Electricity Thief That Mined $3 Million USD In BTC And ETH Gets Arrested
Electricity Thief That Mined $3 Million USD In BTC And ETH Is Arrested
A Taiwanese man which is being accused of stealing about $3.25 million USD in electricity to mine Bitcoin (BTC) and Ethereum (ETH), now he has been recently arrested in the country. The surname of the man is “Yang” but his first name was not disclosed by the police.
He is suspected of stealing the electricity from the Taiwan Power Company and using it to get around the same amount of money in cryptos. He is being accused of stealing the power from 17 stores. First, he rented places like internet cafes or toy stores and then he hired electricians to redesign all the wiring so he could easily steal the electricity.
The operation was first discovered by the Taiwan Power Company, the company responsible for the electricity in the area, after noticing some instabilities in the power network. Yang was arrested soon after. At the moment, the electricians who helped the man to adulterate the sealed meters to use the electricity for free were still not caught.
People Are Stealing Electricity For Mining Cryptos
Unfortunately, the man was far from being the only person who had a similar idea. Several people around the world had similar ideas of how to cheat the system to mine cryptos. With the bear market making prices go down so hard, this was the way that these people found out to get easy profits. In fact, a lot of cases have happened in Asia, mostly in China.
For instance, two principals at a Chinese school recently used the facilities to mine ETH and got into trouble when people found out.
Another case also happened in China, most specifically in the province of Anhui. There, a man was arrested for stealing a significant amount of electric energy to mine tokens. The local power company tracked energy spikes to discover that the man was stealing energy.