As New York pursues efforts to ban proof-of-work (PoW) crypto mining, the attorney general reminded investors of the risks associated with investing in crypto. In an investor alert published Thursday, New York Attorney General Letitia James said that investors are “losing billions” in crypto. James highlighted that even digital assets that are well-known and traded in reputable exchanges can crash. Because of this, the attorney general is convinced that crypto investments create “more pain than gain” for investors. Apart from this, James urged New Yorkers to take extra caution when putting their money into crypto. Because of its volatility, the …

The New York State Senate approved a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state. The PoW mining ban bill was first passed by the state assembly in April. It aims to prohibit any new mining operations in the state for the next two years. Now, the bill is headed for the governor’s office, which, once approved, would make New York the first state in the United States to place a moratorium on cryptocurrency mining. PoW mining consensus is predominantly used by Bitcoin miners and is considered one of the …

So-called “no-loss lottery” decentralized finance (DeFi) platform PoolTogether has raised 470.90 Ether (ETH) via nonfungible token (NFT) sales to fund its legal defense against a putative class action lawsuit. That means PoolTogether is more than halfway to its goal to raise at least 769 ETH, worth roughly $1.5 million at the time of writing, to fight what it calls a lawsuit that has “no merit.” The platform has another 21 days to go before the NFT funding campaign ends. It noted on its NFT minting page that: “PoolTogether Inc. is a defendant in a putative class action lawsuit. A person …

Bringing closure to the long-awaited judgment related to the money laundering activities over the BitMEX crypto exchange, one of the four federal district courthouses in New York reportedly sentenced two-year probation and six months of home detention to founder and ex-CEO Arthur Hayes. Arthur Hayes, along with the other BitMEX co-founders Benjamin Delo and Samuel Reed, and the company’s first non-employee Gregory Dwyer, pleaded guilty to the Bank Secrecy Act (BSA) violations on Feb 24, admitting to “willfully failing to establish, implement, and maintain an anti-money laundering (“AML”) program at BitMEX.” Pleading guilty to supporting money laundering is a punishable …

New York-headquartered crypto mining firm Bit Digital reported two of its hosting partners ceased operations to more than 4,800 rigs following power disruptions at different facilities. In a Thursday announcement, Bit Digital said a substation in Niagara Falls was damaged by “an explosion and subsequent fire,” necessitating its partner Blockfusion USA to take 2,515 Bitcoin (BTC) miners and 710 Ether (ETH) miners offline at the site. In addition, the mining firm reported its Digihost partner experienced a similar cut in power to a facility in North Tonawanda, New York, resulting in 1,580 crypto miners going offline. According to Bit Digital, …

Despite being publicly endorsed by the respective mayors of both cities, MiamiCoin (MIA) and NewYorkCityCoin (NYC) have plunged 90% and 80% since their all-time highs. According to data from CoinGecko, the price of MIA has dropped 92% since its ATH of $0.055 on Sept. 20 to sit at $0.004 at the time of writing. While NYC’s value has fallen by 80% since its March 3 high of $0.006 to trade at $0.0014. With investors getting burned across many other crypto assets as of late, demand for MIA and NYC coins has almost completely dried up. Trading volume for the duo …

A crypto trader who defrauded over 170 people was sentenced to 42 months in prison on Wednesday for operating a series of cryptocurrency funds claiming to make big returns but in reality, were losing money and instead operated as a Ponzi scheme. The United States Department of Justice (DOJ) said that 25-year-old Jeremy Spence had solicited millions through false representations, “including that Spence’s crypto trading had been extremely profitable when, in fact, Spence’s trading had been consistently unprofitable.” Spence, who operated the social media channels for a crypto investment scheme called Coin Signals, was handed the decision by United States …

Crypto exchange FTX US has applied for a trust charter with the New York Department of Financial Services, or NYDFS, to operate in the state. In a Wednesday announcement, FTX US said it had applied to form a limited purpose trust company with New York's financial services regulator in an effort to offer its products and services to local users. Pending regulatory review and approval, the licensed trust will be run by Fidelity Investments veteran Marissa MacDonald, who will assume the role of chief compliance officer. .@FTX_Official is excited to announce that Marissa MacDonald is joining us as CCO of …

Townsquare Media, a New York-based digital marketing and radio station company, is the latest business to back the original cryptocurrency with its addition of $5 million worth of Bitcoin (BTC) to its balance sheet. A filing with the United States Securities and Exchange Commission (SEC) disclosing Townsquare’s purchase of Bitcoin was first picked up by Macroscope, a Twitter account that focuses on institutional trading, posted the find on Monday. In an SEC filing today, Townsquare Media (NYSE: TSQ), based in New York, stated: "During the first quarter of 2022, the Company invested an aggregate of $5.0 million in Bitcoin. The …

Last week, New York dominated crypto media headlines in very different ways. In New York State, the local Assembly voted in favor of the bill that would ban for two years any new mining operations that rely on proof-of-work (PoW) consensus mechanisms and use fossil fuel-generated energy. A temporary moratorium, which could be extended after the state’s Department of Environmental Conservation provides its assessments of the industry’s carbon footprint, marks the first major legislative attack on PoW mining on environmental grounds in the United States. The push mobilized the community — after digital asset advocacy groups rang the alarm on …

On April 26, the State of New York put itself at the forefront of the regulatory struggle with crypto, as its Assembly voted for a two-year moratorium on crypto mining operations that use energy generated by fossil-fuel power plants. Depending on how one looks at it, this development could either signal a new alarming legislative trend or a trigger that would accelerate the digital asset industry’s movement toward a more sustainable path. Moratorium with further evaluation The lower chamber of the NY state legislature, the Assembly, passed a bill that would put a two-year hold on any new mining operations …

New York City Mayor Eric Adams has hit out at his state’s BitLicensing regime, claiming that it stifles innovation and economic growth. In a closing keynote interview at the Crypto and Digital Assets Summit in London on Wednesday, Adams suggested his state legislature counterparts in Albany “listen to those who are in the industry” adding: “It’s about thinking not only outside the box, but on this one, we may have to destroy the box.” Adams is a crypto advocate who ran for mayor, planning to turn New York City into the “center of the cryptocurrency industry,” and took his first …