A crypto miner has been arrested in Taiwan for mining millions of dollars worth of cryptocurrencies using stolen electricity.
Recently, EBC Dongsen News reported that a man in Taiwan suspected of stealing electricity from various business premises to mine Ether and Bitcoin. Till now the authorities have not revealed the identity of the suspect but it is said that the surname of the suspect is Yang. He has stolen electricity worth of $3.25 million (NT$100 million).
The first time the Taiwan Power Company discovered this issue when it noticed an unstable power supply. The island’s state-owned utility provider then launched an investigation and found the suspect. After the investigation, Taiwan police arrested Yang. Yang allegedly tapped the electricity supply of 17 stores to run his cryptocurrency mining business. To steal electricity, Yang used to first rent a toy store or internet cafe then hire electricians to redesign the electrical wiring so that he could steal electricity.
According to the deputy head of the fourth brigade of Taiwan’s Criminal Investigation Bureau, Wang Zhicheng,
“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 is not the first case of stealing electricity for cryptocurrency mining, before this, a Chinese man was sentenced for three and a half year for stealing electricity from a train network to mine Bitcoin. Xu Xinhua stole electricity to mine 3.2 bitcoin.
In June, police in China arrested a man for sealing a significant amount of electricity to mine Bitcoin and Ether. A local power grid company reported a spike in electricity consumption and investigated the matter.
In recent time, several such cases of crypto mining with stolen electricity have emerged. In November this year, two principals at a Chinese School stolen electricity from the institution to mine cryptocurrency Ether.