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

Police in the Malaysian state of Jahore have arrested a seven-man gang that stole 8.6 million Malaysian ringgit ($2.15 million) to mine bitcoin and other cryptocurrencies.

Police said that in raids between the 15th and 16th. In February, 1,746 bitcoin (BTC) mining machines were seized from 21 properties, according to the Little Post. The total value of the mines is reported to be 2.6 million ringgit ($650,000).

The operation, which also involved the national power company Tenaga Nasional Berhad (TNB), arrested seven local suspects, aged 24 to 64.

The syndicate, which has been operating since early last year, conducted its business on the top floor of the shop to avoid detection by authorities, Johor police chief Datuk Ayob Khan Mydin Pitchai said.

Ayob Khan added that the police are still investigating the case and the alleged mastermind and other gang members are still at large.

Investigators are not ruling out the possibility that the syndicate also has ties to syndicates in other states that use the same modus operandi as their bitcoin mining operations, he said.

According to Johor TNB, the power utility suffered a loss of about 90 million ringgit ($22.5 million) last year due to power theft related to bitumen production.

How about electricity theft for the crypto mining industry? Share your thoughts in the comment section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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