Key Points
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...
A flurry of lawsuits over the work has shaken loose documents that bring to light transactions not normally made public as Chinese investors have flooded into the United States, spending hundreds of millions of dollars to build or run crypto mines, after the Chinese government banned such operations in 2021...
In one of the lawsuits involving Yu - who is a Chinese national and U.S. resident - Texas-based Crypton Mining Solutions alleges that investors in the Channing mine "are not only Chinese citizens, but citizens in highly political and influential business positions."..
Yu referred questions to Gavin Clarkson, a lawyer for BitRush, who said in an email that the company "complies with all required federal, state and local laws and regulations, including banking laws and regulations." He said the claims made by Crypton, including that it was not paid for services at the mine, were "baseless and without merit."..
Documents shared with The New York Times by David Huang, a lawyer for Crypton, reveal how BitRush planned to buy the Texas site: The seller, Outlaw Mining, would receive $6.33 million in tether..
