Home Bitcoin News Bitcoin Mining Kazakhstan Arrests 23 for Working Crypto Crime Ring

Kazakhstan Arrests 23 for Working Crypto Crime Ring

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Kazakh authorities arrested 23 individuals suspected of being members of a gang that used threats and blackmail to drive IT specialists into operating underground cryptocurrency mining farms.

Bitcoin MiningThe Kazakh authorities addressed the issue of unlawful cryptocurrency mining farms in a nationwide sweep this yr. (Photograph: Marko Ahtisaari, Flickr, License)Among the many arrested had been former convicts and criminally oriented individuals specialised in acquisitive and violent crimes, resembling extortion and patronage of unlawful miners, in addition to using weapons, mentioned a police statement.

The racketeers would flip a revenue of US$300,000 to $500,000 per 30 days for operating unlawful mining farms within the city of Talgar within the nation’s Almaty area.

One of many detainees was a military serviceman in possession of a Kalashnikov assault rifle, 60 rounds of ammunition, and pistols.

The operation resulted within the seizure of mining farm tools value round $7 million, crime devices, black bookkeeping, a Soviet Makarov pistol, and three units of pretend license plates.

The energy-rich nation at the moment ranks because the third largest miner of bitcoin on this planet, proper after the U.S. and China.

Nonetheless, in accordance with a March report by the nation’s Monetary Monitoring Company, the sector’s fast development, particularly since November 2021, led to electrical energy scarcity dangers. The company reported that over a 100 unlawful mining farms had been found throughout a nationwide inspection and shut down – various which had been operated by high-profile enterprise figues.

These included an ex-chairman of the state-owned QazaqGaz fuel firm, a former head of the drug crime division of the nationwide police, and Kazakhstan’s seventeenth richest particular person.

This crackdown, nonetheless, was to not say that bitcoin mining can be outlawed as is the case in China – however there are clear indicators indicating that the nation is engaged on a regulatory strategy. Final month, President Kassym-Jomart Tokayev signed new tax charges for bitcoin mining operators, Coin Telegraph reported.

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