Value of seized illegal Bitcoin mining machines spikes over 4,000% in Malaysia

Malaysia recorded the best circumstances associated to unlawful Bitcoin mining in 2021 because the nation continued the crackdown on numerous operators.

The Malaysian Bukit Aman Felony Investigation Division (CID) revealed that it seized unlawful Bitcoin mining tools value a report RM54 million ($12.9 million), Malay Mail reviews. 

In comparison with 2020, the worth of confiscated tools stood at RM1.26 million ($331,000), representing a spike of 4,185%. 

In accordance with the company’s head, Datuk Seri Abd Jalil Hassan, authorities have opened about 570 investigations and arrested 528 individuals in relation to unlawful crypto mining. In 2020, investigations stood at 20 from 26 arrests.

A lot of the culprits have been aged between 18 to 30 years previous with a bulk of mining operations happening in Selangor, Kuala Lumpur, Perak, and Penang. The company famous that the areas are enticing attributable to a continuing energy provide with perpetrators utilizing the economic standing to masks their actions.

Moreover, the CID recognized a spike in ransomware and Ponzi schemes associated to cryptocurrencies. The losses mirrored the worldwide development the place in 2021, world crypto crime recorded a lack of $14 billion, 79% development from 2020’s determine of $ 7.8 billion. 

To curb unlawful mining, Malaysian authorities are using drones to detect warmth patterns and monitor uncommon electrical energy consumption. 

Intensified crackdown on miners 

Total, in 2021, Malaysian authorities intensified the crackdown on unlawful mining actions ensuing within the seizing of a number of tools. As reported by Finbold, one of many largest crackdowns emerged in October final 12 months when authorities seized 1,720 Bitcoin mining machines, with whole seized objects totaling about RM3.5 million ($840,100). 

The raid focused 75 premises and likewise resulted within the seizure of 15 items of displays, 22 pc CPUs, 16 keyboards, 56 modems, a Toyota Hilux car, 44 followers, seven closed-circuit tv (CCTV) cameras alongside a laptop computer.

In June 2021, the federal government additionally confiscated over 400 Bitcoin mining machines value a complete of RM180,000 (or $43,800). 4 suspects have been arrested within the raid. 

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