In a surprising turn of events, Michael Arrington, the founder of Arrington Capital, has officially stepped down from his position on the board of directors at NewCo. NewCo is the entity set to be owned by Celsius creditors and managed by Fahrenheit. Arrington’s departure was confirmed in a post made on September 24, and while he requested the change, he did not elaborate on the reasons behind it.
As per a filing on September 23, Arrington’s vacant position on the NewCo board will be filled by Ravi Kaza, who serves as an investor and advisor to Arrington Capital. The effort to establish the new company will be supported by U.S. Bitcoin Corp, Arrington Capital, Proof Group, Steven Kokinos, and Ravi Kaza. They will provide the necessary capital, management expertise, and technology as outlined in Celsius’ Chapter 11 bankruptcy plan.
While Arrington didn’t provide specific details for his departure, he did mention that disagreements over board constitution and the role of board observers played a role in his decision. He stated,
“I disagree with some of the decisions made around board constitution and, in particular, the board observers. Because of this, I chose to remove myself from the board of directors.”
However, Arrington expressed his continued commitment to supporting Celsius creditors and shareholders through other means, saying,
“Apart from not joining the board of directors, our investment and active advisory role via Fahrenheit will go on as planned.”
BITCOIN MINERS DISCOVERED IN VENEZUELAN PRISON RAID
Police Bust Uncovers Rocket Launchers, Grenades, and Bitcoin Mining Machines
In a recent police raid on a Venezuelan prison, law enforcement authorities stumbled upon an unexpected find: Bitcoin mining machines. The operation took place at the Tocoro prison and also resulted in the seizure of rocket launchers, bullets, and grenades, according to Venezuelan military officer Domingo Hernández Lárez in a statement made on September 20.
Additional details about the raid were provided by the Agence France-Presse (AFP) on September 21. The AFP reported that 11,000 police and military personnel stormed the prison, which is operated by the Tren de Aragua gang, leading to the discovery of Bitcoin miners alongside other contraband. Authorities revealed that they seized bitcoin machines, sniper rifles, explosives, rocket launchers, and grenades at the scene.
Several videos that surfaced on social media platforms showed a building filled with Bitcoin mining machines. This discovery comes on the heels of a similar incident earlier in the month when Chilean police found 19 Bitcoin mining machines during a raid on a house suspected of being involved in drug trafficking.
MIXIN NETWORK SUFFERS $200 MILLION EXPLOIT
Cryptocurrency Platform Faces Significant Loss in Recent Cyberattack
Mixin Network, a prominent cryptocurrency platform, reported a major security breach on September 23, resulting in an estimated loss of $200 million in assets on its mainnet. The incident was linked to an attack on the platform’s cloud service provider.
As a precautionary measure, Mixin Network temporarily suspended deposit and withdrawal services on its platform, assuring users that transfers were not affected during this period. The platform plans to reopen these services once vulnerabilities are identified and fixed.
The company has announced that it will reveal a recovery plan soon and that Mixin Network’s founder, Feng Xiaodong, will provide further details in a public Mandarin livestream on September 25 at 5:00 am UTC.
Blockchain security firm SlowMist is assisting with the investigation, and Mixin Network has reached out to Google for additional support. Mixin Network serves as a peer-to-peer transactional network for digital assets and has secured over $1 billion in value on its platform since its establishment in 2017.
Other News
- United States-based law firm Fenwick & West has refuted a class-action lawsuit, asserting that it did not assist in the alleged fraudulent activities of the now-defunct cryptocurrency exchange FTX.
- Coinbase has obtained Anti-Money Laundering (AML) compliance registration from Spain’s central bank, expanding its presence in Europe and enabling Spanish users to retain custody of their crypto assets and engage in crypto transactions using the Euro.
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