Thai Authorities Crack Down on Illicit Cryptocurrency Mining Scheme
Thai officials recently made a significant breakthrough in the fight against illicit cryptocurrency mining activities, as they raided two separate locations in Samut Sakhon and Ratchaburi. The operation led to the confiscation of over 650 mining machines valued at around $5 million.
The crackdown was initiated after authorities received reports of abnormal electricity consumption in the areas, prompting the Cyber Crime Investigation Bureau and the Provincial Electricity Authority (PEA) to obtain search warrants. What they discovered was shocking – a temple compound in Samut Sakhon housing 187 mining devices and a warehouse in Ratchaburi containing 465 devices, along with phones, computers, and tablets believed to be associated with the illegal mining activities.
The investigation also revealed tampering with electricity meters at the locations, leading to the discovery of electricity theft worth approximately $135,000. Three suspects – Sombat Tangnawadee, Kiatkongel Tumthong, and an individual identified only as Somwang – were arrested in connection with the illegal mining operations.
During interrogation, the suspects confessed to running the mining facilities for about two months, with Sombat and Somwang taking charge of the operations in Samut Sakhon and Ratchaburi, respectively. They admitted to illegally importing mining equipment from China and distributing it to cryptocurrency miners, charging a monthly fee that covered the cost of electricity.
The police had been monitoring the locations before receiving complaints about the unauthorized mining activities. The surge in incidents related to investment schemes offering cryptocurrency mining devices at discounted rates has raised concerns among authorities.
This recent crackdown in Thailand is part of a global effort to combat unauthorized cryptocurrency mining. Just last week, Sweden cracked down on 18 companies engaged in illicit crypto mining, while Russian authorities seized over 3,200 mining machines from hidden data facilities in Siberia. As the cryptocurrency industry continues to grow, it is crucial for regulators to stay vigilant and take action against illegal activities to protect consumers and maintain the integrity of the market.
