Malaysian Cops Bust Bitcoin Mining Syndicate Stealing Big Bucks in Electricity

Hold onto your hats, crypto fans! Malaysian authorities just smashed a slick bitcoin mining operation pulling off major electricity heists in Hulu Terengganu and Marang districts. The cops dropped the bombshell on Wednesday.

During the electrifying Op Letrik, Terengganu police teamed up with Tenaga Nasional Berhad’s Special Engagement Against Losses crew to raid two hotspots - a house in Bukit Perpat and a commercial spot in Wakaf Tapai. They nabbed 45 illegal Bitcoin (BTC) mining machines. Talk about a haul!

Terengganu's top cop, Datuk Mohd Khairi Khairuddin, spilled the beans that they zeroed in on these places because they'd been tampered with to dodge the electricity meters. The stolen power? It's costing TNB a cool RM36,000 per month.

"We grabbed all sorts of gear used in this mining gig," Mohd Khairi declared. "The whole stash of mining equipment is worth around RM225,000."

No one's been cuffed yet, but everything's been carted off to the district police HQ for a deep dive.

This case is under the microscope with charges under Sections 379 (theft) and 427 (mischief causing damage) of the Penal Code, plus Section 37 of the Electricity Supply Act 1990. Get convicted, and you’re looking at up to five years behind bars or fines up to RM100,000, or maybe both.

Malaysia’s Bitcoin Mining Mess

Bitcoin mining and sneaky energy theft are turning into a big headache in Malaysia. Just this year, another shady Bitcoin operation was busted in Kuala Lumpur on February 13 after a fire sparked some serious sleuthing.

Firefighters stumbled upon rigged wiring and a bunch of mining rigs that were illegally sipping on electricity.

Malaysia's power provider has been bleeding cash, losing a whopping $755 million from 2018 to 2023 because of these rogue miners.

Since 2020, Tenaga Nasional Berhad's been hit with over $101 million in losses from electricity theft tied to illegal Bitcoin mining.

It's not just Malaysia feeling the burn. Countries like Iran and Venezuela are also struggling with their power grids thanks to these crypto crooks, leading to crackdowns and outright bans.