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.
Brent Loudder, who oversaw electrical and plumbing work at the site, said contractors had issues getting paid.
It is an issue recognized by groups that analyze the blockchain, a digital ledger that records cryptocurrency transfers. “Once funds are sent to a centralized service on the blockchain, they can no longer be traced to the individual who sent it to that exchange without a legal process” such as a court order, said Madeleine Kennedy, a spokeswoman for Chainalysis, a company that tracks crypto transactions.