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Taiwan man was arrested for stealing $3.25 million in electricity to mine cryptocurrencies

A man from Taiwan was arrested after he mined millions of dollars-worth of cryptocurrency using pilfered electricity.

As per a local news media outlet, EBC Dongsen News, a man who goes by the name Yang has used nearly NT$100 million ($3.25 million) in electricity from different business ventures in order to carry out his crime. The man had nearly 17 stores all across North Taiwan and his profit was 100 million yuan ($15 million).

To carry out his devious plot, he rented out around 17 stores for his operation. Before every illicit mining operation, he would first rent an internet cafe or a toy store, then hire electricians to redesign the wiring so that the stolen electricity would not be metered.

The discrepancy came to light, when Taiwan Power Company, the island’s state-owned utility provider, first discovered the operations after noticing an unstable power supply, which prompted them to initiate an investigation.

“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,” – Wang Zhicheng, deputy head of the fourth brigade of Taiwan’s Criminal Investigation Bureau said commenting on the development.

Back in October, Chinese citizen was sentenced to 3.5 years in prison for misusing electric power from a train station in mining bitcoins.

This news was provided by Crypto News India, our partnering media source in India.