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South Korean Court Denies Arrest Warrant for Terraform Co-Founder Daniel Shin

South Korean Court Denies Arrest Warrant for Terraform Co-Founder Daniel ShinA court in South Korea has again denied the arrest warrant for Daniel Shin, a co-founder of Terraform Labs who is being investigated for fraud. Shin has been accused of illegally profiting from the sale of over $100 million worth of the luna cryptocurrency before it collapsed. Seoul Court Leaves Terraform Co-Founder at Large Citing […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Do Kwon to Stand Trial in Montenegro, May Serve Time Before Extradition

Do Kwon to Stand Trial in Montenegro, May Serve Time Before ExtraditionBefore extradition, Terraform Labs founder Do Kwon will first have to stand trial in Montenegro for traveling on a fake passport, according to his lawyer in the country. The fugitive crypto entrepreneur may also have to serve time in prison before he is extradited from the Balkan nation, its justice minister indicated. Alleged South Korean […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says

Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor SaysA prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indicated that he will not be extradited soon. The law enforcement official told South Korean media that Montenegrin authorities intend to indict Kwon within a month, ruling out the possibility of him being handed over to other countries within the […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in Montenegro

Report: Terra Co-Founder Do Kwon Plans to Appeal Detention Extension After Arrest in MontenegroAccording to the Montenegro-based newspaper Vijesti, Do Kwon, the co-founder of Terraform Labs, also known as Kwon Do-hyung, is appealing the detention extension ordered by a Montenegrin court. Kwon was arrested on March 23, 2023, after being caught at Podgorica Airport in Montenegro while traveling with fraudulent identification documents. Report Says Kwon’s Legal Representation Aims […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Terraform Labs CEO Do Kwon Faces Extradition to South Korea

Terraform Labs CEO Do Kwon Faces Extradition to South KoreaAccording to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea. Montenegro Police’s Account of the Falsified Travel Documents Found […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior Minister

Terraform Labs Co-Founder Do Kwon Arrested in Montenegro, Says Interior MinisterAccording to Montenegro’s interior minister Filip Adzic, Terraform Labs co-founder Do Kwon was apprehended at Podgorica airport allegedly bearing falsified documentation. Adzic added that investigators are “waiting for official confirmation of his identity” after Montenegrin police detained the accused suspect. Terra Co-Founder Reportedly Arrested in Montenegro at Podgorica Airport With False Documents Terraform Labs co-founder […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Man faces arrest over alleged crypto mine hidden under a school

A former facilities worker in the U.S. state of Massachusetts is alleged to have stolen nearly $18,000 worth of electricity to run 11 miners in a school’s crawl space.

A former facilities worker who allegedly set up a secret cryptocurrency mining operation inside a Massachusetts school’s crawl space is due for arrest after missing a scheduled court hearing to answer to charges. 

Nadeam Nahas was scheduled to be arraigned on Feb. 23 facing charges of vandalizing a school and fraudulent use of electricity, according to media reports.

A default warrant is a type if warrant issued by courts when a person fails to appear in court or comply with an order, and authorizes law enforcement officers to arrest the person.

Nahas, who is said to have previously worked in the facilities department for the town of Cohasset, Massachusetts, United States, is alleged to have stolen electricity worth almost $18,000 in order to power his crypto mining operation in 2021, between April 28 and Dec. 14.

Local police were reportedly initially informed about the operation in December 2021 after Cohasset’s facilities director noticed computers, wiring and ductwork that seemed out of place given they were in a crawl space near the school’s boiler room.

A total of 11 computers were found there, and Nahas was identified as a suspect after a three-month investigation.

Nahas resigned from his position with the town of Cohasset in March.

Related: The economics of cryptocurrency mining: Costs, revenues and market trends

It is certainly not the first time someone has been charged with stealing electricity in order to mine cryptocurrency.

In July 2021, Malaysian officials destroyed $1.2 million worth of Bitcoin (BTC) mining rigs that were confiscated from residents who were stealing electricity to mine.

A year prior, in August 2020, Bulgarian authorities arrested two men for illegally siphoning off more than $1.5 million in electricity to operate two crypto mining farms.

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Briton Wanted by US for Advising North Korea on Crypto Arrested in Russia

Briton Wanted by US for Advising North Korea on Crypto Arrested in RussiaA British national wanted with a red notice from Interpol for consulting North Korea on cryptocurrencies has been detained in Moscow. U.S. authorities allege that the man helped the regime in Pyongyang to bypass sanctions using digital assets. U.K. Citizen Sought by U.S. for Violating North Korea Sanctions Apprehended in a Moscow Hostel The Russian […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

Russia Releases Bitzlato Co-Founder Anton Shkurenko After Questioning

Russia Releases Bitzlato Co-Founder Anton Shkurenko After QuestioningRussian authorities have released the recently arrested co-founder of crypto exchange Bitzlato, said to have processed illicit funds worth millions of U.S. dollars. Anton Shkurenko, who was questioned in Moscow, denies the French charges against him that became the reason for his brief detention. Shkurenko Says Potential Case Against Him in Russia Won’t Interfere With […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024

House Republicans Demand Answers From SEC Over FTX Co-Founder’s Arrest

House Republicans Demand Answers From SEC Over FTX Co-Founder’s ArrestOn Feb. 10, 2023, Republicans Patrick McHenry of North Carolina and Bill Huizenga of Michigan, both members of the U.S. House of Representatives, sent a letter to Securities and Exchange Commission (SEC) chairman Gary Gensler seeking answers about the arrest of FTX co-founder Sam Bankman-Fried prior to his scheduled testimony before the House Financial Services […]

SEC Reports Record $8.2B in Remedies With 583 Enforcement Actions in 2024