Coinspeaker
Thai Police Cracks Down on Illegal Bitcoin Mining, Seizes $2.5M Worth of Equipment
Amid its crypto crackdown on illegal crypto operations in the country, the Thai police have raided an illegal Bitcoin mining operation while seizing a total of 69 million baht (S$2.54 million) worth of equipment.
As we know, Bitcoin mining operations usually require huge amounts of electricity in order to power the large computing machinery for mining different Proof-of-Work digital assets such as Bitcoin. Earlier on Wednesday, May 1, the Thai police received a tip about suspicious high usage of electricity at a disused ice factory in western Samut Sakhon city.
“We discovered approximately 690 units used for Bitcoin mining,” stated Pichetpong Changkaikhon, Chief of Samut Sakhon City Police, in an interview with AFP, estimating their value at 69 million baht. Alongside the mining units, authorities also confiscated an electrical transformer, laptops, and aluminum cables.
During the operation, a Myanmar national was apprehended on the premises. The police are continuing their investigation into several individuals, including the owner of the factory and the leaseholder of the property, reported The Strait Times.
Mr Pichetpong said that the Thai police have also been conducting other raids in the city for illegal Bitcoin mining operations. However, nothing of this scale has propped up so far. “There were other places raided too for illegal bitcoin mining but we found only 40 to 50 bitcoin mining units,” he said.
Last week itself, officers from the Technology Crime Suppression Division conducted raids at a Chinese temple in Ratchaburi and a warehouse in Samut Songkhram. They seized a total of 652 Bitcoin mining machines from these locations for an estimated USD 5 million. This crackdown comes as illegal Bitcoin mining has been on the rise in Thailand recently.
Thailand’s Crypto Regulatory Crackdown
Earlier this week, Thai financial regulators warned crypto asset service providers against deceptive advertising and hosting broker agency (IBA) events that might violate regulatory protocols.
Anek Yooyuen, the deputy secretary-general of Thailand’s Securities and Exchange Commission (SEC), expressed the agency’s apprehension regarding crypto exchanges luring investors with enticing promotions.
Furthermore, the Thai authorities are also working to block access to unauthorized cryptocurrency exchanges in the country. The Thailand SEC was instructed to furnish comprehensive details on unlicensed digital asset service providers currently operating within the country.
This action by Thai regulators appears to be aimed at enhancing law enforcement effectiveness in combating money laundering via digital assets.
Thai Police Cracks Down on Illegal Bitcoin Mining, Seizes $2.5M Worth of Equipment
