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

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CBW -External Analyst

Jul, 15 2021

Jul, 15 2021

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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. 


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