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Malaysian Bitcoin Mining Gang Stole Over $2M in Electricity, Say Police
Police seized 1,746 bitcoin mining machines across 21 premises in raids this week.
Authorities in Johor state, Malaysia, arrested seven men for stealing millions of dollars worth of electricity to mine bitcoin earlier this week.
STORY CONTINUES BELOW
- An operation involving the local electricity company Tenaga Nasional Berhad (TNB) and Johor police led to the arrest of the suspects aged between 24 and 64, according to a Malay Mail report Wednesday.
- The investigation found the gang had cost TNB 8.6 million Malaysian ringgits (US$2.13 million) in lost revenue since it started mining activities in 2020.
- The police seized 1,746 bitcoin mining machines worth a claimed RM2.6 million ($64,000) across 21 premises.
- “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.
- Police are still investigating the operation and trying to track down the mastermind of the group and other members who are still at large, he added.
Read more: Malaysia Pair Face Caning for Alleged $37K Bitcoin Fraud
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
