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Malaysian police literally crackdown on Bitcoin
Call it a crypto crackdown — literally
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.