Chinese court sentences people to steal electricity to mine cryptocurrency

Chinese court sentences people to steal electricity to mine cryptocurrency. Mining and investing in cryptocurrencies in most of their forms has been banned in China, but in some parts of the country the appetite for crypto mining remains high, to the point that some people are ready to steal electricity from the grid to encourage their efforts.

The latest discovery for this behavior is that a person surnamed Xu stole $ 12,200 worth of cryptocurrency mining electricity from the city’s power grid in order to mine cryptocurrency.

Chinese court sentenced people to steal electricity to mine cryptocurrencies

According to the National Business Daily, Shanghai’s Fengxian District Prosecutor’s Office heard the case of a person named Xu who was found to have stolen $ 12,200 worth of electricity from the city’s power grid in order to use electricity for a complex token Supply mining facility.

Procurators said that an electrical engineer was dispatched to investigate possible irregularities in the district and eventually arrived at a 300-square-meter private home that Xu was renting. The engineer found that the house’s electricity meter had been removed – and 16 mining rigs had been run directly on the grid to avoid all electricity bills.

The engineer contacted the police, who forwarded the case to the prosecutor.

The media company concluded on a warning, noting that Xu, who was sentenced to an unspecified fine on December 10 and detained for an undisclosed period, ended up “not disclosing”. He saved a cent on your electricity bill “and also has a criminal record.

With a dizzying boom, the National Business Daily commented that Xu “got around the grid but couldn’t evade the law.”

The media company also warned readers:“Don’t ignore the law for a small profit. Once you’ve made a mistake, it’s too late to regret it. “

Power stealing for cryptocurrency mining and fraud are on the rise

In addition to stealing electricity to mine cryptocurrencies, the problem of fraud became more common when a mass trial took place in Nanchong, Sichuan Province, in which the accused – “investment teachers” “put the counterfeit cryptocurrency with handcuffs, masks and protective suits.

The Sichuan News Network (via NewsSC) reported that the Jiajia District People’s Procuratorate sentenced 35 defendants (who were surrounded by police on both sides) to terms of 12 years, six months to three years, and fines of up to $ 94,000 had for fraud.

The court heard that it had defrauded investors in Cambodia, mostly individuals residing in the cities of Poipet and Phnom Penh, and trapped more than 70 victims with fake investment opportunities.

In the face of “long prison terms and heavy fines,” the media noted, “the defendants regret their actions”.

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