Bulgarian Police Arrested 2 Bitcoin Farmers As They Were Caught Stealing 1.5 Million USD In Electricity

September 7, 2020 by  
Filed under Business

This news contains everything about two citizens of Bulgaria who were accused of robbing approximately 1.5 million USD in electricity utilized for running cryptocurrency mining farms in an illicit way.

Those two men are already arrested by the Bulgarian authorities for stealing more than 1.5 million USD. On the basis of a report made on Bulgaria Today, it says that the police detained them in a small Bulgarian town called Kyustendil.

Details on the News

All the representatives from the CEZ Electro Bulgaria and the ODMVR, the acronym for “Oblast-Directorate-of-the-Ministry-of-Interior-Affairs” made their statements at a conference. They said that the two inhabitants of Bulgaria, both from Sofia aged 38 & 31 respectively, were caught red-handed while they were funneling power to two illicit crypto mining farmsteads for 3 to 6 months. Nonetheless, the proofs say that the mining tool was present at the robbing site for over one year.

Philip Yordanov, the Deputy Director of CEZ, said that this incident is the biggest robbery of electricity that was ever detected. They stole so much power from the facility, it was enough to provide electricity to the neighboring township for approximately one month.

Before the two criminals were released to await trial, they were detained by the police for 24 hours.

Similar Incidents

There are numerous unethical cryptocurrency miners who have attempted to do similar kinds of crimes in many countries as those criminals gradually learned the profit they can have through these illicit approaches.

In China

One such incident also took place in China where 22 suspects were taken under police custody in July 2019  and are still considered to be one biggest theft in the crypto-realm. They were put in the main suspect list as they were involved in an unlawful mining farm making the usage of 3 million USD in robbed electric power. Police have impounded 4000 mining rigs at 9 respected factories.

In Russia

Russian officials have also tried to make stricter rules against Bitcoin miners robbing electric power. In June 2020, police arrested a man of 30. He was charged for looting almost 500000 USD in electricity from the state power network.

In March, another man was arrested along with his 9 assistants for getting involved in a similar crime where they stole around 200000 USD in electricity per month to mine cryptocurrency.

 

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