The US Department of Justice announced on Friday that the CEO of Mining Capital Coin, dubbed ‘MCC,’ a crypto mining
Crypto Mining
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Read this Term and investment platform, has been charged for allegedly orchestrating a $62 million global investment fraud scheme.
The indictment alleges that Luiz Capuci Jr. of Port St. Lucie, Florida, the CEO and founder of MCC, misled investors about the company’s cryptocurrency mining and investment program, under which investors could purchase ‘Mining Packages.’
MCC’s purported international network of cryptocurrency mining machines was touted by Capuci and his co-conspirators as being able to generate substantial profits and guaranteed returns by mining new cryptocurrency with investors’ funds.
In addition, Capuci touted MCC’s own cryptocurrency, Capital Coin, as a decentralized autonomous organization that was “stabilized by revenue from the biggest cryptocurrency mining operation in the world.” In the indictment, however, Capuci is accused of operating a fraudulent investment scheme and diverting investors’ money to cryptocurrency wallets under his control.
“Cryptocurrency-based fraud undermines financial markets worldwide as bad actors defraud investors and limits the ability of legitimate entrepreneurs to innovate within this emerging space. The department is committed to following the money — whether physical or digital — to expose criminal schemes, hold these fraudsters accountable, and protect investors,” Kenneth A. Polite, Jr., Assistant Attorney General of the Justice Department’s Criminal Division, commented.
‘Trading Bots’ in the Scheme
Moreover, according to the indictment, Capuci touts and fraudulently markets MCC’s purported “Trading Bots” as another investment method for cryptocurrency investors. Capuci stated that MCC collaborated with “top software developers from Asia, Russia, and the United States to develop an improved version of Trading Bots that was tested with new technology never seen before.”
Moreover, Capuci asserted that MCC’s Trading Bots were ‘very high frequency, capable of doing thousands of trades per second,’ and that each of MCC’s Trading Bots would generate daily returns for investors. As with the Mining Packages, however, Capuci allegedly engaged in investment fraud with the Trading Bots and was not, as he had promised, using the bots to generate income for investors, but diverting funds to himself and associates.
The US Department of Justice announced on Friday that the CEO of Mining Capital Coin, dubbed ‘MCC,’ a crypto mining
Crypto Mining
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Cryptocurrency mining is defined as the process through which the transactions of a digital currency are authenticated then published to blockchain. For every crypto transaction conducted, a crypto miner is in charge of authenticating the information which, if approved, is then updated in the blockchain. Currently, the most popular cryptocurrencies being mined are Bitcoin, Litecoin, Ethereum Classic, Monero, and DASH. How is Cryptocurrency Mined?The process of crypto mining itself involves the solving of complex mathematical equations through the application of cryptographic hash functions. The crypto miner who can solve the solution first can authorize that cryptocurrency transaction while also receiving small cryptocurrency payments in exchange for services rendered. Crypto mining is competitive, tedious, and generally requires that miners possess advanced computers with specialized hardware, increased processing power, and an unwavering internet connection. Electricity, cost of internet, and computing hardware make up the bulk of the expenses that affect the net revenue created through crypto mining. Most cryptocurrency miners generate no than a couple of dollars per day. To perform crypto mining, miners must possess computer hardware that is accompanied by a graphical processing unit (GPU) chip or an application-specific integrated circuit (ASIC). Recommended computer brands include both Windows and Linux since non-Windows systems tend to have a difficult configuration process. Once acquired, crypto miners must ensure that they have a constant internet connection, have a means to cool-off hardware, possess a legitimate cryptocurrency mining software.Miners also often require membership with both online mining pools and cryptocurrency exchanges.
Read this Term and investment platform, has been charged for allegedly orchestrating a $62 million global investment fraud scheme.
The indictment alleges that Luiz Capuci Jr. of Port St. Lucie, Florida, the CEO and founder of MCC, misled investors about the company’s cryptocurrency mining and investment program, under which investors could purchase ‘Mining Packages.’
MCC’s purported international network of cryptocurrency mining machines was touted by Capuci and his co-conspirators as being able to generate substantial profits and guaranteed returns by mining new cryptocurrency with investors’ funds.
In addition, Capuci touted MCC’s own cryptocurrency, Capital Coin, as a decentralized autonomous organization that was “stabilized by revenue from the biggest cryptocurrency mining operation in the world.” In the indictment, however, Capuci is accused of operating a fraudulent investment scheme and diverting investors’ money to cryptocurrency wallets under his control.
“Cryptocurrency-based fraud undermines financial markets worldwide as bad actors defraud investors and limits the ability of legitimate entrepreneurs to innovate within this emerging space. The department is committed to following the money — whether physical or digital — to expose criminal schemes, hold these fraudsters accountable, and protect investors,” Kenneth A. Polite, Jr., Assistant Attorney General of the Justice Department’s Criminal Division, commented.
‘Trading Bots’ in the Scheme
Moreover, according to the indictment, Capuci touts and fraudulently markets MCC’s purported “Trading Bots” as another investment method for cryptocurrency investors. Capuci stated that MCC collaborated with “top software developers from Asia, Russia, and the United States to develop an improved version of Trading Bots that was tested with new technology never seen before.”
Moreover, Capuci asserted that MCC’s Trading Bots were ‘very high frequency, capable of doing thousands of trades per second,’ and that each of MCC’s Trading Bots would generate daily returns for investors. As with the Mining Packages, however, Capuci allegedly engaged in investment fraud with the Trading Bots and was not, as he had promised, using the bots to generate income for investors, but diverting funds to himself and associates.
