2024

Bitcoin

Dubai

Malaysia’s Deputy Minister for 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 <a href="https://www.malaymail.com/news/malaysia/2024/07/10/rm34b-down-the-drain-bitcoin-mining-blamed-for-massive-electricity-theft-since-2018/143279" target="_blank" rel="noreferrer noopener nofollow">local report</a>, 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. 
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 Kerajaan heboh nak laksanakan agenda peralihan tenaga sebab nak tambah sumber tenaga yang baru. Tapi dalam masa yang sama kecurian elektrik sampai ratusan juta, ada tahun mencecah berbilion ringgit setahun berlaku di negara kita. Ironi sungguh. <a href="https://t.co/ZkWz7eIWrn" target="_blank">pic.twitter.com/ZkWz7eIWrn</a>— Akmal Nasir (@akmalnasir) <a href="https://twitter.com/akmalnasir/status/1810992234885767205?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 10, 2024</a>
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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 ‘<a href="https://www.cryptotimes.io/2024/06/17/malaysia-officials-crack-down-on-crypto-traders-dodging-taxes/" target="_blank" rel="noreferrer noopener">Ops Token</a>‘ 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. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/06/10/bybit-moves-staff-from-china-to-malaysia-and-dubai/" target="_blank" rel="noreferrer noopener">Bybit Moves Staff from China to Malaysia and Dubai</a> 
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Malaysia Lost $723m to Electricity Theft Linked to Crypto Mining

The Crypto Times

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