Authorities in Ukraine Lead Crackdown on Massive Crypto Mining Operation

Authorities in Ukraine Lead Crackdown on Massive Crypto Mining Operation

Ukrainian authorities had seized 5000 PC’s, all used for crypto mining purposes. The Security Service of Ukraine (SBU) disclosed this Monday that Ukrainian law enforcement had cracked down on the largest crypto mining farm to date.

Residents from Kyiv and Vinnytsia had built the enormous underground cryptocurrency mining facility in the former warehouse of JSC Vinnytsiaoblenerho, SBU investigation claims. The perps stole electricity from the local grid, but it is also said that they manipulated the electric meter to hide their energy consumptions.

The SBU noted that around $186k to $259k worth of electricity was being stolen per month, leading to a major loss on the provider’s side. Moreover, the SBU claims that such activities can lead to power surges.

Meanwhile, the crackdown lead to the confiscation of 3800 gaming consoles, some500 graphic cards, 50 processors, documents on electricity consumption, notebooks, flash drives, and phones.

At this time the Security Service of Ukraine has noted that it is investigating all the bodies involved on the mining operations. The agency is also questioning the officials and owners of the JSC Vinnytsiaoblenerho facility.

The Ukrainian crypto market share has been on the rise for quite some time now, making the country of particular interest to cryptocurrency dwellers. In 2020 alone, over $400 million in crypto coins were brought in Ukrain by investors.

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