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Russian Court docket Orders Mining Agency Cryptouniverse to Face New Trial on Fraud

03/06/2021
Russian Court Orders Mining Firm Cryptouniverse to Face New Trial on Fraud

A serious Russian mining agency is dealing with authorized troubles in St. Petersburg, as three people are accusing the corporate of fraud. Cryptouniverse will now face a trial after a metropolis court docket issued a legal case order through the week.

A District Court docket Rejected to Launch a Felony Case In opposition to the Agency in 2020

In line with RBC, the St. Petersburg Metropolis Court docket accepted the enchantment of three clients of Cryptouniverse — a bitcoin (BTC) and litecoin (LTC) miner based in 2018 — and thought of the case ought to go earlier than a trial.

At first, the authorized case towards the agency made the headlines in August 2020. Businessman Alexei Burik launched the authorized initiative, who claimed that Cryptouniverse allegedly embezzled his crypto mining tools and his mined cash value 25 million rubles ($340,000).

On the time, the Kuibyshevsky District Court docket rejected the police choice to launch a legal case on fraud, with the trio now concerned, after the mining firm filed an enchantment.

Because the St. Petersburg Metropolis Court docket accepted the plea of the three individuals, the legal case is concentrating on Mikhail Kvasnikov, basic director of Cryptouniverse, who owns round 60% of the agency.

Specialists quoted by RBC have mentioned that many of the authorized instances towards crypto mining farms, like Cryptouniverse, are associated to a sudden change in tools utilization’s phrases and situations. Such adjustments, nevertheless, don’t favor in any respect the shoppers, said the specialists.

Is the Lack of Regulation on the Russian Crypto Mining Hurting the Enterprise?

However the issue is deeper than it appears to be. The commerce union of crypto miners in Russia is blaming the costly prices of putting in crypto mining rigs in properties. Thus, individuals are pressured not directly to depend on mining information facilities.

In line with Maxim Nikolaev, coordinator of the commerce union of crypto miners in Russia, the shortage of regulation within the crypto mining trade is triggering not directly this type of authorized hassle with mining companies.

Furthermore, such lack of a authorized framework opens the door to have an effect on the earnings of the crypto mining corporations’ clients, specialists say.

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