Posted on 12/25/2023 7:34:17 AM PST by Theoria
A legal dispute in a tiny Texas town unexpectedly reveals how Chinese nationals can move money to the U.S. without drawing the attention of authorities in either country.
Jerry Yu has the trappings of what the Chinese call second-generation rich. He boasts a Connecticut prep-school education. He lives in a Manhattan condominium bought for $8 million from Jeffrey R. Immelt, the former General Electric chief executive. And he is the majority owner of a Bitcoin mine in Texas, acquired last year for more than $6 million.
Mr. Yu, a 23-year-old student at New York University, has also become — quite unintentionally — a case study in how Chinese nationals can move money from China to the United States without drawing the attention of authorities in either country.
The Texas facility, a large computing center, was not purchased with dollars. Instead, it was bought with cryptocurrency, which offers anonymity, with the transaction routed through an offshore exchange, preventing anyone from knowing the origin of the financing.
Such secrecy allows Chinese investors to avoid the U.S. banking system, and the accompanying oversight of federal regulators, as well as sidestep Chinese restrictions on money leaving China. In a more traditional transaction, a bank receiving the funds would know where they were coming from and would be required by law to report any suspicious activity to the U.S. Treasury.
None of this would be known had Mr. Yu’s company — BitRush Inc., also known as BytesRush — not run into troubles in the tiny Texas Panhandle town of Channing, population 281, where contractors say they weren’t fully paid for their work on his mine there.
(Excerpt) Read more at nytimes.com ...
But how does China move money to American politicians...like Vice Presidents,the children of Vice Presidents...?
The Chinese industrialists can easily have Walmart and Amazon make partial purchase price deposits in Cayman Island accounts.
It’s a Big Club - and we ain’t in it! (Thank God!)
The Clinton “Foundation”
This might explain how all those young, well-dressed Chicom illegal aliens get paid.
Further, the SEC must close the door to bitcoin based ETFs.
So the uber-rich Chinese kid got busted because he is a cheapskate. Karmic justice.
Can you explain this further?
interesting how the greenies don’t say boo turkey about the incredibly colossal waste of energy that goes into so-called crypto “mining”, but want us to kill our pets, eat nothing but gruel, and use no machines powered by petroleum or NG ...
They CAN’T control crypto currency operations. That’s part of the POINT. It’s a decentralized concept with no ability to be overseen by anyone. Congress could pass a law but it would have no meaning because there is no one anywhere that could possibly enforce such a law.
The crypto space has been overrun by scammers at this point.
Good luck—it is a minefield out there.
(pun—lol).
They CAN’T control crypto currency operations.
Bartering is the same way.
But there has always been a black market, beyond the govt. Don’t get caught though.
Part of being unsupervisable is that, well, no one is in charge. So yes, lots of scammers.
At this point in history crypto has become a great way to separate fools from their money.
Tulip bulbs have more safety and utility.
I don’t know if that checkbox is a trap. It’s all part of the “other income” world. After they busted Capone it dawned on somebody (not Capone’s lawyers, he really should have hired better people) that the IRS didn’t give a way to claim not legally earned money. So they added the “unearned income” area, they say it’s for gambling earnings. But it can be for illegal stuff. Honestly the IRS doesn’t care, just pay up. Of course non-IRS parts of the government can get that info. But nothing is innately illegal in crypto, so there’s nothing they can hit you for.
$10 million order for merchandise
China Manufacturer Ltd. - $9 million wire transfer to a Chinese mainland bank account
account #.......... of CML Marketing of the Grand Caymans Ltd., Grand Caymans bank, $1 million wire transfer deposit
Not really. There’s plenty of people making proper money in crypto. And using it for major exchanges. They don’t write news stories about them though. Cause that’s boring. Also the people in crypto legitimately like anonymity a lot.
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