Novogratz Raised $250M For New Crypto Bank

One of the first investor of Galaxy Digital is founder and CEO of Foxconn
08 February 2018   447

Former fund trader for Wall Street, billionaire and crypto enthuisiast Mike Novogratz raised $250M for hiis new enterprise - a cryptocurrency investment venture dubbed Galaxy Digital. This is reported by Coindesk.

New company will enable to trade and manage cryptocurrency assets and offer consultancy services to blockchain startups.

According to Economic Daily News from Taiwan, founder and CEO of Foxconn is one of investors with $18m investment.

According to report, investors are likely to buy the Galaxy Digital's shares. This will allow Novogratz's firm to be listed on a Canadian stock exchange without disclosing its financials.

Mike Novogratz left Fortress Investment Group LLC in 2015 after the macro fund he managed lost money.

Month after Novogratz formally unveiled the plan of launching Galaxy Digital on Jan. 9. Yet the venture announced at the time it will not offer any services to U.S. residents.

Miners Arrested in 2 Chinese Cities For Power Theft

Six people were detained in Tianjin and two in Wuhan
25 April 2018   58

Bitcoin miners were arrested in two Chinese cities on charges of stealing electricity. This is reported by CoinDesk.

In the first case, 6 people were detained in Tianjin. The suspects used 600 devices for mining bitcoins that were connected to a local substation. The police claim that the connection was made bypassing the counters.

The investigation was initiated after one of the electric power companies discovered a discrepancy between the actual and claimed consumption of electricity.

The police seized all equipment for mining, as well as 8 powerful fans.

Events are taking place while China continues to play a dominant role in the mining of bitcoin, despite the pressure on the cryptocurrencies. As Xinhua notes, this case of electricity theft turned out to be the largest in recent years.

According to another report, which appeared today on the website of the Supreme Prosecutor of China, two more suspects were detained in Wuhan. They also stole electricity.

The detainees used empty stores since March 2017 to house miners and did not pay for electricity, as did the defendants from Tianjin.