped in and tried to take matters into its own hands. One of the main aims of this exchange is to make sure that people do not have to worry about checking which exchange they would choose to invest crypto in. Instead, the government has been helping people quite a bit by creating teams just for the purpose of checking these exchanges.

In addition to that, the Uzbekistani government has also issued a notice against unauthorized crypto exchanges, stating that using them could result in serious action. Upon checking some of the exchanges operating in Uzbekistan, it was learned that there were more than 5 of them that did not have their own offices in the country. Instead, research teams found out, after a thorough investigation that these unauthorized exchanges were operating from somewhere else.

This was enough to suggest that the government is indeed hard at work to steer clear from crypto corruption in the country. Because of this, governments of other countries have also become quite proactive in order to eliminate any sort of corruption to keep investors safe.

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