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State of North Carolina shuts down a BTC, ETH and other crypto mining pool

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State of North Carolina shuts down a mining pool
Source: Wikimedia Commons

The State of North Carolina Department of the State of Secretary of State Securities Division has shut down the Power Mining Pool [PMP] for offering a sale of a security, acting as a securities dealer/ salesman/ agent, engaging in fraud and violating any other provisions of the North Carolina Securities Act.

Power Mining Pool [PMP] is a decentralized entity which allows the mining of seven cryptocurrencies 24 hours a day through all seven days. According to PMP website, the mining pool owns and operates computer software and hardware mining rigs. In addition, the mining rig can track the profit of all the coins and automatically switch resources away from the less profitable coins.

PMP mines cryptocurrency on behalf of the investors and profit from mining it. The investors are required to invest in Bitcoin [BTC] and set up an account on the website. Preceding which the mining pool pays the investors in fiat currency that they earn from mining and claim that investors are paid every three hours.

The mining pool isn’t registered under any jurisdiction and has no place of business apart from the website which was hosted by PrivacyGuadian.org. In addition, the people who managed the pool are also unidentified.

The Power Mining Pool was temporarily ceased on March 2nd due to an administrative petition which held allegations against the pool filed by the securities division field.

The State of Secretary of State Securities Division conducted an investigation on PMP to check if they are providing any securities which are in compliance with the North Carolina Securities Act but the division found that the mining pool was violating several acts.

Privacy Guardian provides hosting services for domain owners wish to be anonymous. The only way to get in touch with Privacy Guardian owners is by filling a form provided on their portal. The Securities Division of North Carolina shut down the PMP website by filling the form but no one has gotten in touch with the administrator regarding the Temporary cease and desist order.



Balajisi, a Redditor says:

“So now the website is gone off so what happens to our money with them? Gone”

In order to protect residents from the immediate and significant threat of irreparable harm, Power Mining Pool [PMP] will immediately cease and desist offering any kind of operations related to securities.





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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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