Police and electricity authorities in Thailand have launched a series of crackdowns targeting illegal cryptocurrency mining operations accused of stealing massive amounts of electricity.
Raids conducted in Chachoengsao and Surat Thani provinces led to multiple arrests and the seizure of mining hardware worth millions of baht.
Related Reading: Binance Targets Thailand’s Crypto Oasis As Launchpad To 1 Billion Users
How It Went Down
According to a recent report from local news media, raids occurred over the weekend in Surat Thani province, with officials searching seven commercial buildings and two residential properties in Muang district.
The investigation resulted in the arrest of two men, Nathapong and Arthit, aged 30. Authorities confiscated 111 crypto-mining machines, seven desktop computers, 10 routers, and 10 modified power meters.
The arrests were made after informants tipped off the police about deserted buildings outfitted with surveillance cameras, raising suspicions of illegal activities.
A Crime Suppression Division commander, Pol Maj Gen Montri Theskhan, revealed that Nathapong rented the commercial properties and owned the houses where the illicit operations occurred.
Investigators noted significant financial transactions of more than 40 million baht from January of the previous year to July, coupled with unusually low electricity bills, hinting at meter tampering.
Electricity Theft And Large-Scale Operations Disrupted
Authorities believe the suspects had been modifying electricity meters to reduce their recorded power consumption. The modified meters were integral to powering the “energy-intensive” mining equipment without incurring proportional electricity costs.
According to officials, the stolen electricity was valued at approximately 10 million baht ($287,191), highlighting the magnitude of the theft. During questioning, Nathapong reportedly admitted to starting the mining operation in late 2022, acquiring secondhand mining equipment to further his illicit venture.
Arthit, on the other hand, allegedly confessed to being responsible for modifying power meters and maintaining the power supply network across the nine properties.
The crackdown continued in Chachoengsao province, where authorities raided a deserted warehouse in Bang Nam Prieo district’s Sala Daeng area.
They discovered 109 active crypto-mining machines and an additional 66 units awaiting installation. The total value of the equipment was estimated at 17 million baht ($488,225).
The raid followed suspiciously high power consumption reports from an otherwise unused warehouse. Electricity officials traced the power theft back to the site, estimating the cost of stolen electricity at over 10 million baht in recent months.
Related Reading: Crypto CEO Held Hostage In Toronto, Freed After $1 Million Ransom Payment
Notably, in Thailand, a power tariff rate of 4 baht per kWh equates to a cost of 620,000 baht. The average monthly household electricity bill in Thailand is estimated at around 750 baht.
Featured image created with DALL-E, Chart from TradingView
Police and electricity authorities in Thailand have launched a series of crackdowns targeting illegal cryptocurrency mining operations accused of stealing massive amounts of electricity.
Raids conducted in Chachoengsao and Surat Thani provinces led to multiple arrests and the seizure of mining hardware worth millions of baht.
Related Reading: Binance Targets Thailand’s Crypto Oasis As Launchpad To 1 Billion Users
How It Went Down
According to a recent report from local news media, raids occurred over the weekend in Surat Thani province, with officials searching seven commercial buildings and two residential properties in Muang district.
The investigation resulted in the arrest of two men, Nathapong and Arthit, aged 30. Authorities confiscated 111 crypto-mining machines, seven desktop computers, 10 routers, and 10 modified power meters.
The arrests were made after informants tipped off the police about deserted buildings outfitted with surveillance cameras, raising suspicions of illegal activities.
A Crime Suppression Division commander, Pol Maj Gen Montri Theskhan, revealed that Nathapong rented the commercial properties and owned the houses where the illicit operations occurred.
Investigators noted significant financial transactions of more than 40 million baht from January of the previous year to July, coupled with unusually low electricity bills, hinting at meter tampering.
Electricity Theft And Large-Scale Operations Disrupted
Authorities believe the suspects had been modifying electricity meters to reduce their recorded power consumption. The modified meters were integral to powering the “energy-intensive” mining equipment without incurring proportional electricity costs.
According to officials, the stolen electricity was valued at approximately 10 million baht ($287,191), highlighting the magnitude of the theft. During questioning, Nathapong reportedly admitted to starting the mining operation in late 2022, acquiring secondhand mining equipment to further his illicit venture.
Arthit, on the other hand, allegedly confessed to being responsible for modifying power meters and maintaining the power supply network across the nine properties.
The crackdown continued in Chachoengsao province, where authorities raided a deserted warehouse in Bang Nam Prieo district’s Sala Daeng area.
They discovered 109 active crypto-mining machines and an additional 66 units awaiting installation. The total value of the equipment was estimated at 17 million baht ($488,225).
The raid followed suspiciously high power consumption reports from an otherwise unused warehouse. Electricity officials traced the power theft back to the site, estimating the cost of stolen electricity at over 10 million baht in recent months.
Related Reading: Crypto CEO Held Hostage In Toronto, Freed After $1 Million Ransom Payment
Notably, in Thailand, a power tariff rate of 4 baht per kWh equates to a cost of 620,000 baht. The average monthly household electricity bill in Thailand is estimated at around 750 baht.
Featured image created with DALL-E, Chart from TradingView
