Economy 29-04-2024 11:03 11 Views

Thailand Authorities Seize Over $5M Worth of Crypto Mining Devices in Electricity Theft Investigation

Thai authorities recently cracked down on a crypto mining operation suspected of stealing electricity. The raid in Samut Sakhon and Ratchaburi netted over 650 mining devices valued at more than 200m baht (about $5m).

Acting on tip-offs about unusually high electricity use, officials from Thailand’s Cyber Crime Investigation Bureau and the Provincial Electricity Authority (PEA) secured warrants and raided the two locations, the Bangkok Post reported Monday.

The raid in Samut Sakhon targeted a surprising location – a temple compound in the Ban Phaeo district. Here, authorities seized 187 crypto mining devices. A separate warehouse in Ratchaburi yielded another 465 phones, computers, and tablets potentially linked to the mining operation.

Three Arrested in Thailand for Managing Illegal Crypto Mining Operations

Investigators from the Provincial Electricity Authority (PEA) found evidence of tampered electricity meters at both sites, suggesting the theft of electricity worth an estimated 5m baht ($135,000).

The authorities apprehended three individuals: Sombat Tangnawadee, Kiatkongel Tumthong, and Somwang (last name unreported). During questioning, all three admitted to managing the mining operations, which had been running for roughly two months.

Sombat and Somwang revealed they oversaw the separate locations in Samut Sakhon and Ratchaburi, respectively. They further confessed to illegally importing the mining equipment from China, intending to sell it to crypto miners.

Global Raids Target Hidden Mines Stealing Power

In addition to selling the equipment, the suspects also reportedly provided hosting services for miners’ machines. This included housing the equipment and charging a monthly fee of 6,200 baht ($167), supposedly covering electricity costs.

Police revealed these locations were already under investigation before any complaints arose about the cloud mining operation.

Cracking down on illegal crypto mining is becoming more common. In Russia, police seized over 3,200 mining rigs from hidden data centers in Siberia earlier this month. Similarly, Malaysia uncovered three stealth crypto mining operations suspected of stealing electricity, operating out of shophouses and even residences.

The post Thailand Authorities Seize Over $5M Worth of Crypto Mining Devices in Electricity Theft Investigation appeared first on Cryptonews.

Other news