Illegal crypto mining in Malaysia hits a new peak in 2021

Malaysia – Cryptocurrency, the exciting, transitory new wave of technology has a shady underside of issues and scams. Crypto crimes, including as unlawful bitcoin mining, have surged dramatically in 2021, according to Bukit Aman Criminal Investigation Department (CID) head Datuk Seri Abd Jalil Hassan.

In the year 2021 alone, Malaysia had 570 investigation documents filed, 528 persons detained, and RM54 million in mining equipment confiscated. Whereas, in the previous year, o nly 20 documents were examined, 26 persons were detained, and RM1.26 million worth of equipment was confiscated. Between 2020 and 2021, the number of seized goods increased by more than 4200 percent.

The majority of the perpetrators were between the ages of 18 and 30, with the oldest suspect being 61 years old, according to the chief. The majority of the crimes occurred in Selangor, Kuala Lumpur, Perak, and Penang, which all have large industrial sectors with adequate electricity to support illicit mining. The suspects locate secluded business places where the public will not hear or feel the noise or heat generated by the mining rigs. Sarawak Energy confiscated over 1,200 mining rigs in October. Electricity theft has been on the rise in Malaysia, with 7,209 incidents registered between 2018 and 2021.

Related Posts

Illegal mining isn’t the only kind of bitcoin crime. These digital currencies are often used in illegal operations such as ransomware and Ponzi schemes to store vast sums of stolen money. Global crypto crime amounted to US$14 billion (RM58.6 billion) in 2021, up 79 percent from US$ 7.8 billion in 2020 and hitting an all-time high.

How do they fight unlawful cryptocurrency mining?

One thing to keep in mind regarding bitcoin mining rigs is that they generate a significant amount of heat. In reality, owing to non-compliance with TNB and Energy Commission criteria, energy theft associated with illicit mining often results in fire breakouts.

TNB currently employs drones to detect heat in the air in questionable regions in order to figure out where the criminals are mining. These are regions where power demand is high yet meter readings are low. TNB will use its Special Engagement Against Losses (SEAL) squad, which was formed ten years ago, to assist fight energy theft once the site is discovered. On a bigger scale, places like the EU are considering outright outlawing proof-of-work mining. Although crypto mining is now legal in Malaysia, it is probable that this may alter in the next years.

Katherine S

1/4 German, 3/4 Malaysian. I write, follow and monitor closely political news happening in Malaysia, and other happening news in the ASEAN region. Newswriter for the best ASEAN news website - The Asian Affairs.

Recent Posts

Shooting concludes: Stranger Things 5 to release on Netflix in 2025

Created by the Duffer Brothers, Stranger Things is one of the most popular sci-fi horror series globally. It is set…

December 21, 2024

China’s Hypersonic Expansion in Asia Raises Alarms for India

According to the US Department of Defense, China has now produced the most sophisticated supply of hypersonic weapons in the…

December 21, 2024

Melaka International Halal Festival 2024

The Melaka International Halal Festival 2024 aims to turn the city as the prime center of the Halal products and…

December 21, 2024

Chunichi Dragons Renews the Contract of Hiroto Takahashi with Annual Salary of 120 million yen

On Saturday, the stalwart of Chunichi Dragons Pitcher, Hiroto Takahashi attended the negotiation for his contract renewal for the next…

December 21, 2024

Biden-Harris administration cancels another $4.28 billion in US student loans

US President Joe Biden has cancelled another $4.28 billion in student loans for nearly 55,000 people across the country, the…

December 20, 2024

The Colorful SCTV 2024 Carnival: Programs, Date, Venue & Timing

Music, dance, celebration and mesmerizing stage performances before the fans who are at the peak of their enjoyment, is the…

December 20, 2024

This website uses cookies.

Read More