Licensed cryptocurrency exchange allegedly stole “hundreds of millions of baht” worth of electricity from suppliers, worth at least $2.88 million.
Thai police and electricity officials have seized 996 Bitcoin mining rigs from a company that allegedly used illegal electricity to run the machines.
The Bitcoin mining rigs were seized at a JIT Co facility in Phanat Nikhom, Chon Buri province, on Jan. 8, according to information from Police Major General Montree Theskhan, head of the Crime Suppression Bureau, reported to the Bangkok Post on Jan. 9.
JIT Co is accused of stealing an estimated “hundreds of millions of baht” worth of electricity, with the lowest amount being around 100 million baht, worth at least $2.88 million at current exchange rates.
Despite being registered as a digital asset trading business, the company allegedly used modified electricity meters to operate Bitcoin mining machines at night. During the day, the electricity meters were operated normally to “avoid arousing suspicion,” Nation Thailand reported on January 9.
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The Provincial Electricity Authority (PEA) assisted the Crime Suppression Department (CSD) in seizing the cryptocurrency mining machines, Nation Thailand reported.
The Bangkok Post reported that the company also had solar panels installed at its premises, but they were not connected to the Bitcoin mining machines.
