New Jersey Attorney General Matthew Platkin announced Feb. 3 that the Bureau of Securities ordered three websites to stop offering fraudulent cryptocurrency investment schemes, also known as “pig butchering.”
The Attorney General’s office says that “pig butchering” is a common scheme where fraudsters fatten victims up before swindling all of their funds. The scams often begin with perpetrators using social media to lure victims in through either a romantic relationship or friendship before convincing them to invest in phony investments, then falsely claiming the initial investment grew significantly. The fraudsters then ask for more money and demand multiple fees to withdraw the funds, which are never refunded to the victims.
These types of scams are rapidly becoming more popular across the country, causing an estimated $429 million in losses in 2021.
The Bureau found that three entities – Meta Capitals, Cresttrademining Ltd. and Forex Market Trade – engaged in fraud in connection with the offer and sales of securities on their websites.
Officials says the conduct included omitting or misrepresenting that fees or changes would be imposed before investors could withdraw their funds; omitting material facts to potential investors; and posting bogus testimonials from clients.
“These scammers build up a sense of comradery between them and their victim – all to squeeze every cent they possibly can out of these people with promises of huge returns on investments,” said Platkin. “We are working around the clock to protect the victims of these types of scams and to show these scammers our laws still apply in cyber space.”
Cari Fais, acting director of the Division of Consumer Affairs, said it is despicable to take advantage of people who are simply looking to invest in their future.
“With these enforcement actions, the Bureau is making it clear that it will pursue scammers who prey on people’s trust,” said Fais.
On the lookout
Officials are also offering some tips on how to avoid “pig butchering” scams including:
Never respond to unsolicited messages from unknown contacts
Never send funds to or invest based solely on the recommendation of a social media relationship
Be wary of investments promising high returns with no-risk or guarantees
Watch out for platforms and domain names impersonating legitimate financial institutions
Never be rushed into an investment by the threat of a “limited time only” offer
Verify the identity of anyone who offers to sell you an investment and research the investment they are offering
“Even the savviest of investors can have a hard time recognizing fraud when it’s being perpetrated by someone for whom they have a romantic interest,” said Amy Kopleton, chief of the Bureau of Securities. “This makes social media sites appealing to scammers as they know it is easier to scam someone who thinks they are in a relationship. To try to prevent New Jersey residents from becoming victims, the Bureau is raising public awareness of these schemes and educating investors on how to avoid scams.”
The start of the new year came with two major developments to a story that NJBIZ extensively chronicled in 2022: the ongoing bankruptcy case involving Celsius Network LLC.
On Jan. 4, Judge Martin Glenn, chief justice of the U.S. Bankruptcy Court for the Southern District of New York, issued a ruling that will have enormous ramifications for Celsius customers who were locked out of accounts, as well as potentially setting precedent for future crypto sector bankruptcy cases.
In a 45-page decision, Glenn ruled that funds deposited into high-interest bearing Earn Accounts belong to the company’s bankruptcy estate — not Celsius customers.
As of July 2022, there were some 600,000 Earn Accounts, holding around $4.2 billion in value, including $18 million in stablecoins, which Glenn wrote that he believed Celsius should be able to sell in order to fund administrative costs for the next few months.
State regulators and the U.S. Trustees have opposed such a sale.
In explaining the ruling, Glenn described the issue of ownership of these assets as a contract law issue, and regarded these account holders as unsecured creditors in this bankruptcy process — meaning they are owed money, but just how much they will recover remains to be seen.
“The Court finds that there was a valid contract between Celsius Account Holders and Celsius and that the contract terms unambiguously transferred all right and title of digital assets to Celsius,” the verdict stated.
The ruling could dramatically shape future cases in how these types of interest-bearing accounts are viewed versus conventional wallets and accounts, as well as highlighting how central the Terms of Service of particular crypto platforms are to future bankruptcy proceedings.
Wallets have typically been treated by crypto platforms as belonging to its customers.
‘A path of financial ruin’
Meanwhile, on Jan. 5, New York Attorney General Leticia James announced a civil lawsuit against Alex Mashinsky, the embattled former CEO and co-founder of Celsius.
The lawsuit alleges that Mashinsky defrauded hundreds of thousands of investors – including more than 26,000 New Yorkers – out of billions of dollars worth of cryptocurrency, accusing him of repeatedly making false and misleading statements about the safety of Celsius to entice investors to deposit billions of dollars in assets onto the platform.
“As the former CEO of Celsius, Alex Mashinsky promised to lead investors to financial freedom but led them down a path of financial ruin,” said James. “The law is clear that making false and unsubstantiated promises and misleading investors is illegal. Today, we are taking action on behalf of thousands of New Yorkers who were defrauded by Mr. Mashinsky to recoup their losses.”
James said she is seeking to:
permanently bar Mashinsky from engaging in any business relating to the issuance, offer, or sale of securities or commodities in New York
stop him from serving as a director or officer of any company doing business in New York
secure disgorgement of any proceeds derived from Mashinsky’s “unlawful conduct,” as well as damages and restitution for investors
Mashinsky has not put out any statement or public comment in response to the lawsuit.
The former CEO was very much the public face of Celsius until he stepped down in late September. In his resignation letter, he reiterated his support to “provide the best outcome for all creditors.”
“I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing,” Mashinsky wrote at the time. “Since the pause, I have worked tirelessly to help the company and its advisors put forward a viable plan for the company to return coins to creditors in the fairest and most efficient way. I am committed to helping the company continue to flesh out and promote that plan, in order to help account holders become whole.”
A motion hearing will be held Jan. 10 to determine when Celsius creditors can submit their claims by.
Celsius was given an extension until Feb. 15 to submit a detailed Chapter 11 reorganization plan on how it will maximize the recovery and value for creditors and shareholders.
That action came less than a month after the platform halted withdrawals.
Two weeks ago, BlockFi filed a motion in U.S. Bankruptcy Court for the District of New Jersey to allow customer withdrawals, which are still currently frozen on the platform. A hearing on that motion is set for Jan. 9.
For the BlockFi bankruptcy, Newark-based Genova Burns will work with the national bankruptcy and cryptocurrency groups at Brown Rudnick LLP, primary counsel to the creditor’s committee.
Daniel Stolz, chair of Genova Burns’ Bankruptcy, Reorganization & Creditors’ Rights practice, said the firm is honored to be retained in this landmark Chapter 11 case.
“Our team is looking forward to working diligently to provide creditors of BlockFi with the largest possible recovery,” said Stolz.
“This is another step towards firmly establishing Genova Burns as a key player in the bankruptcy and restructuring space, and as an emerging player in the world of cryptocurrency disputes,” added James Burns, managing partner of Genova Burns, in a statement.
The crypto collapse continued Nov. 28 as Jersey City’s BlockFi announced that it had sought bankruptcy protection.
The Chapter 11 filing in New Jersey comes amid an industry-wide downturn and on the heels of FTX’s dramatic fall, which has affected BlockFi’s business. The company said the purpose is to stabilize its businesses and provide an opportunity to consummate a restructuring that maximizes values for its clients and stakeholders.
“As part of its restructuring efforts, the company will focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities,” BlockFi said in a statement announcing the move. “Due to the recent collapse of FTX and its ensuing bankruptcy process, which remains ongoing, the company expects that recoveries from FTX will be delayed.”
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the company,” said Mark Renzi of Berkeley Research Group, the company’s financial advisor. “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and stakeholders.”
It also follows a transactions pause, which remains in place, announced two weeks ago with the cryptocurrency lender acknowledging that the company has significant exposure to FTX.
“We know the past few days have been incredibly difficult for you,” BlockFi wrote in a letter to clients on Nov. 14. “We are deeply saddened to see the devastation that is cascading across an industry that we love and believe in, touching the lives of so many people. Our top priority remains doing the best we can for our clients.”
BlockFi said its filing included a series of customary motions to allow it to continue operating its business, including requests to pay employee wages and continue employee benefits without disruption, to establish a Key Employee Retention Plan to ensure the company retains trained internal resources for business-critical functions during this process. The company also initiated an internal plan to considerably reduce expenses, including labor costs.
In its filing, the company said it had more than 100,000 creditors and liabilities and assets ranging from $1 billion to $10 billion. BlockFi has $256.9 million in cash on hand, which the company expects to provide sufficient liquidity to support certain operations during the process.
Haynes and Boone LLP, Kirkland & Ellis LLP and Cole Schotz PC are serving as counsel in the proceedings; Moelis & Co. and Berkeley Research Group are providing financial advice. C Street Advisory Group LLC is serving as strategic restructuring and communication advisor to BlockFi.
“Since the pause, our team has explored every strategic option and alternative available to us and has remained laser-focused on our primary objective of doing the best we can for our clients,” BlockFi leaders wrote in a letter to clients Monday. “Rest assured, we will continue to work on recovering all obligations owed to BlockFi as promptly as practicable.”
The company said those obligations from counterparties include an outstanding loan of $275 million to FTX US.
“Acting in the best interest of our clients is our top focus and continues to guide our path forward,” BlockFi wrote on Twitter.
Acting in the best interest of our clients is our top focus and continues to guide our path forward. Chapter 11 is a transparent process and we will continue to communicate with our clients to ensure they hear directly from us.
The U.S. Bankruptcy Court for the Southern District of New York last week approved a deadline for customers of Hoboken-based Celsius Network to file proofs of claim as bankruptcy proceedings continue.
Customers of the bankrupt crypto lender have until Jan. 3, 2023, to file those claims.
“Customers should expect to receive a notice regarding the bar date and next steps in the proofs of claim process from our claims agent, Stretto, via email, physical mail for those customers with an address on file, and through a notification in the Celsius app,” the company wrote on Twitter this weekend. “As a reminder, customers who agree with Celsius’ scheduling of their claims as filed in the Schedule of Assets and Liabilities do not need to submit a proof of claim and no further action is required of them at this time with respect to such claim.”
The announcement is the latest in a roller coaster year for Celsius, whose dramatic collapse has been extensively chronicled by NJBIZ. In the last few months, co-founders Alex Mashinsky and S. Daniel Leon have stepped down from the company, which followed a June withdrawal freeze that set the stage for the summer bankruptcy filing.
It also comes amid a wider downfall in much of the crypto space with a number of recent high-profile examples, such as the swift collapse of FTX.
“We continue to closely monitor the environment across our industry,” Celsius wrote on Twitter. “We want to take this opportunity to assure you that data and asset security remain a top priority for all at Celsius.”
In the weekend Twitter thread, Celsius also revealed that its next hearing is scheduled for Dec. 5, when the company says it plans to advance discussions around Custody and Withhold accounts, among other matters.
More information on how to file claims can be found here.
Mashinsky submitted his letter of resignation to the Special Committee of the board of directors of Celsius Network Ltd.
“I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing,” Mashinsky wrote. “Since the pause, I have worked tirelessly to help the company and its advisors put forward a viable plan for the company to return coins to creditors in the fairest and most efficient way. I am committed to helping the company continue to flesh out and promote that plan, in order to help account holders become whole.”
Ferraro’s appointment was announced by David Barse and Alan Carr, special committee members of the Celsius board of directors, who said he has been a valued executive in challenging circumstances since the Chapter 11 proceedings started.
Ferraro was previously appointed chief financial officer of Celsius. Prior to his time at the company, he spent nearly 18 years at JPMorgan Chase & Co. serving in various roles, including global head of FP&A and treasurer of the retail bank.
“The Special Committee is grateful to Alex for his dedication to the company and his efforts to assist with the company’s restructuring,” said Barse and Carr. “We look forward to the company’s continued engagement with the Unsecured Creditors’ Committee and other key stakeholders in our case, under Chris’ leadership, to consummate a comprehensive and expeditious restructuring that maximizes value for all stakeholders.”
In his resignation letter, Mashinsky reiterated his support “provide the best outcome for all creditors.”
“I believe we all will get more if Celsians stay united and help the UCC with the best recovery plan,” he wrote. “I remain willing and available to continue to work with the company and their advisors to achieve a successful organization.”
Hoboken-based Floating Point Group (FPG) announced Sept. 20 that Chris Hazelton joined as director of marketing.
Hazelton is the first marketing hire for the cryptocurrency prime brokerage firm, which also features an institutional trading desk and settlement platform.
He has more than 15 years of marketing and marketing research experience. Over the last seven years, Hazelton led product marketing for crypto and cybersecurity services. He has also built and led marketing teams for Fireblocks and Lookout as well as BlackBerry’s $400 million enterprise software division.
In the new role, Hazelton will drive FPG’s brand-building and market leadership across demand generation, content, PR, and social and product marketing, as well as championing customers scaling their businesses with FlowVault.
On a roll
FPG also recently added a former J.P. Morgan and Wells Fargo banking exec to its leadership team. Click here to read more.
Hazelton will also use his crypto marketing experience, which includes launching the first permissioned DeFi pool and first Web3 development platform, to work directly with FPG’s co-founders to build a roadmap to empower the next wave of institutional adoption.
“Blockchain and cryptocurrency are remarkably unsuccessful as a cohort in communicating what they do,” said co-Founder of Floating Point Group Kevin March. “Chris’s experience as a marketing leader at several exceptional businesses will help us refine our message as an institutional audience that’s overwhelmed with new information and show tangible examples of how we’ve helped customers like them scale successfully in crypto.”
Cryptocurrency firm Floating Point Group added a former J.P. Morgan and Wells Fargo banking executive to its leadership team.
The Hoboken-based company said Aug. 24 that Peter Eliades was appointed as head of distribution to oversee sales and business development teams in the U.S. and APAC regions.
Bringing more than 20 years’ experience to the new role, Eliades previously led Wells Fargo’s electronic sales and coverage and served as head of Americas trading for J.P. Morgan.
Eliades will report to co-founder Kevin March.
“Peter has built world-class electronic trading businesses for decades and understands the role that crypto will play in shaping the future of global financial systems,” FPG co-founder and CEO John Peurifoy said in a statement, adding that Eliades’ addition is a “ground-breaking moment” for the company.
FPG said it aims to increase staff to support the recent launch of FlowVault, its prime brokerage platform.
One month after abruptly pausing withdrawals on its platform, Celsius Network announced Wednesday that it filed for bankruptcy in New York.
According to a court filing in the United States Bankruptcy Court for the Southern District of New York, the Hoboken-based crypto company listed assets and liabilities as between $1 billion to $10 billion, with more than 100,000 creditors, while maintaining $167 million in cash on hand.
“This is the right decision for our community and company,” said Alex Mashinsky, co-founder and CEO, Celsius. “We have a strong and experienced team in place to lead Celsius through this process. I am confident that when we look back at the history of Celsius, we will see this as a defining moment, where acting with resolve and confidence served the community and strengthened the future of the company.”
Following a withdrawal freeze in June, Mashinsky, a charismatic leader with a huge social media footprint, came under fire from devout fans and customers, who’s accounts were frozen, after he went uncharacteristically and cryptically quiet.
The company says it believes the Chapter 11 proceedings will provide Celsius with “the opportunity to stabilize its business and consummate a comprehensive restructuring transaction that maximizes value for all stakeholders.”
“Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers,” members of the Special Committee of the board of directors said in a statement. “Without a pause, the acceleration of withdrawals would have allowed certain customers – those who were first to act – to be paid in full while leaving others behind to wait for Celsius to harvest value from illiquid or longer-term asset deployment activities before they receive a recovery.”
Celsius is not requesting authority to allow customer withdrawals at this time, which means that customers will be forced to address their frozen accounts through the Chapter 11 process. However, the company believes its cash on hand provides enough liquidity to support operations and is filing a “first day” motion to request paying employees and continuing their benefits without disruption through the restructuring process.
Kirkland & Ellis LLP is serving as legal counsel. Centerview Partners is serving as financial advisor, and Alvarez & Marsal is serving as restructuring advisor to Celsius.
The memo was billed as a “very important message” and posted on Celsius Holding’s blog. “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the June 12 post read. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”
The memo, which came amid a wider collapse of the cryptocurrency market, created uncertainty for Celsius’ roughly 500,000 users who have as much as $8 billion in deposits frozen. It also marked a dramatic and swift fall from grace for a company managing $11.8 billion in assets as of May 17, while being revered in the crypto world.
Charismatic CEO Alex Mashinsky built the company around his mission of “unbanking,” in which investors could deposit cryptocurrency outside of the traditional systems, absent bureaucratic costs and the profit-taking of those banks. As a result, Mashinsky said Celsius could offer much higher yields to depositors, sometimes reaching between 20% and 30%.
Driving the message home during his often-viral social media sessions, Mashinsky typically wore a shirt that read, “Banks are not your friends.” Combined with the rise of crypto and day-trading that grew out of the pandemic, Celsius exploded with billions in deposits flowing into its coffers. Investors were especially enticed by being able to access a weekly return on their Bitcoin without having to sell it.
And as Bitcoin and other tokens, such as Celsius’ CEL token, reached record levels through the pandemic, Celsius grew substantially. During 2021, the company hired hundreds of people before moving its headquarters to Hoboken this past February.
But before the recent crypto meltdown culminating in the transactions pause by Celsius, there were warning signs in September when New Jersey regulators ordered a pause of their own. The New Jersey Bureau of Securities issued a Cease-and-Desist Order against Celsius, prohibiting deposits from Garden State investors. The order alleged Celsius funded operations “through the sale of unregistered securities in violation of the New Jersey Securities Law.”
“Financial companies operating in the cryptocurrency marketplace are on notice,” said then-acting Attorney General Andrew Bruck. “If you sell securities in New Jersey, you need to comply with New Jersey’s investor-protection laws. Companies dealing in cryptocurrencies are not immune from oversight.”
The order also stated: “Celsius and similar companies are not regulated by New Jersey or the federal government like traditional banks and brokerage firms, and investors’ losses are not insured against or protected by the Securities Investor Protection Corp. or the Federal Deposit Insurance Corp. Further, due to the volatility of the cryptocurrency market and the lack of regulatory oversight, these platforms present a heightened risk of loss to investors.”
“We are committed to educate and protect investors from companies that attempt to bypass our laws,” said Bureau Chief Christopher Gerold. “The Bureau’s action is intended to protect the public and put on notice those trying to circumvent regulated activities.”
Alabama and Texas would join New Jersey in blocking Celsius from accepting depositor accounts in their state. Celsius had denied that claim.
During boom times, an extended period for crypto, the business model of Celsius worked smoothly. However, a market crash or long slump, which crypto faced this year, would drive down the value of Celsius’ holdings as people tried to get their money out.
That dynamic led to the June 12 memo that roiled the crypto markets even further.
But the attempt to calm customer nerves and reiterate the efforts to protect their assets was not well received. In fact, the memo just created more anxiety, rumors and uncertainty for customers about the fate of the company and their frozen assets.
The Wall Street Journal reported days later that Celsius hired Akin Gump Strauss Hauer & Feld LLP to advise on possible solutions for its mounting financial problems.
As the rumor mill and conspiracy theories swirled, Reuters reported that state securities regulators in New Jersey, Alabama, Texas, Kentucky and Washington were investigating the decision to suspend all customer redemptions.
On June 14, Celsius posted an FAQ blog entry. “The Celsius team is working around the clock to respond to customers’ questions. In the interest of keeping the community informed, we will continue to update this FAQ as and when it becomes appropriate.” However, the FAQ was light on specifics and mostly a repurposing of the contents from the June 12 memo.
Then came another note on June 19 to the Celsius community asking for more time, adding to customer uncertainty. “It has been one week since we paused withdrawals, Swap, and transfers. We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time,” the note read. “As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a resolution.”
The note also stated that Celsius was pausing Twitter Spaces and AMAs “to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.”
Mashinsky held regular “Ask Mashinsky Anything” sessions and posted frequently on Twitter and YouTube, which helped strengthen his connection to customers and burnish his reputation among admirers. The cutoff of that communication, combined with the transactions pause, left customers even further in the dark. Mashinsky has been virtually silent since the June 12 pause, only tweeting once since then.
“@CelsiusNetwork team is working non-stop. We’re focused on your concerns and thankful to have heard from so many. To see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us,” Mashinsky tweeted on June 15.
@CelsiusNetwork team is working non-stop. We’re focused on your concerns and thankful to have heard from so many. To see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us.
The responses to that tweet featured a mix of anger, anxiety and exasperation with people demanding and pleading that Celsius fix things and make them whole.
“I have all my savings in Celsius because I trust your company, especially after meeting you in Miami,” Jean Hernandez (@Jmhfl7) tweeted. “No one cares about the APY earnings at this point, we care about keeping our crypto safe. Please pull through.”
“Alex, please make this right. I have people on my channel talking about losing life savings, not being able to afford life expenses and some even talking suicide. Whatever your team is doing, let the public know so at least there is some communication. Your tweet is hollow,” wrote Digital Asset News (@NewsAsset) on Twitter.
Meanwhile, the June 19 note closed with more vague assurances without much detail or any answers. “Acting in the interest of our community remains our priority and we will continue to work around the clock. We are grateful for your continued support.”
A request for comment drew an automated response from Celsius, which said the company was “working to respond to the many inquiries we receive as quickly as possible.” That note also included a link to the Celsius blog, which at the moment is the only place to find any answers as customers brace for what’s next.
B2C2, a cryptocurrency liquidity provider based in London, named Nicola White as CEO of its U.S. entity, which is based in Jersey City.
White succeeds Rob Catalanello, who is leaving the firm, the company announced May 23.
A veteran of electronic trading, White joined B2C2 in July 2021 as president of B2C2 USA. She previously worked at Citadel Securities as global chief operating officer of fixed income, and she also served as the global head of electronic markets within the fixed income division at Morgan Stanley, where she automated interest rate trading.
Max Boonen, who founded B2C2 in 2015, described White as “accomplished and driven” and said in a statement that he’s been impressed with her work since she joined the company. Boonen also thanked Catalanello “for having helped grow our market share.”
White added, “I’m delighted to be leading our U.S. operations and look forward to working with the global team to build out B2C2’s already significant capabilities in electronic trading across spot and derivatives. We will continue to create innovative solutions to meet the needs of our diverse, fast-growing institutional client base.”
B2C2 was acquired by Japanese financial group SBI in 2020 but remains a standalone company. It is authorized and regulated by the UK’s Financial Conduct Authority.
Singularity Future Technology Ltd. announced March 21 that it is expanding into a new Internet Data Center facility in Cedar Knolls.
The company, formerly known as Sino-Global Shipping America Ltd., will join other companies at the 300,000-square-foot facility located at 9 Wing Drive.
In a statement, Singularity said it chose this location because of the Garden State’s “business-friendly environment and climate, strong cultural atmosphere, and pool of highly qualified employees from both respected universities and leading scientific research institutions.” The facility’s relatively close proximity to New York, as well as its ability to accommodate commercial expansion, made it the “ideal location to serve as the foundation for building a large-scale data storage center,” the company added.
“This is another important step in Singularity Future Technology’s ongoing strategy to accelerate our multi-year growth and profitability,” CEO Yang “Leo” Jie said in a statement. “We believe there is a highly attractive greenfield opportunity to leverage our technology expertise, customers and healthy financial position to become a dominant distributed storage service provider in North America. We plan to invest in this effort over the coming years as we layer on another growth vector of our growing cryptocurrency and blockchain-related businesses.”
The new location will serve as the anchor for the company’s planned distributed storage center business, with responsibility for the daily operation and maintenance of the data center, with secure remote data monitoring.
According to its website, Singularity Future Technology was founded in 2001 in New York as a global logistics and ship management services company and has subsidiaries in New York, Los Angeles, Huston, Montreal, Hong Kong and Shanghai. In 2020, the company started to explore AI and blockchain supply management by focusing on solutions for globally interconnected AI networks and establishing state-of-the-art crypto mining pools.
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