Malaysian Police Bust Gang That Stole $2.15 Million Worth of Electricity to Mine Bitcoin

Bitcoin News

Police in Malaysia’s Jahor state have busted a seven-men gang that stole 8.6 million Malaysian ringgits ($2.15 million) worth of electricity to mine bitcoin and other cryptocurrencies.

● Police said they seized 1,746 bitcoin (BTC) mining machines across 21 premises in raids carried out between Feb.15 and Feb.16, the Malay Mail reported. The miners are claimed to be worth a combined 2.6 million ringgits ($650,000).

● Seven local suspects aged between 24 and 64 were nabbed in the operation, which involved domestic power company Tenaga Nasional Berhad (TNB).

● “The syndicate, which has been active since the beginning of last year, carried out its activities on the top floor of a shophouse to avoid detection by the authorities,” said Johor’s police chief, Datuk Ayob Khan Mydin Pitchay.

● Ayob Khan added that police are still investigating the operation, whose alleged mastermind and other gang members are still at large.

● “Investigators are not ruling out the possibility that the syndicate also has links with syndicates in other states that carry out the same modus operandi used in their bitcoin mining activities,” he said.

● According to Johor TNB, last year the electricity company suffered losses of around 90 million ringgits ($22.5 million) from power thefts related to bitcoin mining.

What do you think about the theft of electricity for crypto mining? Share your thoughts in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Products You May Like

Articles You May Like

Hoskinson pitches software-enabled crypto self-regulation to Congress
Crisis in crypto lending shines light on industry vulnerabilities
Avalanche (AVAX) price drops 45% in a month and data points to further downside
GitHub users respond with ‘Bitcoin bill’ idea to Gillibrand-Lummis bill
Risky business: Celsius crisis and the hated accredited investor laws

Leave a Reply

Your email address will not be published.