Texas Becomes Cryptocurrency Mining Hub With Millions in Murky Chinese Investments
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Texas has become a hub for cryptocurrency mining facilities backed by millions in Chinese investment since China's 2021 crypto ban.
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Lawsuits against a bitcoin mine in Texas shed light on the difficulty tracking the source of funds, as Chinese investors use crypto to bypass oversight.
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The bitcoin mine's owner is a 23-year-old NYU student, but documents suggest his parents may be influential Chinese investors.
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Cryptocurrency allows Chinese investors to generate funds in the US and exchange them for dollars without having funds traced.
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The Pentagon is monitoring some mines in Wyoming due to owners' ties to China, citing national security concerns.