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Monday, 2 April 2018

Korean Police arrests 14 from 13 Companies for Bitcoin Mining theft


Korean Police Bust Bitcoin Miners Illegally Using Cheap Factory Power. Fourteen people from 13 companies have been arrested for illegally using cheap electricity to mine cryptocurrencies at industrial complexes in South Korea.


Yonhap news agency, reported that the allegedly illegal mining activities were discovered in four different complexes in the country's southwestern city of Gwangju. The report cites an announcement from the Gwangju Metropolitan Police Agency on Sunday regarding the accusation, which alleges violation of rules regarding factory use.

Normally, the companies setting up mining operations in such complexes are charged 10 percent lower electricity costs compared to companies in general areas, as well as lower rents.


See Also: Still No Tax on Crypto Transactions, Koreans Euphoria Continues

However the companies had each reportedly installed 100-350 mining devices in their facilities and had been mining cryptocurrencies illegally  since May 2017. 

This isn't the first time cryptocurrency miners have been accused of illegally using subsidized electricity in public or office areas in the country. What measures do you think can be taken to limit this illegal act in South Korea? Share you thoughts below on the comments section. 

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