A Malaysian Gang Stealing Electricity to Mine BTC Busted by the Police 0 13

The Malaysian Police from the Johor State has announced that they have managed to conduct an operation against a Bitcoin (BTC) mining gang. The police authorities have revealed that the gang consisted of 7 members who were involved in stealing electricity for Bitcoin (BTC) mining.

According to the authorities, the total electricity that the gang managed to steal was worth 8.6 million Malaysian ringgits. At the time of publishing, the 8.6 million Malaysian ringgits translate into $2.15 million.

It has been revealed that the gang was stealing electricity in order to carry out Bitcoin (BTC) mining. Not only Bitcoin (BTC), but the gang was also involved in mining other cryptocurrencies through their illegal mining sectors.

The Malaysian Police have added in their report that they have managed to seize a total of 1,746 machines that were used for mining Bitcoin (BTC). The gang was mining Bitcoin (BTC) not only on one location but they were doing this through 21 different locations.

The policy has revealed that they had carried out raids against the Bitcoin (BTC) mining gang between February 15, 2021, and February 16, 2021. The report also states that the mining machines they have confiscated are worth over 2.6 million ringgits that translates to around $650,000.

By conducting raids at 21 different premises, the police managed to arrest 7 members of the gang. The arrested gang members were aged between the rage of 24 and 64. The operation also involved Tenaga Nasional Berhad (TNB), which is a domestic power company.

The local authorities have confirmed that the syndicate had been involved in cryptocurrency mining activities since the beginning of 2020. To make sure that the platform never caught the attention of the authorities, the mining facility was based on the top floor of a shop-house.

The above information was shared by the Datuk Ayob Khan who is the chief of police at Johor. He confirmed that this is not the end of this syndicate as the mastermind behind this entire project is still somewhere out there. Therefore, the police will keep investigating in order to trace the mastermind as well as the entire gang.

Ayob Khan stated that although they are in the initial phase of their investigation, yet they are not ruling out the possibility that the same syndicate would be running their business in other states as well.

According to the chief of the police at Johor, the recent activities surrounding the illegal mining of Bitcoin (BTC) have turned out to be very bad for the domestic power company.

He stated that in the last year, the TNB suffered a loss of around 90 million ringgits due to thefts in electricity for Bitcoin (BTC) mining.

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Central Banks Will Not Allow Bitcoin to Go Mainstream, Says Harvard Professor 0 4

Since the beginning of the year 2020, Bitcoin (BTC) has been flying high with respect to its price and market capitalization. There have been many mainstream institutions such as PayPal, MicroStrategy, and MassMutual that have played a huge role in deciding the fate of Bitcoin (BTC).

Although Bitcoin (BTC) had mustered a lot of user-base from the private sector, all it required was input from the mainstream sector. This is when PayPal announced that it was going to integrate Bitcoin (BTC) into its platform.

This worked like a charm for Bitcoin (BTC), and the largest cryptocurrency in the entire world got even bigger. Since then, Bitcoin (BTC) has been constantly gaining mainstream adoption and several institutions from around the world have adopted it.

However, similar to the president of the ECB, there are still many who still do not support the idea of adopting cryptocurrencies and Bitcoin (BTC) altogether.

Bitcoin (BTC) has been facing a lot of resistance and hard times from traditional financial institutions. It is the banks that are currently opposing the idea of Bitcoin (BTC) being dealt with as an asset for savings and investments.

The above speculation has also been confirmed by one of the professors from one of the world-renowned universities “Harvard”. Kenneth Rogoff, who is currently a Professor of Economics at Harvard talked about how the central banks currently perceive Bitcoin (BTC).

Rogoff stated that if people think that Bitcoin (BTC) has started gaining mainstream popularity, then they are mistaken. Despite all the success and attention, Bitcoin (BTC) is still far from gaining real mainstream adoption.

However, Bitcoin (BTC) currently has a very harsh and difficult journey ahead as the central banks from around the world are going to give a very hard time.

He stated that the central banks will not let Bitcoin (BTC) gain mainstream success and adoption. The professor stated that other cryptocurrencies are likely to face the same kind of treatment from the central banks.

He stated that for the time being, the majority of the cryptocurrency industry is unregulated. Many cryptocurrency firms in the industry do not adhere to the regulations that include AML and KYC policies.

For now, it is not possible for cryptocurrencies to be given mainstream status in the economy. The first thing that the governments would do is regulate cryptocurrencies and ensure that the policies are being adhered to.

Once the cryptocurrency regulations are streamlined and adherence is above satisfactory levels, then the cryptocurrencies stand a chance of being given mainstream status.

The words coming from Rogoff hold very high significance as he was one of the former chiefs at the IMF.

Bittrex Exchange Allowed Bitcoin to be Stolen, Claimed by Spanish Customer 0 6

As per the latest reports, the police authorities of the city of Tenerife have been given permission to investigate a case regarding Bittrex. As per sources, permission to look into the matter has been given by the Spanish court. The investigation has been launched by the Spanish court in response to a complaint that was launched by a Spanish Bittrex customer.

In the complaint, the customer has alleged to Bittrex that it was due to the exchange that he ended up losing his Bitcoin (BTC) to a theft. The plaintiff held the exchange responsible for the theft that led him to lose Bitcoin (BTC) that was worth $62,000.

As per sources, the cybercrime unit of the Tenerife police authority is currently investigating the matter. The cybercrime unit has stated that it will soon be sharing its preliminary findings around the matter. Then the police will be able to determine whether the exchange is to be held responsible for any involvement in the matter or not.

However, the plaintiff is continuing to blame the exchange for letting his Bitcoin (BTC) be stolen and taken away by the cybercriminals. He has claimed that the hacker was deliberately granted access to his wallet account on the exchange. As a result, the anonymous hacker was able to make away with around 1.3 Bitcoin (BTC) in the process.

One of the local reporting networks has revealed that the plaintiff himself is a resident of Tenerife city. The person claimed that it was May of 2020 when he had opened up his wallet account on the exchange for Bitcoin (BTC).

The plaintiff claimed that after creating the wallet account, he added 1.3 BTC to the same wallet account. Soon after making the deposit, he realized that his wallet with 1.3 BTC had been emptied and there was no sign of it.

Soon after learning about the theft, the first thing he did was get in touch with Bittrex so he got in touch with their customer support. Although he expected the team to support him, he got told by the customer support team that his account had been victimized by cybercrime.

The claimant also added in the report that he had hired a personal security expert in order to investigate the case. He wanted to get to the bottom of the theft and wanted to find the cybercriminals himself as he received no support from Bittrex.

The security expert hired by the claimant also shared his findings with the Spanish court. According to the report, Bittrex on four different occasions allowed the BTC wallet account to be accessed before the theft was attempted. The investigating expert also confirmed that the breach was observed from four different IP addresses.

All of the IP addresses used to breach the wallet account included Granada, United States, France, and Madrid.

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