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Author: Admin | 2025-04-28
The time being. - With the 2022 elections completed, Gov. Kathy Hochul’s is still holding off on signing a bill that will put a two-year hold on issuing and renewing air permits for cryptocurrency mining operations essentially putting a mining moratorium into effect in the state of NY.(8) In September 2021, a Suffolk County Center IT supervisor named Christopher Naples was charged with theft and misconduct for setting up 46 mining computers at the facility. The machines were hidden under the floorboards and it’s estimated that about $6,000 of electricity was stolen. Naples is facing up to 15 years in jail for the mining operation. It is still unknown how much crypto was mined during the time the machines were operating.(9) It is never a good idea to steal electricity to mine cryptocurrency. A better and safer way is to make a purchase through an exchange, like those outlined above. - Exchange Hacks and Crypto Scams in New York Despite the aggressive approach that the New York Attorney General has taken to crypto regulation and prosecution, some shady people have still attempted to make a quick buck off naive investors. Perhaps the biggest (alleged) crypto scam related to New York is the most popular stablecoin: Tether (USDT). The New York Attorney General, Letitia James, has brought a suit against Hong Kong-based iFinex Inc. - the operator of Bitfinex and the owner of Tether - alleging that the company printed up to $850 million in Tether to cover unreported losses.(10) This
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