Malaysian Syndicate Busted: $777 Million Electricity Theft for Crypto Mining
CryptoNewsTerminal Staff19 Aug, 2024
Malaysian Syndicate Busted: $777 Million Electricity Theft for Crypto Mining
Malaysian authorities have detained seven individuals, including three locals and four foreigners, for allegedly stealing electricity worth $777 million to mine Bitcoin between 2018 and 2023. The syndicate's activities violate Malaysia's ban on cryptocurrency mining, which has been in place since 2021. During the operation, Malaysian authorities seized mining equipment valued at $570,000 and are tracing the syndicate's ill-gotten gains from cryptocurrency mining. This operation highlights the increasing efforts by Malaysian authorities to crack down on illegal cryptocurrency mining activities that drain energy resources.
