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- Malaysia seizes prime suspects involved in illegal Bitcoin mining undertakings
- Authorities stripped about 400 Bitcoin mining machines
- Mastermind of the crime is yes to be caught by the task force
The alarming rate at which cryptocurrency scams are increasing, are only making countries more susceptible to the acceptance of digital currency. The risk and volatility factor coming along with the decentralized system of finance is increasing every day along with the increase in its future development and growth. After various raids, the task force in Malaysia has confiscated around 400 Bitcoin mining machines whose value goes up to $43,800.
Malaysia Bitcoin mining machines confiscated by the task force
These raids took place in George Town, Penang between 11:30 PM on Thursday and continued till 3:00 AM on Friday. The raids operated by the task force fell down on places that were posing to be normal shophouses in the country. Soffian Santong, who is the Assistant Commissioner, led the task force that took down 400 Bitcoin mining machines in the process. These shophouses were stormed by the task force that consisted of members from the state criminal investigation department, district police headquarters and Tenaga Nasional. The primary objective and target was to bust and catch the illegal shophouse posers.
Suspects were directly found to be supplying electricity to Bitcoin mining machines in the shophouses. The criminal activity began a few months ago and 3 suspects were taken in by the authorities as a result of 4 raids. Three more raids took place and after questioning these suspects, it is believed that the task force has new leads that it shall follow. The shophouses were located at Lintang Hajjah Rehmah, Jelutong, Sungai Dua, and Bayan Lepas in Penang.
Scams and fraudulent activities continue to rise in the country
Criminal activities associated with Bitcoin have been rising in the country at an alarming rate. The primary suspect is still on the loose and the force is looking for them exhaustively. The authorities want to catch the mastermind as soon as possible and put an end to the illegal Bitcoin mining circle that has allegedly stolen $102,239 worth of electricity to carry out their swindlings.
This draws a parallel in the world where some half of the countries are demolishing Bitcoin while the other half is trying to adopt it. It all depends on regulation, legal framework and the compliance of the public. Bitcoin is a highly volatile currency and matter and different nations are facing different sides of it.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
