Texas regulators have, for some time now, viewed cryptocurrency investment schemes as a risk to Main Street investors and have continued to issue public warnings against possible crypto-related scams during the COVID-19 pandemic. The latest move from the Texas State Securities Board, or TSSB, is action, not words: an emergency cease and desist order against an entity misappropriating the Binance name. According to an announcement on Monday, the target of the order is a business claiming to operate from the United Kingdom, which has previously been subject to an advisory warning from securities regulators in the Philippines. They had already …

There is a running gag among many Texans that anytime someone drops a cup filled with ice, it’s enough of a reason to cancel school — major winter storms are so rare that authorities don’t often have the means to clear and salt icy streets. However, what happened last month in the Lone Star State was no joke. Millions of people experienced a week-long storm with sub-zero temperatures, many impassable streets, burst water pipes, and days without power. In mid-February, The Electric Reliability Council of Texas, or ERCOT, had been forced to shut down large areas of the state’s independent …

Though many Texans are still suffering in the aftermath of a winter storm that left millions without power and running water for days, it’s unlikely that the crypto mining farms in the state played much of a role during the crisis. Speaking to Cointelegraph, Kristy-Leigh Minehan, a mining consultant and chief technology officer of NEM Software, said Texas doesn’t currently have enough mining hardware in operation to cause significant problems in the power grid when compared with that of major regions like Sichuan. According to Minehan, German Bitcoin (BTC) mining operator Northern Data is likely the only one that could …

Enterprise blockchain platform Hedera Hashgraph has presented a proof-of-concept, or PoC, to the Texas Secretary of State, showing the potential of blockchain technology to issue, secure and verify documents. The PoC was a collaboration with content services provider, Hyland, and was spearheaded by trade association, the Texas Blockchain Council, who announced the venture on Jan. 11. It centers around a system for issuing electronic Apostilles. An Apostille is a method for verifying that the seals and signatures on documents issued by public authorities are authentic. An Apostilled document is recognized internationally as legally valid in the 118 countries who are …

A securities regulator in the United States, the Texas State Securities Board (TSSB), has detected another batch of alleged cryptocurrency scams. On Sept. 3, Texas Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order against two alleged crypto scam schemes known as Forex Birds and PEK Universe. The published order names Kumar Babu Bondesi and Darwin Eric Balusek as the alleged operators of the schemes. According to the TSSB, Balusek is also known under the nickname “Bitcoin Pope.” Operating abroad, the respondents are accused of fraudulent securities offerings tied to foreign exchange (forex) and cryptocurrencies, the authority …

Texas crypto miner operator Layer1 Technologies has been able to sell back its power supply for 8X the price. According to a Sept. 1 Bloomberg report, Layer1 reported nearly 700% profits from selling excess electricity from its 'Bitcoin Batteries' - large-scale energy storage systems used on the firm’s crypto farms in Texas. When the power demand for air conditioning is highest in Texas — where it’s regularly above 37 degrees Celsius (100 in Fahrenheit) in the summer — Layer1 reduces or stops crypto mining as needed to send any unused power back onto the grid during the day. The excess …

Everything is bigger in Texas, and now the state with the second-largest geographical area in the United States is aiming to prove that it can lead the way in blockchain innovation. While well-known companies like Hedera Hashgraph and Bitmain have already established a strong presence in Texas, the state has recently formed its own blockchain committee. Known as the Texas Blockchain Council, the organization was established as a trade association, or business league, serving as a nonprofit intended to make Texas a leader in national blockchain growth, education and business development. The council’s president, Lee Bratcher, told Cointelegraph that Texas …

The Texas State Securities Board has shut down the activities of a South African multi-level marketing scheme involving cryptocurrency investments in the state. In a recent statement, Securities Commissioner Travis J. Iles said that the company has duped investors into sending them Bitcoin (BTC), which would supposedly be transferred to unidentified forex brokers for automated trading using artificial intelligence. According to the statement, Mirror Trading International PTY LTD recruited unregistered salespersons to lure investors to invest money for a return of 10% per month. The salespersons were supposed to promote the scheme and onboard new investors and multilevel marketers to …

U.S.-based Bitcoin (BTC) mining datacenter operator Layer1 Technologies has deployed its mining containers as “Bitcoin Batteries” comprising large-scale energy storage systems. Layer1 asserts that its bitcoin batteries will help stabilize Texas’ seasonally volatile energy market by releasing electricity to meet demand. “By centralizing the consumption and release of multiple megawatts per data center container, Layer1’s Bitcoin Batteries stabilize national and local energy grids that frequently suffer from the demand shacks,” the firm stated. Bitcoin Batteries to stabilize electricity market With the installation of the Bitcoin Batteries, Layer1 co-founder and CEO Alexander Liegl claims the mining firm is “the first company …

The Texas State Securities Board (TSSB) has taken emergency action against cloud mining firm Ultra BTC Mining for issuing unregistered securities. The emergency cease-and-desist order was jointly filed against Ultra Mining by the TSSB and the Alabama Securities Commission on April 8. The securities regulators accused Ultra Mining of registration violations, fraud, failures to disclose key information relating to its operations, and misleading or deceptive statements. The regulators allege Ultra BTC Mining and its agent Laura Branch were running a "recession special” to prey on economically vulnerable Texans and had refused to verify a claimed $100,000 donation to help UNICEF …

The Texas securities regulator has continued its crackdown on cryptocurrency scams, spotting an alleged fraudulent crypto firm that made fake claims about COVID-19 donations. On April 8, the Texas State Securities Board (TSSB) issued an emergency cease and desist order against Ultra Mining, alleging that the crypto mining firm is involved in diverse illicit activities including purportedly fraudulent claims to double investors’ money. As specified in an official TSSB notice, the Texas action was brought jointly with the Alabama Securities Commission to stop the ongoing illegal offering. According to the order, Ultra Mining is promising some “eye-opening returns.” As such, …

The Texas State Securities Board (TSSB) has issued a warning on March 23 about crypto scams that have emerged in the wake of the COVID-19 pandemic. The report refers to different types of scam, among which are those related to crypto investments that promise high returns in the midst of the coronavirus crisis. Coronavirus-related scam methods Among other scams, one of the most common is called “pump and dump.” The sceme consists of fraudsters who, based on penny stock purchases, try to boost prices by sharing “positive” information that turns out to be fake. The method is to create fake …