One crypto mining company just raised 25 million Euros (about $32.5 million USD) through an IPO on the London Stock Exchange (LSE). The UK-based Argo Mining (ticker:ARB) provides ‘accessible’ crypto mining via a subscription service and is the first company to be listed on the LSE.
Initially, the company raised 5 million GBP which is about $6.5 million – and more than its initial goal of 20 million GBP through the IPO. Argo kicked off on the exchange with around 156 million shares that accounted for 53.2% of its shared capital, as one company document states.
The shares were priced at 16 pence and gave the business a total market valuation of 47 million GBP – or $61.2 million US dollars.
As the executive chairman of Argo, Jonathan Bixby stated in the document:
“Argo’s admission to the London main market is a major step in the company’s development and will put us in a strong position to execute our long-term growth strategy. We are delighted with the strong response from investors which will enable us to grow our business in multiple jurisdictions.”
Bixby also told the Financial Times that Argo’s plans are to be “the Amazon Web Services of crypto”. As he said:
“More than 90 percent of crypto mining is done by elites on industrial scale because it is technically very difficult to do. It is incredibly expensive to buy, up front, the hardware you need at $5,000 a machine.”
Meanwhile, several other mining companies in the crypto space are also considering IPOs.
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South Korea Ends $18 Million Crypto Ponzi Scheme With The Help Artificial Intelligence (AI)
“Through keywords such as Ponzi, loan and recruiting members, we were able to teach the AI patterns of Ponzi schemes. The program can also identify advertisement patterns and identified the enterprise in question, which [was caught] with evidence provided by an unnamed informant.”The CEOs of the scheme, known as Lee and Bae, amassed a lot of money through selling private digital tokens named M-Coin which posed to be a real altcoin, along with membership fees from recruits, as the publication states. The figures also took advantage of the public's lack of knowledge of the crypto space to part them from their fiat investments.
“In our stakeout, we saw that most people attending the swindler’s presentation for membership were elderly people in their 60s and 70s,” Hong Nam-ki added.Currently, Ponzi schemes still remain a persistent phenomenon despite the increasing legitimacy of cryptocurrency in the public eye. This is obviously not the first (or the last) crypto ponzi scheme that exists out there - and will hopefully not be the last to be spotted with the help of artificial intelligence (AI). Earlier this year, authorities caught up with the controllers of OneCoin which is a notorious international quasi-pyramid scheme which ran for several years.
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Crypto Giant Coinbase Taps Into A $255 Million Customer Insurance Policy Program
"The data is clear that, today, the most likely consumer loss scenario for any cryptocurrency company is hot wallet loss due to hacking."Martin also touched on the possible scenarios and how Coinbase's insurance policies give customers peace of mind that the Bitcoin or altcoin savings they hold at the exchange is protected from losses.
“If the worst happens and Coinbase loses customer funds, customers deserve certainty that they will be made whole,” he wrote.According to experts, the worst case scenarios for losses in this manner break down to two categories: crime and specie. While crime covers losses caused by criminals who hack, steal and conduct fraud transfers, insider trading losses are also covered. On the other hand, the Specie coverage kicks in whenever there is a physical damage or theft or private key data in cold storage. As Martin explained:
“Crime policies would not generally cover the costs of incident response, PR costs, etc. Crime policies also don’t generally cover failures of the underlying currency (e.g. 51% attacks). Coverage for hot wallet exposures are also significantly more expensive than cover for cold storage alone.”He also had plenty to say about why is insurance important for crypto companies and what it should cover.
"Companies should focus on insurance for value in flight. This means that exchanges and wallets should have sufficient Crime coverage to fully cover their hot wallets (including enough buffer to handle asset price spikes)," Martin added.He concluded with a statement in which he said that Coinbase is working with regulators and insurers to create more insurance solutions in different areas.
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