Investors sue Washington state bitcoin mining magnate who they say bilked them for millions
March 12, 2021 at 8:17 am
Malachi Salcido, founder of Salcido Enterprises, used his expertise building large climate-controlled buildings to set up a bitcoin mining operation in the Wenatchee Valley. (GeekWire File Photo)
Investors who bet big on Malachi Salcido, a self-described bitcoin mining magnate, now claim the Washington state man busted his own business, and may have cost them millions of dollars.
A group of investors who sunk $8.5 million into Salcido’s bitcoin mining company, StepChange, claim the Wenatchee man misappropriated, embezzled or otherwise misspent $2.4 million in company money over three years. At one bitcoin mine that he owns, Salcido charged StepChange a company that he held a controlling interest in rents that were more than nine times what he was paying on the mortgage.
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Andrew G. Leach, 53, faces possible charges including assault, threats to kill and unlawful imprisonment.
Police say they were called to the home in the 200 block of First Street Southeast shortly after 1 p.m., when Leach allegedly assaulted two relatives.
Once there, they say he refused to leave the home, and tried to restrain others from leaving as well.
Police say they forced their way inside and used a Taser to overpower Leach.
A judge on Monday allowed him to go free without bond, but ordered him not to approach the alleged victims.
Douglas PUD breaks ground on renewable hydrogen facility
th March) for its renewable hydrogen production facility in Washington, US.
Believed to be the first megawatt-scale electrolyser in the Northwestern US, the facility is part of a 5MW pilot project to provide green hydrogen for Washington State at an attractive price.
It’s been in the works for several years and is a result of the passage of SB 5588 in Washington last year authorising public utility districts to make and sell hydrogen.
On Monday, Douglas PUD Commissioners Aaron J. Viebrock, Molly Simpson and Ronald E Skagen moved the first shovels of dirt at the site near Baker Flats, East Wenatchee.
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Senator Brad Hawkins’ proposal to cut sales tax on purchases of hydrogen-powered fuel cell electric vehicles (FCEVs) in Washington state, US has cleared a major hurdle.
The Senate on Wednesday (3
rd March) voted 49-0 to approve Senate Bill 5000, which would establish an eight-year statewide pilot project for the reduction of sales tax on purchases of fuel-cell electric vehicles.
“I’m pleased to see such strong support from my Senate colleagues for this bill,” said Hawkins, who represents the 12th District.
“Our state is still in its infancy regarding electric vehicles, so I think it’s helpful to promote different types of zero-emission vehicles, both battery electrics and fuel cell electrics.”