Thailand Crypto Mining Crackdown Nabs Devices Worth Over $5M

• Thai authorities have cracked down on illegal crypto mining.
• The authorities raided two locations.
• Crypto mining equipment worth millions of dollars was seized.

Thailand authorities have seized hundreds of illegally imported crypto mining devices and made multiple arrests following an investigation into electricity theft by crypto miners in the country.

The development comes as Thailand reportedly witnesses a surge of investment opportunities reports involving leasing or buying crypto mining devices at low prices. In the high-profile clampdown, tip-offs led authorities to two illegal mining rigs hidden in surprising locations.

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Busting Multimillion-Dollar Crypto Mining Rigs

According to a Bangkok Post report dated April 29, Cyber Crime Investigations Bureau officers and officials from the Provincial Electricity Authority raided two crypto mining operations after obtaining warrants based on unusually high electricity consumption in the locations.

The first operation was nested in a temple in Samut Sakhon’s Ban Phaeo district, where authorities confiscated 187 crypto mining devices. Other devices, computers, tablets, and 465 mobile phones were seized from a warehouse compound in Ratchaburi.

In total, the joint operation led to the seizure of 650 crypto mining devices worth over $5 million (200 million baht) and the discovery of illegal electricity supply systems that allowed the theft of $135,000 (5 million baht) in unpaid-for electricity at both sites.

Per the report, three suspects were arrested and held for questioning following the raids. They admitted to overseeing the crypto mining rigs after importing the seized devices from China and selling them locally. The suspects disclosed that their offerings included hosting the machines on behalf of buyers (miners) at a monthly fee of $167 (6,200 baht), including electricity costs.

Read about Thailand’s broader plan to regulate crypto:
Thailand SEC Tightens Crypto Crackdown to Target Cybercrime

Stay updated on Thailand’s crypto ICO rules:
Thai SEC to Protect Token Holders with Tightened ICO Rules