ARTICLE AD BOX
United States President Joe Biden has issued an order prohibiting the acquisition of certain real property by MineOne Cloud Computing Investment I L.P., citing national security concerns. The order, based on findings outlined by the President, aims to safeguard critical assets near Francis E. Warren Air Force Base (Warren AFB) in Cheyenne, Wyoming.
The President's order stems from evidence indicating that MineOne Partners Limited, a British Virgin Islands company majority owned by Chinese nationals, and related entities planned to acquire real estate within one mile of Warren AFB. This real estate, specifically described as Lot 1, Block 10 North Range Business Park 3rd Filing, and the nature of operations conducted by MineOne, poses potential national security risks due to its close proximity to a strategic missile base, Biden explained.
MineOne acquired the real estate in June 2022 and subsequently developed it for specialized cryptocurrency mining operations, which raised concerns about surveillance and espionage activities facilitated by foreign-sourced equipment. The Committee on Foreign Investment in the United States (CFIUS) became involved after a public tip, which they then identified significant risks to national security associated with the transaction.
The President's order prohibits the transaction outright, requiring MineOne and its affiliates to divest all legal and beneficial ownership interests in the real estate within 120 days. Additionally, MineOne must remove all equipment and improvements related to their operations on the property within 90 days, subject to verification by CFIUS.
Furthermore, MineOne and its affiliates are barred from any physical or logical access to the real estate, equipment, or improvements until divestment and removal are completed to CFIUS's satisfaction. Any attempt to evade or circumvent this order is strictly prohibited, with the Attorney General authorized to enforce compliance.
In response to this order, MineOne and its affiliates are required to cooperate fully with CFIUS, providing regular updates on compliance efforts and timelines for completing divestment and removal actions. Failure to adhere to these requirements may result in further enforcement measures and penalties.