Latest news with #CryptoCurrency
Straits Times
3 days ago
- Straits Times
Second man charged in violent New York kidnapping crypto case appears in court
William Duplessie appears in Manhattan Criminal Court as an indictment is prepared to be handed down for his involvement in the Crypto Currency kidnapping, in New York City, U.S. May 30, 2025. Jefferson Siegel/Pool via REUTERS William Duplessie appears in Manhattan Criminal Court as an indictment is prepared to be handed down for his involvement in the Crypto Currency kidnapping, in New York City, U.S. May 30, 2025. Curtis Means/Pool via REUTERS William Duplessie looks on as he appears in Manhattan Criminal Court as an indictment is prepared to be handed down for his involvement in the Crypto Currency kidnapping, in New York City, U.S. May 30, 2025. Curtis Means/Pool via REUTERS William Duplessie appears in Manhattan Criminal Court as an indictment is prepared to be handed down for his involvement in the Crypto Currency kidnapping, in New York City, U.S. May 30, 2025. Jefferson Siegel/Pool via REUTERS NEW YORK - William Duplessie, one of the two men charged in New York with kidnapping a man for three weeks in Manhattan's upscale SoHo neighborhood, shocking him with electric wires, and dangling him over a staircase to try to get him to give up his Bitcoin password, appeared in court on Friday. In court, a prosecutor with the Manhattan District Attorney's office told Judge Kacie Lallie that Duplessie, 33, has not yet been indicted. His co-defendant, John Woeltz, was indicted by a grand jury on Thursday and is due to be arraigned on June 11, prosecutors said. Duplessie, wearing beige prison garb, was led handcuffed out of the courtroom after the brief hearing ended. Both he and Woeltz, who was arrested on May 23, had been ordered jailed earlier this week. Duplessie was arrested on Tuesday. His lawyer, Sam Talkin, declined to comment after Friday's hearing. Local media have called Woeltz a cryptocurrency investor and described the alleged victim as an Italian man. Both Woeltz and the alleged victim had ties to a crypto hedge fund in New York, the New York Times reported, citing an internal police report described by a law enforcement official. When the man refused to share his password, Woeltz and Duplessie allegedly began a series of brutal beatings over three weeks in a luxury townhouse until the man managed to escape. They tied his wrists, hit him on the head with a gun, and threatened to kill his family, according to the complaints against the two men. Woeltz has been indicted by a grand jury and is due to be arraigned on June 11, prosecutors said on Thursday. Neither Woeltz nor Duplessie has entered pleas. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Forbes
3 days ago
- Business
- Forbes
Stablecoin Giant Tether To Invest Billions In Bitcoin Mining
Bitcoin mining on computer screen. Digital crypto currency, cyber money and digital banking concept ... More 3d illustration with glitch effect. Tether will invest billions of dollars in bitcoin mining over the next few years after chief executive Paolo Ardoino told the 'Bitcoin 2025' conference the company intends to surpass every operator by hashrate. On the Las Vegas main stage Thursday, Ardoino remarked that Tether will soon become the "largest bitcoin miner in the world." He went on to explain that profits from the $120 billion USDT reserve will continue to be reinvested 'heavily' into bitcoin. The company currently holds over 100,000 BTC on its balance sheet, acquired using profits not its stablecoin reserves. Back in 2023 Tether committed an initial $500 million build-out across Uruguay, Paraguay and El Salvador, a program that includes new substations and minority stakes in established farms. The round was the first tranche of a 'multi-billion' reinvestment pipeline, which has since continued. Engineering plans target 450 megawatts of installed capacity by the fourth quarter of 2025, enough to push the firm toward one percent of global hashrate. The war chest behind the strategy is substantial as public filings show bitcoin worth roughly $10.5 billion at current prices, and the issuer has pledged to continue to direct up to 15 percent of net realized operating profit toward additional coin purchases and hardware. Locating farms beside hydro in Paraguay, wind in Uruguay and geothermal in El Salvador allows Tether to pitch renewable generation to regulators tracking MiCA-style sustainability metrics while reducing power-purchase risk. The firm has also diversified through investments in other bitcoin mining companies such as its $100 million investment into Bitdeer. Internal projections put Tether's goal above its main competitors such as Marathon Digital's reported 25 EH/s and Riot Platforms' 21 EH/s, shifting the competitive map for public miners that rely on capital markets rather than cash reserves. Ardoino appears confident in this vision, he told the Vegas bitcoin crowd that 'by the end of this year, we may become the largest Bitcoin mining company in the world - surpassing all listed companies.' He confirmed Tether's rationale for bitcoin mining is routed in its desire to participate actively in the network. The stablecoin issuer, 'born from Bitcoin,' believes the top digital asset is 'perfect' and that gold is now the 'primitive bitcoin.' Ardoino opined, bitcoin is not 'digital gold' because gold 'does not compete with bitcoin, it competes with fiat currency.' Still, execution questions remain within Tether's strategy as ASIC supply is tight and power-purchase agreements in Latin America can be politically fragile. However, auditors won't have to consider depreciating miners sitting alongside U.S. Treasuries in the reserve mix as Tether does not use bitcoin to protect the USDT peg, it invests stablecoin profits into bitcoin.
