Borneo authorities seize illegal crypto miners running off stolen power

July 31, 2023 Coin Telegraph

Borneo

A Malaysian energy supplier uncovered an illegal cryptocurrency mining operation stealing power from the local grid on the island nation of Borneo.

Authorities in the town of Miri on the island of Borneo shut down an illegal cryptocurrency mining operation and seized equipment following a tip-off from the public.

According to local news outlet The Borneo Post, Sarawak Energy discovered the operation, which included 34 cryptocurrency mining servers operating using stolen electricity through cable tapping.

Authorities seized all of the equipment used in the operation, including servers and tapping cables, while local police are now investigating the latest mining operation to be taken down on the island.

*Cryptocurrency mining servers found at a shophouse in Marina Square, Miri. Source: The Borneo Post*

Sarawak Energy estimated that the operation was utilizing around 6,000 Malaysian ringgits a month ($1300) worth of stolen electricity. An announcement from the utility noted that although Sarawak offers some of the lowest energy prices in Malaysia, energy theft remains an issue.

Another public tip-off in 2023 saw over 137 cryptocurrency mining servers seized by authorities in the state of Senadin, where Miri is located.

As Cointelegraph recently reported, Bitcoin (BTC) miners continue to weather a prolonged bear market that has put many operations under strain. This, in turn, has led to several mining firms and operators selling BTC in record amounts over the past few months.

The Bitcoin mining ecosystem has also recorded a number of important metrics, with the network hash rate hitting all-time highs in 2023, corresponding with highs for network difficulty.

While this typically indicates that the Bitcoin network is at its most resilient, with a record number of miners competing for block rewards while securing the network, it also places strain on smaller operators that do not have the economies of scale of larger operations.

Furthermore, operators with lower electricity prices also stand to be more profitable, which is another driving factor behind the propensity for illegal mining operators to steal electricity from the grid. This removes the electricity running costs of mining, allowing unlawful operators to bank profits and pay off hardware costs.

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Canadian police warn crypto investors on growing home robbery trend

July 21, 2023 Coin Telegraph

Aiden Pleterski

Perpetrators have impersonated delivery drivers in order to break into the homes of victims to steal cryptocurrency.

A Canadian police department has issued a public warning of a possible trend where high-value cryptocurrency investors are being robbed in their own homes.

On July 19, the Royal Canadian Mounted Police (RCMP) in Richmond, a city south of Vancouver, said several similar robberies involving cryptocurrency investors have occurred over the last 12 months.

Staff Sergeant Gene Hsieh of the Richmond RCMP Major Crime Unit said someone is “targeting these victims for cryptocurrency" and believed a public warning was necessary for public safety.

Richmond RCMP and Delta Police

FOR IMMEDIATE RELEASE

Police issue warning to high-value cryptocurrency investors following home-invasion style robberies.

Date: 2023-07-19

For the full News Release, see below:https://t.co/27JLFKcV10 #DeltaPolice #DeltaBC pic.twitter.com/7CqONzUdUl
— Delta Police Department (@deltapolice) July 19, 2023

The RCMP didn’t release specific details on the incidents but explained in each case the perpetrator impersonated a delivery driver before robbing the victim.

“The suspects gain access to a victim’s home by posing as delivery people or persons of authority. Once let inside the home, the suspects rob the victims of information that gives access to their cryptocurrency accounts.”

Staff Sergeant Jill Long of the Delta Police Investigative Services said the suspects appear to know that the victims are “heavily” invested in cryptocurrency along with knowledge of where they live.

The police department confirmed it made one arrest but has not confirmed whether several incidents are linked. It did not provide specific details about the incidents or how much cryptocurrency was stolen as the investigations are still ongoing.

To avoid a home robbery the department advised not letting strangers or delivery people — whether seemingly legitimate or not — into the household and instead ask them to leave deliveries outside.

If in doubt, a call should be made to the delivery company to confirm the person’s identity and authorities should be called if danger is or appears imminent.

Valuables and financial information should be kept somewhere safe within the household, such as a safety box, the police advised.

More generally the police recommend only discussing financial matters in private — not on social media — and only with trusted people.

In March, Canada’s self-proclaimed “Crypto King” — Aiden Pleterski — was allegedly kidnapped, falsely imprisoned and assaulted by five men who fell for an apparent cryptocurrency scheme from Pleterski.

One of the men, who reportedly invested 740,000 Canadian dollars ($560,000) into the scheme, was charged with kidnapping Pleterski on July 17 according to the Canadian Broadcasting Corporation.

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