Bitcoin News and Finance Amid Risk of Power Deficit, Ukraine Shuts Down Another Crypto Farm Skip to main content

Amid Risk of Power Deficit, Ukraine Shuts Down Another Crypto Farm

Amid Risk of Power Deficit, Ukraine Shuts Down Another Crypto Farm

With а growing threat of electricity shortages in the winter months, Ukraine has busted another large coin minting facility illegally drawing power from the grid. The country’s security agency announced it’s stepping up efforts to ensure the nation’s energy system is well-protected from such consumers.

Large-Scale Illegal Mining Operation Uncovered in Central Ukraine

The Security Service of Ukraine (SBU), the country’s top law enforcement agency, is intensifying “systematic work to ensure the protection of critical infrastructure of the United Energy System of Ukraine,” a press release revealed this week. The announcement provides details about its latest operation against illegal crypto mining in the country:

An underground cryptocurrency farm has been exposed in Cherkasy region. The operators stole industrial volumes of electricity from the regional power grid for bitcoin mining.

Preliminary estimates shared by the SBU suggest that the Ukrainian state has suffered financial damages amounting to more than 6 million hryvnia (close to $330,000). The stolen electricity, officials claim, is sufficient to power more than a dozen homes for several years.

The security service said the mining undertaking had been organized by local businessmen in leased warehouses. They illegally connected their hardware to the grid operated by Cherkasyoblenergo, the region’s power distribution company. The daily operation of the equipment has allegedly inflicted “large-scale energy losses” to the state-owned enterprise.

During a search at the premises, agents found other evidence of illegal activities, the SBU added without elaborating. “Investigative actions are underway to prosecute the organizers of the illegal business” within proceedings under the Criminal Code of Ukraine, the organization emphasized. Involved in the case are also representatives of the National Police and the Prosecutor General’s Office.

The growing popularity of cryptocurrencies has turned Ukraine into a leader in adoption in recent years. The government in Kyiv has taken steps to legalize “virtual assets.” While the mining of digital coins is not banned, it isn’t regulated either. This year, the Security Service of Ukraine has been going after miners illegally exploiting the country’s electricity supply network, shutting down a number of crypto farms in various regions.

Other crypto-related activities have been targeted as well. In August, the SBU blocked a number of online crypto exchangers allegedly sending money to Russian wallets. Last week, law enforcement officers exposed a criminal group specializing in the theft of cryptocurrency through malware and the laundering of illicit funds for hackers.

Do you think Ukrainian authorities will continue to crack down on crypto mining in the country? Tell us in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory