Malaysian Authorities Arrest Seven Individuals for Power Theft Linked to Bitcoin Mining
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Loading... - Mei Takehiko
- 06 Sep 2024
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Malaysian authorities arrested seven individuals, including three locals and four foreign nationals, for allegedly stealing electricity to power their bitcoin mining operations. The arrests were made separately last week, and the individuals are being detained for further investigation.
According to Sepang District Police Chief ACP Wan Kamarul Azran Wan Yusof, the authorities are targeting illegal bitcoin mining activities that involve electricity theft. The operation resulted in the seizure of 52 bitcoin mining rigs and other electronic devices, with an estimated value of 250,000 Malaysian Ringgits (RM) or approximately $57,000.
This crackdown is part of a broader effort to address power theft issues associated with bitcoin miners. Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir revealed last month that crypto miners in Malaysia stole at least RM3.4 billion ($777 million) worth of power between 2018 and 2023.
Malaysia has become an attractive destination for crypto miners due to its competitive electricity prices, skilled labor, and existing infrastructure. However, the country's authorities are now taking steps to curb illegal activities and ensure that bitcoin mining operations are conducted legally and sustainably.
The arrests and seizures are a significant development in Malaysia's efforts to regulate the crypto mining industry and prevent power theft. As the country continues to navigate the complexities of cryptocurrency and blockchain technology, it is essential to strike a balance between promoting innovation and protecting the interests of its citizens.
