• May 27, 2022

Former BitMEX CEO Arthur Hayes sentenced to 2 years probation

Former BitMEX CEO Arthur Hayes sentenced to 2 years probation

Arthur Hayes, former CEO of BitMEX, was sentenced to two years of probation, with house arrest for six months and location monitoring, in a New York federal court on Friday. Hayes pleaded guilty in February to anti-money laundering (AML) charges on the exchange.

Hayes, a longtime resident of Singapore, will have 30 days to decide where in the United States he will serve his home detention. After living in Asia for 14 years, Hayes recently bought a house in Miami. But his attorney said Friday that he doesn’t have a community in Florida and may want to conduct his home detention elsewhere.

With more than two dozen friends and family in the courtroom behind him, including his wife, mother and brother. The former CEO of BitMEX, told the judge that he took “full responsibility” for his actions.

“I deeply regret that I took part in this criminal activity,” said former BitMEX CEO. “My best years are yet to come… I’m ready to turn the page and start over. I ask you to allow me to return home, deeply repentant and able to begin the next chapter of my life.”

Judge John Koeltl of the U.S. Southern District Court UU. in New York he agreed that Hayes would be able to travel internationally after successfully completing his home detention period, communicating with his parole officer as needed via video call from his home in Asia.

China can’t seem to stop Bitcoin mining

Last week, the Cambridge Center for Alternative Finance (CCAF) at the University of Cambridge published an update to its Cambridge Bitcoin electricity consumption index. Which, in part, seeks to discover and share the breakdown of the geographical location of bitcoin miners globally.

The previous update from Cambridge showed that China’s share of mining went from 34.3% in June 2021 to 0.0% in July 2021, following a crypto mining ban in the country. Last week’s update showed that China’s share of mining went from 0.0% in August 2021 to… 22.3% in September 2021.

China banned bitcoin mining in May 2021 and it appeared in the data. In July, there were practically no miners in China. None in August either. Then, in September, almost all the miners who left returned. At least, that’s what the data shows.

More than 3,000 cryptocurrency miners of a Bit Digital partner are out of service after an explosion and a fire

New York-based cryptocurrency mining company Bit Digital reported that two of its hosting partners ceased operations on more than 4,800 computers following power outages at different facilities.

In a Thursday announcement, Bit Digital said a substation in Niagara Falls was damaged by “an explosion and subsequent fire.” Which forced its partner Blockfusion USA to disconnect 2,515 Bitcoin (BTC) miners and 710 Ether (ETH) miners on the site.

In addition, the mining company reported that its partner Digihost experienced a similar power outage at a facility in North Tonawanda, New York. Which caused the disconnection of 1,580 cryptocurrency miners.

According to Bit Digital, the damage caused by the explosion and fire did not directly affect any mining equipment, but only the substation that supplied electricity. In addition, the mining company did not suggest that any of its rigs were the cause of the accident, attributed to “faulty equipment owned by the power company,” and will seek reimbursement of lost revenue from cryptocurrency mining.

OpenSea launches the “Seaport” market protocol that allows the bartering of NFTs

The non-fungible token marketplace, OpenSea, has announced the launch of a Web3 marketplace protocol for “securely and efficiently buying and selling NFTs.”

In a Friday post, OpenSea said the marketplace protocol, dubbed Seaport, will give users the option to get NFTs by offering assets other than payment tokens like Ether (ETH).

According to the platform, a user “can agree to supply a number of ETH/ERC20/ERC721/ERC1155 items” in exchange for an NFT. Which implies the bartering of a combination of tokens as a payment method.

In addition, SeaPort users can specify what criteria – for example, certain features of the artworks of NFTs or pieces that are part of a collection – they want when making offers. The platform will also accept tips, as long as the amount does not exceed that of the original offer.