Multimillion Scam Busted In South Korea

Many people were indicted on embezzlement charges and some top investors are on the run and have been put on an Interpol wanted list
20 December 2017   493

South Korean authorities on Wednesday indicted over two dozen people associated with a cryptocurrency operation for their involvement in a multimillion dollar scam. The large-scale fraud scheme was being run by Mining Max, a cryptocurrency company that has a mining farm in Seoul.

The suspects, which include the company’s chairman and vice chairman, are accused of embezzling about $250 million from 18,000 investors in 54 countries, including the United States, South Korea, China and Japan. Many people were indicted on embezzlement charges but were not detained and some top investors, are on the run and have been put on an Interpol wanted list.

Prosecutors also believe only about $80 million of the investors' money was spent on buying equipment to mine cryptocurrency with the rest of it being used by the management for personal enrichment or to reward the top investors. About $110 million is thought to have been stashed in offshore bank accounts.

Mining Companies Approached Quebec

Miners are hoping to take advantage of Canadian electric utility Hydro-Quebec cheap rates
17 February 2018   107

During an interview with CTV News Montreal, spokesman Marc-Antoine Pouliot told that more than 100 crypto mining companies approached Hydro-Quebec. Few of them have already settled there.

According to Pouliot, some farms would consume more than 20x the power required for Montreal's sports and entertainment complex, The Bell Centre.

One project like that isn't a problem, but now we're talking hundreds.

Marc-Antoine Pouliot

Spokesman

Hydro-Quebec is attracting mining companies to the province with its low rates, but the cheap energy and cold weather - ideal for keeping mining machines cool.

Pouliot stated that Hydro-Quebec has a surplus of energy, which makes miners interesting clients. Taking this into account, Hydro-Quebec may raise energy rates for crypto businesses.