Russian Authorities Break Up Illicit Bitcoin Mining Operation




Russian police this week arrested ten people suspected of operating an illicit cryptocurrency mining operation that stole some 15 million rubles worth of electricity each month. Authorities also seized about 2 million rubles, 1,500 mining devices, smartphones, and 100 electrical meters that the suspects allegedly altered.

In a statement on the Ministry of Internal Affairs website, officials allege that at least 10 individuals were involved in the scheme, which involved using altered electric meters to mask their actual energy consumption at eight different cryptocurrency mining farms.  The stolen electricity was used to mine cryptocurrency that was then sent to exchanges outside the country.

Evidence was collected over the course of 20 searches by the Russian Guard. According to the statement, authorities have detained one St. Petersburg resident who is believed to have organized the scheme. His nine alleged accomplices have reportedly been detained by the police.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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