Home arrow Article arrow Article Detail

Ukraine law enforcement raids its largest underground crypto farm for electricity theft

Profile Image


CBW -External Analyst

Jul, 15 2021

Jul, 15 2021

likes 0 | comments 0

Article Image

The law enforcement of Ukraine has exposed largest underground crypto farm for electricity theft and even documented the same. More than 5,000 computers were seized in the Ukrainian law enforcement which is of course one of the largest farms of underground crypto. On July 15, this came as the buzzing announcement as the SBU officers established an illegal crypto farm being set up in the Kyiv and Vinnytsia cities 

The operation details: 

The operation of mining crypto was raided by The Ukrainian Security Service in an old regional electricity provider warehouse in Vinnytsia city. It is believed that electricity was being stolen. SBU is the main government security agency of the country and authority of the security agency. 

The raid took place at the Vinnytsia city that too just over 150 miles outside Kyiv. Besides, the authorities were in touch with the JSC Vinnytsiaoblenerho who is an electricity supplier that had earlier occupied the building.  Further, the offender’s used the meters of the electricity that did now show any consumption of the real energy. 

As per the documentation that has been made from the press released against the seizure the operation was described as “largest underground crypto farm” which had been exposed. 

The estimation of loss says it all: 

As per the preliminary estimation, it has been noted that there is a monthly loss to the state which could have possibly be ranged from UAH 5 to 7 m. (USD 186,200 to 259,300). But such activity at the illegal platform further could lead to the surges of the powwow and leave people without any kind of electricity.  

The criminal proceeding however is initiated by the SBU for the theft of electricity and water. Presently there is an investigation underway for identifying the people who are involved in the illegal activities. 

likes 0 Likes | comments 0 Comments

Profile Image

CBW - External Analyst

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.