Illegal Crypto Exchange Busted. The List Of Seized Assets Is Incredible

Guangdong province’s Development and Reform Commission confiscated 190 crypto mining machines estimated to be worth 5 million yuan. The Guangdong province’s Development and Reform Commission has reportedly busted an illegal crypto mining farm secretly operating in an electric vehicle charging station.The secret crypto mining farm was busted in the city of Guangzhou, where law enforcement agencies have constantly been making inspections around cities to enforce and eradicate any form of mining operations in the region, reported a local publication.The covert mining operation used over 190....

Crypto continues to be a controversial asset when it comes to the law and crime. Just this fiscal year alone, the IRS has seized $1.2 billion worth of cryptocurrency. The U.S. government started seizing crypto assets during the Silk Road shutdown of 2013. And so far since, there has been crypto seized from individuals every year. Often the public is not privy to what happens to seized assets. Once seized, the government has the discretion to dispose or store these assets the way it deems the best. A good amount has been seized by the IRS alone over the years. Assets whose worth run into....

Some Bitcoin miners have been busted for stealing electricity according to a public statement by police in Ma’anshan, a mining town in China. Very few details are provided except to state that 74 bitcoin mining units have been seized, coinciding with a small fall in difficulty of around 1.63% on June the 8th. This is the second known case of Chinese bitcoin miners stealing electricity. Last year, 200 bitcoin mining rigs were seized following investigation by Ma’anshan’s power companies and police after reports from the public suggested possible stealing behavior. The investigation found....

The gaming hardware confiscated by the Ukrainian police was being used to create in-game currency and not for farming cryptocurrency. Last week, Cointelegraph reported on the seizure of 3,800 PlayStation consoles allegedly being used to mine cryptocurrency. The confiscated gaming units were among a stash of hardware discovered by Ukrainian authorities during a raid on a farmhouse accused of tampering with electric meters to steal power from the local grid.Based on the initial reports at the time, the PS4 consoles, graphics cards, processing units and other hardware found at the scene was....

County authorities captured the cryptocurrency during a 2018 drug bust in Long Branch. A county in the state of New Jersey has announced the liquidation of cryptocurrency assets seized in 2018.On Monday, the prosecutor’s office in Monmouth County announced that the confiscated crypto —initially valued at $57,000 at the time it was seized — was liquidated on Coinbase for $198,237 at a quote “profit” of $141,000.Authorities captured the cryptocurrency during a 2018 drug bust in Long Branch. The assets were frozen on a United States-based crypto exchange once officials determined them as....