In today’s crypto news, we are going to the country of Taiwan where recently a man has been arrested over claims that he mined millions of dollars worth of cryptocurrencies including Bitcoin and Ethereum using stolen power.
As the official report from EBC Dongsen News on Wednesday noted, the man with a surname Yang is suspected of stealing electricity that is valued at over NT$100 million ($3.25 million) from various business premises in order to mine Bitcoin and Ether.
Yang was found to tap the power supply at 17 stores in Taiwan for his illicit mining operations, where he would first rent an internet cafe or a toy store and then hire electricians to redesign the wiring so that his stolen cryptocurrency wouldn’t be metered.
In the article, the deputy head of the fourth brigade of Taiwan’s Criminal Investigation Bureau noted:
“The group recruited electricians who managed to break into the sealed meters in order to add in private lines to use electricity for free before that usage reaches the meters.”
As of recently, the number of such mining attempts has been increasing as easy gains have proven to be an easy temptation for some miners. Last month, we had two principals at a Chinese school which were fired after stealing electricity from the institution to mine Ethereum.
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