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Elizabeth Warren Explains Her ‘Anti-Crypto Army’ Stance; Waves of Democrats Oppose Her Bitcoin Criticism

Elizabeth Warren Explains Her ‘Anti-Crypto Army’ Stance; Waves of Democrats Oppose Her Bitcoin CriticismElizabeth Warren, the Democratic senator from Massachusetts, has recently launched a political campaign against cryptocurrencies as she seeks a third term in office in 2024. In a recent interview on “Meet the Press Reports” with NBC’s Chuck Todd, Warren likened buying bitcoin to “buying air.” Despite her stated distrust of banks, Warren told the show […]

Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next

Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure

Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank FailureBarney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong anti-crypto message.” Frank, who also serves as a Signature […]

Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next

Man faces arrest over alleged crypto mine hidden under a school

A former facilities worker in the U.S. state of Massachusetts is alleged to have stolen nearly $18,000 worth of electricity to run 11 miners in a school’s crawl space.

A former facilities worker who allegedly set up a secret cryptocurrency mining operation inside a Massachusetts school’s crawl space is due for arrest after missing a scheduled court hearing to answer to charges. 

Nadeam Nahas was scheduled to be arraigned on Feb. 23 facing charges of vandalizing a school and fraudulent use of electricity, according to media reports.

A default warrant is a type if warrant issued by courts when a person fails to appear in court or comply with an order, and authorizes law enforcement officers to arrest the person.

Nahas, who is said to have previously worked in the facilities department for the town of Cohasset, Massachusetts, United States, is alleged to have stolen electricity worth almost $18,000 in order to power his crypto mining operation in 2021, between April 28 and Dec. 14.

Local police were reportedly initially informed about the operation in December 2021 after Cohasset’s facilities director noticed computers, wiring and ductwork that seemed out of place given they were in a crawl space near the school’s boiler room.

A total of 11 computers were found there, and Nahas was identified as a suspect after a three-month investigation.

Nahas resigned from his position with the town of Cohasset in March.

Related: The economics of cryptocurrency mining: Costs, revenues and market trends

It is certainly not the first time someone has been charged with stealing electricity in order to mine cryptocurrency.

In July 2021, Malaysian officials destroyed $1.2 million worth of Bitcoin (BTC) mining rigs that were confiscated from residents who were stealing electricity to mine.

A year prior, in August 2020, Bulgarian authorities arrested two men for illegally siphoning off more than $1.5 million in electricity to operate two crypto mining farms.

Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next

Former Cohasset High School Employee Accused of Stealing Thousands in Electricity to Mine Bitcoin in School Campus Crawlspace

Former Cohasset High School Employee Accused of Stealing Thousands in Electricity to Mine Bitcoin in School Campus CrawlspaceA former school assistant facilities director in Cohasset, Massachusetts, has been accused of operating a cryptocurrency mining operation inside a crawlspace at Cohasset High School. The Cohasset Police Department alleges that Nadeam Nahas stole nearly $18,000 in electricity to power the crypto mining scheme. Former Cohasset School Employee Faces Charges for Electricity Theft in School […]

Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next

Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs

Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining RigsThe Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan […]

Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas Emissions

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas EmissionsOn Dec. 8, 2022, three Democratic politicians from Massachusetts, Oregon, and California revealed legislation aimed at combatting “energy-intensive” cryptocurrency mining operations. The bill introduced by senator Ed Markey (D-MA) alleges that crypto mining “strains the grid” and the industry “undermines U.S. climate goals.” 3 U.S. Bureaucrats Believe Crypto Miners Need to Report Carbon Emissions and […]

Uniswap, the SEC and Regulatory Riptide – What DeFi Must Do Next