Malaysia Loses $723m to Electricity Theft Linked to Crypto Mining

By The Crypto Times
11 days ago
2024 2024 BTC $DUBAI

Malaysia’s Deputy Energy Transition Akmal Nasrullah Mohd Nasir announced that Malaysia has lost approximately RM3.4 billion ($723 million) to electricity theft from 2018 to 2023, primarily due to cryptocurrency mining,

This theft poses a significant challenge to the country’s energy sector, impacting both the national power operator Tenaga Nasional Berhad (TNB) and individual consumers.

The Malaysian government is actively working to bolster its green and renewable energy capacities. This dual approach aims to promote energy sustainability and mitigate substantial losses attributed to illicit mining activities.

In a local report, Akmal Nasrullah emphasized that while cryptocurrency mining itself is legal, the unauthorized use of electricity to power these operations is illegal. Malaysian energy authorities have implemented various measures to monitor high energy consumption and have conducted numerous crackdowns since 2019, resulting in several arrests.

Recently, during an event in Balakong, Akmal Nasrullah highlighted the government’s vigorous efforts against such illegal practices. Energy companies have conducted 865 raids to investigate electricity theft cases, seizing over 2,000 items, including Bitcoin mining machines and unauthorized electrical equipment valued at around RM2.2 million ($467,000). These items were disposed of in accordance with strict legal and environmental protocols.

In a related development, Malaysia’s Inland Revenue Board (IRB), alongside police and cybersecurity experts, launched ‘Ops Token‘ to target cryptocurrency traders evading taxes. This operation led to raids on ten locations in the Klang Valley region, recovering substantial amounts of unreported profits.

Also read: Bybit Moves Staff from China to Malaysia and Dubai

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