Chinese investors with political ties allegedly behind mining hub in Texas
A new report from The New York Times sheds light on how Chinese investors , aided by Binance, acquired a Texas mining facility. A 23-year-old Chinese national and NYU student, Jerry Yu, appears to be the majority owner of a Texas-based crypto mining facility BitRush, which was backed by $6 million in Tether (USDT) by undisclosed Chinese investors , according to a recent report from The New York Times. In one of the lawsuits filed by Crypton Mining Solutions, which alleges non-payment for services in the Texas Panhandle town, BitRush’s investors — described as “not only Chinese citizens but citizens in highly political and influential business positions” — raised concerns about how exactly the funds were transferred from China to the U.S. The lawsuits, as reported by NYT, exposed a public money trail ending at Binance, which facilitated transactions with USDT through its offshore branch when the exchange’s operations were not adhering to American banking r...
