Man arrested for stealing millions in electricity to mine crypto
A Taiwanese man has been arrested for allegedly stealing $3.25 million worth of electricity from doll stores and coffee shops to mine cryptocurrency worth millions of dollars.
According to EBC Dongsen News, the man is known by his surname “Yang” and was arrested after the Taiwan Power company noticed unstable power supplies and launched an investigation.
Fourth Brigade Deputy Head of Taiwan’s Criminal Investigation Bureau, Wang Zhicheng, said,
“The group recruited electricians who managed to break into the sealed meters in order to add in private lines to use electricity for free before that usage reaches the meters.”
This wasn’t the first time where electricity was stolen for mining operations.
In November, two principals from Puman Middle School in Hunan installed nine computers to mine Ethereum. Principal Lei Hua and Vice Principal Wang Zhipeng’s computers were worth approximately $7,000 and cost the school $2,163 in electricity. Hua was fired as principal and removed from the Communist Party whereas the Zhipeng was given a warning.
According to Xinhua News Agency, police officers in China’s Anhui Province seized more than 200 computers in June from a man known by his surname “Ma” whom allegedly short circuited his electricity meter to steal electricity for Bitcoin and Ethereum mining. At the time of Ma’s arrest, he had not made a profit from mining due to the daily power cost.