Antpool overtakes Foundry as largest bitcoin mining pool

Korean Supreme Court acquits Dunamu Chairman Song Chi-hyungThe Supreme Court of South Korea, in a significant ruling on Thursday (local time), acquitted Song Chi-hyung, chairman and principal stakeholder of Dunamu, of fraud and forgery charges, according to a report by local news agency Yonhap. This ruling is particularly noteworthy because Dunamu is the operator of the nation’s largest cryptocurrency exchange, Upbit.This decision, led by Justice Oh Kyung-mi, marks the culmination of a legal battle that began with Song’s indictment in Dec. 2018, and it extends to the acquittal of the company’s Chief Financial Officer (CFO) and the head of the Data Value Team, who were jointly indicted.Photo by Tingey Injury Law Firm on UnsplashBackground of the caseSong Chi-hyung and his colleagues were alleged to have fabricated an account on Upbit between September and November 2017. They had been accused of feigning the deposit of assets valued at KRW 122.1 billion and then employing these fictitious funds to enable transactions among actual members.The prosecution also leveled fraud charges against them, claiming that the fabricated account was utilized to sell 11,550 bitcoins to 26,000 members, thereby generating KRW 149.1 billion.The Seoul Southern District Court, acting as the court of first instance, found them not guilty. The court reasoned that the evidence presented by the prosecution was insufficient to establish that the defendants actually deposited the assets in the account.Issues with the prosecution’s evidence gatheringThe Seoul High Court, serving as the appellate court, identified problems with the evidence provided by the prosecution, determining that part of it lacked credibility due to improper collection methods. Notably, the court observed that the prosecution had directed Dunamu employees to access their Amazon cloud server to download the account’s transaction history. However, since this remote server was not included in the search and seizure warrant, the court highlighted the illegitimacy of the evidence.The appellate court also pointed out another issue with the evidence: documents stored on the CFO’s USB drive. The prosecution did not follow the legitimate search process, which requires them to extract only data related to the allegations. Moreover, the prosecutors did not present a warrant when confiscating the laptop of the Data Value Team’s lead, further undermining the credibility of their evidence.The court further stated that even if the remaining evidence provided by the prosecution was considered viable, it was still insufficient to substantiate the prosecution’s accusations.The prosecution, disagreeing with the decision of the appeals court, had escalated the case to the Supreme Court. However, the highest court in the nation sided with the ruling of the appeals court, effectively upholding the decision made at the appellate level.

B. Riley Financial Agrees Strategic Bitdeer Share PurchaseBitdeer, the Singapore-based crypto mining firm that emerged as a spin-off from the renowned mining manufacturer Bitmain, has solidified a significant pact with financial services firm B. Riley Financial, through a share purchase deal. This accord entails the sale of up to $150 million worth of Bitdeer’s Class A ordinary shares.Photo by Kelly Sikkema on UnsplashOption to buyIn a filing dated August 9 with the United States Securities and Exchange Commission (SEC), the terms of the agreement unveil a strategic arrangement. B. Riley will possess the option, albeit not the obligation, to procure a designated quantity of Bitdeer’s shares over a span of three years. Parameters of this agreement include a maximum acquisition of either 1 million shares or 25% of the shares of Bitdeer traded on the Nasdaq throughout this stipulated purchase timeframe.The filing states: “Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II, up to US$150,000,000 of its Class A ordinary shares, par value US$0.0000001 per share (the “Class A Ordinary Shares”), subject to certain limitations and conditions set forth in the Purchase Agreement.”Amplified voting privilegesIn essence, this arrangement affords B. Riley a distinct position within Bitdeer’s echelons. Class A shares, which typically elude public trading, grant shareholders amplified voting privileges in contrast to their Class B counterparts. Ergo, this deal furnishes B. Riley with a tangible stake in the domain of crypto mining.Underpinning this transaction, Bitdeer has committed to compensating B. Riley with 0.5% of the deal’s total value in acknowledgment of its commitment to procuring these shares. Additionally, B. Riley will be indemnified for legal expenses and outlays, extending up to a cap of $50,000.Broader mining interestIt’s not the first time that B. Riley has shown an interest in crypto mining. It signed a $100 million equity deal with Iris Energy last year. Additionally, it’s one of the largest creditors of Core Scientific.Noteworthy is the fact that Bitdeer embarked on its journey to public status via a Special Purpose Acquisition Company (SPAC) deal with Blue Safari Group back in April. This strategic maneuver enabled Bitdeer to become public without taking the conventional route of an initial public offering (IPO).Marking a departure from the throes of the crypto winter, this SPAC deal entailed the fusion of a special purpose acquisition company with a private entity. Bitdeer’s subsequent Nasdaq debut wasn’t without its problems. Investors were lukewarm in the interest shown in the Bitdeer proposition, resulting in an immediate 30% price drop.Bhutan mining collaborationNotably, Bitdeer made headlines when it inked a partnership with Druk Holding and Investments (DHI) in May, signifying a collective stride towards establishing an ecologically-conscious, carbon-neutral digital asset mining venture within the realm of the Kingdom of Bhutan.Rooted in the visionary pursuits of Jihan Wu, the former Co-Founder of Bitmain, Bitdeer is distinguished for its cloud-mining services, a pursuit realized through its data centers stationed in Tennessee, Washington, and Texas. The company’s most recent operations report attests to the mining of 220 Bitcoin (BTC) via its self-mining enterprise in July, constituting an impressive year-over-year escalation of 41%.

WEMIX Listed on Crypto Exchange CoinDCX, Strengthening Presence in IndiaWEMIX, the utility coin of blockchain game platform WEMIX Play, has now been listed on India-based cryptocurrency exchange CoinDCX, according to a press release. WEMIX Play is operated by South Korean gaming company Wemade.Photo by Naveed Ahmed on UnsplashWEMIX/USDT & WEMIX/INREstablished in 2018, CoinDCX earned unicorn status two years ago, becoming the first Indian crypto exchange to accomplish this feat. With a current valuation of approximately $2.5 billion, CoinDCX offers trading support for over 80 cryptocurrencies and provides decentralized financial (DeFi) services to a customer base of 15 million global users. CoinDCX users can trade WEMIX against USDT and INR, where USDT stands for a stablecoin issued by crypto giant Tether and INR for Indian Rupee.WEMIX made its debut on the Indian market in February through its listing on Bitbns, another cryptocurrency exchange. The token’s addition to another trading platform in India indicates the growing presence of the WEMIX ecosystem in the region.India’s Web3 landscapeIndia is a prominent market for non-fungible tokens (NFTs) and blockchain technology. As of April, investments in the Indian Web3 ecosystem had reached $1.3 billion. The country also boasts the world’s third-largest talent pool for Web3 development. Currently, more than 450 Indian startups are making their mark on the global stage, demonstrating expertise in DeFi services, gaming, NFTs, and metaverses.Looking ahead, WEMIX aims to further expand its reach by pursuing listings on additional crypto exchanges. This strategy will enable gamers worldwide to trade the WEMIX token with their respective fiat currencies.