Crypto mining company Bit Mining is changing its focus from Bitcoin to the Solana network, as per Cointelegraph. The company aims to raise between $200 million and $300 million in stages to build a large holding of Solana (SOL) tokens.
Cointelegraph stated that Bit Mining will convert its current crypto assets, including 19 Bitcoin, into SOL. It plans to hold these tokens for the long term. The money raised will also be used to run validator nodes on the Solana network. These nodes help keep the network secure and allow the company to earn rewards.
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According to Cointelegraph, this marks a big change in the company’s direction. Bit Mining is moving away from traditional Bitcoin mining to become more active in blockchain networks like Solana. After the announcement, Bit Mining’s stock jumped by around 350 per cent in pre-market trading.
Japanese Company To Turn Tokyo Property Worth $75 Million Into Digital Tokens
Japanese real estate firm Gates Inc. is planning to convert $75 million worth of Tokyo property into digital tokens using the Oasys blockchain, as per Cointelegraph. This process, known as tokenisation, allows ownership of real estate to be split into smaller digital parts that can be traded more easily.
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According to Cointelegraph, Gates will use a special overseas structure to follow global rules while reaching a wider group of investors. The company has already secured the required licences in Japan and wants to unlock access to a much larger portion of property value.
Gates aims to eventually tokenise more than $200 billion worth of real estate, which is about 1 per cent of Japan’s total property market. It also plans to take this model abroad, starting with the United States, Europe, the Philippines and other parts of Asia.
Oasys, which previously focused on blockchain gaming, will now support real estate on its network. Its founder said the goal is to build a digital system where returns from investments are automatically reinvested, helping investors benefit from compounding growth.
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Cointelegraph stated that Gates is also preparing to list on the Nasdaq stock exchange and is currently speaking with investors. In the future, the company may also consider turning other popular Japanese assets, such as anime and gaming content, into digital tokens.
All Top 15 Crypto ATM Users Were Scam Victims: Tasmanian Police
Tasmanian police have found that the top 15 users of cryptocurrency ATMs in the state were all victims of scams, according to Cointelegraph. In one of the investigations, these individuals together lost around AUD 2.5 million, with about AUD 900,000 of that moved through crypto ATMs.
As per Cointelegraph, scammers tricked victims using phone calls, fake investment opportunities, romance scams, or by pretending to be from the government or tech support. Victims were often told to urgently deposit cash into crypto ATMs, with many not realising they were being scammed. Most of them were older adults. Cointelegraph noted that people over 60 made up nearly 72 per cent of crypto ATM transactions in Australia last year.
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The number of crypto ATMs in Tasmania has increased from one in 2021 to over 20 now, which has made it easier for scammers to misuse the system. Once the money is turned into cryptocurrency, it becomes very difficult to trace or recover.
Authorities have introduced new rules to tackle this. These include a AUD 5,000 cap on cash transactions at ATMs, warnings displayed on ATM screens, and extra checks by ATM operators. People are being advised to be cautious of any messages or calls that demand cryptocurrency payments and to stop contact immediately if something feels wrong.
