Connect with us

Crypto

Malaysian police literally crackdown on Bitcoin

Published

on

Malaysian authorities have seized 1,069 bitcoin mining rigs

Call it a crypto crackdown — literally

Malaysian authorities have seized 1,069 bitcoin mining rigs then laid them out in a parking lot at police headquarters and used a steamroller to crush them

The Assistant Commissioner of Police the crackdown came after miners allegedly stole $2 million worth of electricity.

Police opted to crush the mining gear rather than sell it, in accordance with a court order.

The chief says that electricity theft by bitcoin miners led to three houses burning down in the city.

The electricity theft for mining bitcoin activities has caused frequent power outages and in 2021, three houses were razed due to illegal electricity supply connections.

While mining for cryptocurrencies is not illegal in Malaysia, there are stringent laws around power use. Law those who tamper with power lines with fines of up to 100,000 Malaysian ringgit and five years in prison.

The Police Chief confirmed eight individuals were also arrested for being involved in illegal mining activities. He said in a statement:

Police opted to crush the mining gear rather than sell it, in accordance with a court order. Other countries, like China, have taken a different route, reportedly auctioning off seized rigs.

Jack is a journalist and producer at Ticker NEWS. He's previously worked for digital media publications in Australia and the US. Jack is particularly interested in reporting on international affairs and sport.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto

Mass protests in El Salvador as thousands protest against Bitcoin

Published

on

El Salvador President Nayib Bukele remains hopeful that Bitcoin will help the people of his nation that are currently working abroad, transfer money back home.

Protesters however feel the cryptocurrency will bring instability and inflation to the Latin American nation.

During the protests on Thursday demonstrators could be seen setting fire to a brand-new Bitcoin machine, while others spray painted some shop windows.

As of last week, El Salvador officially became the first country to allow the digital currency to be used as legal tender, alongside the US dollar.

Protesters are against Bitcoin becoming legal tender / Image: The Gaurdian

The demonstrators, gathered in the capital San Salvador on the 200th anniversary of the country’s independence, brandishing placards reading “No to Bitcoin” and “Respect the Constitution”.

Protesters have accused President Bukele of abusing his authoritative power by allowing Bitcoin to become the country’s legal tender.

Continue Reading

Crypto

How a fake Walmart news post boosted cryptocurrencies

Published

on

A fake Walmart news release claiming the retail giant would soon accept cryptocurrency has send the digital coin sector into a frenzy

Cryptocurrency Litecoin saw a sudden surge on Monday over the press release, which turned out to be fake.

The release, published through a legitimate press channel, claimed that Walmart would accept the currency through all of the company’s digital stores.

Walmart Store / Image: File

Walmart later told US media outlets the announcement was “inauthentic”

By the time Walmart confirmed that the news release was fake, several major news websites and press agencies had spread the supposed news.

The announcement made it on to Globe Newswire, a service widely used to distribute press material from companies.

The faked release has since been deleted, and did not appear on Walmart’s own website.

A tweet from a verified Litecoin Twitter account linking to the release has also been deleted.

Hours later, the Litecoin Foundation tweeted to confirm that the organisation had no such partnership:

Continue Reading

Crypto

Bitcoin-drop: El Salvador falters in legal tender rollout

Published

on

Bitcoin plunged as much as 17 per cent to its lowest level in a month as El Salvador’s crypto rollout got off to a rocky start

The largest cryptocurrency fell as low as $43,050 in New York on Tuesday, plunging more than 10 per cent over an hour, before recovering about half the losses.

The Bloomberg Galaxy Crypto Index, which tracks some of the largest digital tokens, lost as much as 19 per cent at one point. 

El Salvador has become the first country to accept Bitcoin everywhere

The drop comes as Bitcoin faces one of its biggest test in its 12-year history as El Salvador became the first country to adopt it as legal tender

You can now pay for a burger using bitcoin, as businesses across the nation are advised to accept the digital coins as payment 

The Central American nation’s president, Nayib Bukele, said on Twitter that the digital wallet being used in the project can now be downloaded after it was shut down earlier because of technical glitches.  

The wallet, known as Chivo, comes pre-loaded with $30 worth of the currency for users who register with a Salvadoran national ID number

Millions of people are expected to download the government’s new digital wallet app.

More than 200 new cash machines are being installed across the country to enable dollars to be converted into Bitcoin.

Continue Reading

Trending on Ticker

Copyright © 2021 Ticker Media Group Pty Ltd