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New Zealand Mosque Gunman Brenton Tarrant Got Rich from BitConnect

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🔥🌡️BitConnect appears in the spotlight again after it turned out that the New Zealand mass shooter never profited off the infamous crypto scam 🤔💣
New Zealand Mosque Gunman Brenton Tarrant Got Rich from BitConnect
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Brenton Tarrant, the 28-year-old Australian man behind the terrorist attack in two New Zealand mosques, appeared to be a BitConnect investor. Tarrant sent shockwaves around the globe after shooting 49 people with 20 more victims being severely injured.

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Profiting off BitConnect

Tarrant, who live-streamed the video of the shooting on his Facebook page, also shared his 74-page manifesto called ‘The Great Replacement’ where he outlines his ideology (he describes himself as an ‘eco-fascist’). On the very first page of this dossier, Tarrant revealed that he profited off BitConnect, which is the biggest crypto-related Ponzi scheme. He used the money that he earned from BitConnect to travel.

The biggest crypto scam

BitConnect was a high-yield investment program (HYIP) that enjoyed immense popularity in 2017. BCC, its native token, even appeared among the top 10 cryptocurrencies during the peak of the bull market (the coin’s market cap reached a staggering $2.6 bln). However, the bubble quickly popped after BitConnect was hit with multiple lawsuits.

BitConnect

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As U.Today reported earlier, the FBI is asking the victims of this Ponzi scheme to come forward.

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David Dinkins

Genesis Mining Hit With Cease & Desist Order by South Carolina Regulator, Major Implications

In a move that will have far-reaching implications for the entire cloud mining sector, the state of South Carolina ordered Genesis Mining to cease and desist
Genesis Mining Hit With Cease & Desist Order by South Carolina Regulator, Major Implications
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Genesis Mining and its partner Swiss Gold Global have been ordered by the state of South Carolina to cease and desist offering its cloud mining contracts to residents of the state. The Securities Commission of South Carolina considers cloud mining contracts to “constitute investment contracts and are thus securities.” Since neither Genesis Mining nor Swiss Gold Global have registered with state regulators to sell securities, they have been ordered to cease such actions and are permanently banned from offering securities to South Carolina residents.

The order

The Securities Commission writes:

"At all times relevant to this order, Respondent Genesis Mining continuously offered investment opportunities in Mining Contracts to South Carolina residents through its website. At no time relevant to the events stated herein was Respondent Swiss Gold Global registered with the Division as a broker-dealer, and no exemption from registration has been claimed by Respondent Swiss Gold Global."

Other states

In the absence of clear federal regulations or enforcement actions by national authorities, US states are becoming more aggressive in regulating crypto-related companies. Texas, in particular, has begun aggressively issuing cease and desist actions against cryptocurrency-related firms whose offerings appear to violate securities laws. Most notably, Texas banned BitConnect from dealing with residents of the state, leading to a massive loss of value for the BitConnect token (BCC).

What is cloud mining?

Cloud mining is the act of renting mining power (hashpower) from a provider, rather than owning the mining equipment itself. Mining uses a great deal of energy and requires a great deal of cooling. The needed fans, or air conditioning units, for larger operations, make a great deal of noise and require even more energy. For this and other reasons, it’s not always practical to run mining equipment out of one’s own home.

A cloud mining firm such as Genesis Mining or HashFlare sets up a number of miners in an actual data center, with adequate cooling and bandwidth, in a place with inexpensive electricity. They then lease a small portion of their mining operation to you, in return for a fixed payment. The hash power you rent will be devoted to mining the cryptocurrency of your choice (usually selected from a limited menu of options) and you will receive the currency mined from your fractional share of the operation.

Far-reaching

South Carolina’s ruling makes things a great deal more challenging for the entire cloud mining sector. It’s hard to see how regulators could order Genesis Mining to cease and desist without issuing similar orders to HashFlare and other cloud mining providers. If other jurisdictions, either US states or entire nations, follow suit declaring cloud mining agreements to be securities, then the entire cloud mining industry could quickly crumble.

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