Crypto Theft in Indonesia
The Indonesian police recently shut down ten Bitcoin mining operations, accusing the organizers of crypto theft amounting to almost one million USD.
As reported by a local source, the North Sumatra Police Force took action against a multi-site Bitcoin mining operation with ten locations, confiscating 1,134 Bitcoin mining machines, 11 meters of electrical cable, and various computer equipment.
The Chief of North Sumatra Police, Irjen Agung Setya Imam Effendi, claimed that the people behind the operation had tampered with electrical circuits to power the large number of Bitcoin mining machines.
It was further noted that the total loss from the ten electricity theft locations is estimated to be 14.4 billion Indonesian Rupiahs (IDR), which is about $935,666 USD.
Yi Xiao Sentenced to Life in Prison for Crypto Theft
Yi Xiao, former vice chairman of the Jiangxi Provincial Political Consultative Conference Party Group, has been sentenced to life in prison by the Hangzhou Intermediate People’s Court for abuse of power in a Bitcoin mining enterprise. Xiao was accused of running a 2.4 billion Chinese yuan ($329 million) crypto mining enterprise under the corporate name Jiumu Group Genesis Technology from 2017 to 2021.
Xiao and other corporate executives reportedly amassed over 160,000 Bitcoin miners and, at one time, 10% of the city of Fuzhou’s entire electricity consumption was used for the enterprise.
The sentence comes after a Chinese government official was found guilty of facilitating access to electricity for crypto miners.
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