Seizure of Nearly 1,000 Bitcoin Miners by Thai Authorities from a Domestic Company
Thai Authorities Confiscate 996 Bitcoin Mining Devices from JIT Co. in Chonburi
Thai authorities have confiscated 996 Bitcoin mining devices from JIT Co., a digital asset trading company located in the eastern province of Chonburi. The illegal mining facility was closed down in August 2024 following local complaints about frequent power outages.
According to police investigations, the Bitcoin mining facility was not registered for digital asset trading and was not operating during the day to avoid detection. One employee of JIT Co. admitted to the police that the alleged electricity theft occurred at night.
The employee's admission implicates JIT Co. in turning off the Bitcoin mining devices at night to avoid detection. The value of the electricity theft by JIT Co. is still under investigation, but preliminary estimates suggest the losses run into hundreds of millions of Thai baht.
Authorities are preparing arrest warrants for the suspects. It is important to note that there is one documented recent instance of Bitcoin mining device confiscations in Malaysia linked to electricity theft, but no specific evidence from the search results points to multiple instances or to Thailand as the location.
The Bitcoin mining devices confiscated number 996, but the exact number of devices in the illegal facility is not specified. The suspected electricity theft by JIT Co. is valued in millions of dollars.
JIT Co. is registered for digital asset trading, but the Bitcoin mining facility was not part of its registered operations. The closure of the facility is a reminder of the importance of adhering to regulations and operating within the law.
As the investigation into JIT Co. for electricity theft continues, it serves as a warning to other companies considering illegal activities to cut corners. The consequences of such actions can be severe, both financially and legally.
[1] Malaysia Bitcoin Mining Devices Seizure
[2] Thailand Bitcoin Mining Devices Confiscation
[3] Cryptocurrency Mining Equipment Confiscation
[4] Cryptocurrency Crime in Thailand
[5] Legal Developments in Cryptocurrency in Thailand
- The confiscated Bitcoin mining devices, numbering 996, were not registered for digital asset trading, leading to potential cybersecurity risks and highlights the need for Legal Developments in Cryptocurrency in Thailand.
- The suspected electricity theft by JIT Co. involving Bitcoin mining devices, valued in millions, highlights the increasing threat of technology-related crimes in Thailand, such as Cryptocurrency Mining Equipment Confiscation and Cryptocurrency Crime in Thailand.
