Authorities in Malaysia have stopped an illegal Bitcoin
$96,429.36
mining opeartion in Hulu Terengganu and Marang.
According to a May 1 report from Malay Mail, the police seized 45 mining machines and other related equipment during the raids. The total value of the confiscated hardware was estimated at around RM225,000 (approximately $52,145).
Terengganu’s police chief, Datuk Mohd Khairi Khairuddin, said the miners had been stealing electricity, causing Tenaga Nasional Berhad (TNB), the national power supplier, to lose about RM36,000 (roughly $8,342) each month.
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Investigators believe the group behind the mining activity was running their operations out of homes and commercial properties, connecting their equipment directly to the electricity grid without permission. The operation was carried out with help from TNB’s Special Engagement Against Losses (SEAL) unit.
Although no arrests were made during the raid, the seized items were taken to the district police headquarters for further investigation.
Bitcoin mining itself is not against the law in Malaysia. However, illegally tapping into the power grid is a serious offence. Under Malaysian law, anyone caught tampering with electricity infrastructure could face up to five years in prison, a fine of up to RM100,000 (about $21,500), or both.
Meanwhile, Long Island resident Eugene William Austin Jr. was recently sentenced to 18 years in federal prison. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
