Malaysia Uncovers $1.11 Billion Crypto Power Theft Spanning 13,827 Illegal Mining Sites
Malaysia's utility company lost over $1.11 billion due to 13,827 illegal crypto mining sites stealing electricity between 2020 and August 2024.Summary
Tenaga Nasional Berhad (TNB) reported losses exceeding $1.11 billion (4.57 billion Malaysian ringgit) between 2020 and August 2024 due to widespread illegal cryptocurrency mining operations bypassing meters across 13,827 locations. The Energy Ministry disclosed these figures, highlighting significant vulnerabilities in the power grid. These sophisticated syndicates, often using rented industrial or residential spaces, installed extensive cooling and soundproofing to mask high-energy Bitcoin mining activities, frequently relocating to evade detection. Power theft cases linked to crypto mining surged 300% between 2018 and 2024. In response, TNB deployed Advanced Metering Infrastructure (AMI) smart meters and machine-learning models to monitor energy balance and detect abnormal 24/7 loads. Authorities conduct multi-agency raids, but while meter tampering is criminalized, crypto mining itself remains largely unregulated. The theft strains the national grid and has led to massive electricity bills for unwitting property owners.
(Source：Brave New Coin)