Malaysia’s Inland Revenue Board (IRB), in collaboration with the Royal Malaysia Police and Cybersecurity Malaysia (CSM), recently launched a special operation codenamed “Ops Token” to tackle tax revenue losses from cryptocurrency trading. The initiative, involving 38 personnel, was executed across 10 locations in the Klang Valley. This region encompasses the federal territories of Kuala Lumpur […]
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Crypto Mining Crackdown in Malaysia: Sarawak Police and Energy Plant Dismantle Illegal Mining Operation
A covert cryptocurrency mining operation, suspected of electricity theft, was uncovered in a Marina Square shophouse in Miri, Malaysia. Representatives from the Sarawak police and Sarawak Energy plant revealed that the successful operation was made possible by a tip-off from the public.
Malaysia’s Sarawak Energy and Police Uncover Illegal Crypto Mining Camp in Miri
The state utility company, Sarawak Energy, and the local police department announced the dismantling of an alleged unauthorized crypto mining camp set up in Miri, Sarawak, Malaysia. Authorities captured roughly 34 application-specific integrated circuit (ASIC) miners and their associated connections.
“All the equipment used for the mining operation, including the direct tapping cables and servers, were seized. A police report has been lodged and an investigation is currently underway,” Sarawak Energy stated.
Compared to other global regions, electricity rates in Malaysia are relatively low. As such, Sarawak Energy reported a surge in electricity theft incidents over the last few years. This specific case is estimated to have cost the energy plant RM6,000 per month (,317).
“Electricity theft is a serious offence under Section 33(5) of the Electricity Ordinance, which carries a penalty of up to RM100,000 and/or five years’ jail if found guilty,” warned Sarawak Energy. Recently, Malaysian officials cracked down on three additional power theft schemes connected to crypto mines in Senadin.
Allegedly, 137 ASIC devices were seized from these sites while law enforcement continues their investigation. In February 2021, Malaysian authorities apprehended seven individuals for pilfering .15 million worth of electricity to mine Bitcoin. In July 2021, Malaysian officials demolished over .2 million in Bitcoin mining equipment after confiscating them for illegal operation.
That same month, officials in Miri City, Sarawak seized 1,069 rigs from miners accused of stealing electricity for their operations. A report released on July 27 indicates that Sarawak Energy possesses the necessary tools and meter inspection teams to detect such thefts, including underground direct tapping and tampered meters.
The report detailed that the energy company further noted that it also relies on public tips and encourages locals to continue reporting any suspicious activity to the Sarawak Energy customer care center.
What do you think about the mining operation bust in Miri? Share your thoughts and opinions about this subject in the comments section below.
China and Malaysia to Research AI for Blockchain Applications in Trade
Blockchain developers from Malaysia will be working with Chinese colleagues to utilize artificial intelligence (AI) in foreign trade. The collaboration, which is part of a China-led international research program, aims to speed up cross-border transactions.
Malaysia and China to Conduct AI Research for Trade Applications of Blockchain Technology
Zetrix, Malaysia’s public blockchain platform developer, and the country’s leading research university, Universiti Malaya (UM), will be joining forces with the China Academy of Information and Communications Technology (CAICT) on implementing AI technology that can improve trade transactions.
In a press release, Zetrix said that a project called “Research on Key Issues of Transborder Blockchain Infrastructure and Pilot Applications” has been selected as part of the intergovernmental collaboration on science, technology and innovation between Malaysia and the People’s Republic.
Initiated by China’s Ministry of Science and Technology, the purpose of the collaboration is to foster research partnerships between the Chinese and other governments. Malaysia is among 14 nations participating in the program.
The joint research will be focused on leveraging AI to streamline and optimize cross-border trade processes. The main goal is to reduce inefficiencies, simplify and speed of cross-border transactions, participants said. TS Wong, managing director of MYEG Services, the company behind Zetrix, commented:
Our partnership with UM and CAICT continues to be instrumental in our journey towards leveraging 4th Industrial Revolution technologies to transform cross-border trade and settlement.
China and Malaysia have been stepping up cooperation in various areas. In early April, Malaysian Prime Minister Anwar Ibrahim unveiled that Beijing is ready to discuss Kuala Lumpur’s proposal for the establishment of an Asian Monetary Fund.
Such organization could allow Asian nations to cut dependence on the International Monetary Fund and reduce reliance on the U.S. dollar, now when China is promoting its own fiat for global use. Ibrahim also revealed that Malaysia’s central bank is working to enable bilateral trade in the national currencies of two countries, the ringgit and the yuan.
Do you expect AI and blockchain technologies to significantly improve cross-border trade transactions? Share your thoughts on the subject in the comments section below.
China Ready to Talk Asian Monetary Fund to Cut Dollar Dependence, Malaysia Says
An idea to establish an Asian Monetary Fund has caught the attention of the Chinese leadership, the head of the Malaysian government revealed. The prime minister believes there is no reason for his country, which is hurting from a strong U.S. dollar, to remain dependent on the greenback.
Malaysia Prepares to Trade With China in National Currencies, Limit Reliance on Dollar
China is open to talks with Malaysia on a decades old proposal to set up an Asian Monetary Fund that can reduce reliance on the U.S. currency, Malaysian Prime Minister Anwar Ibrahim announced, quoted by Bloomberg.
Anwar, who also serves as Malaysia’s minister of finance, pitched the idea at the Boao Forum last week when he emphasized on the need to cut dependence on the International Monetary Fund (IMF) as well. On Tuesday, he told Malaysian lawmakers:
When I had a meeting with President Xi Jinping, he immediately said, ‘I refer to Anwar’s proposal on the Asian Monetary Fund,’ and he welcomed discussions.
The head of the Malaysian government was reporting on the results of his recent state visit to the People’s Republic. He also said that Malaysia’s central bank is already working on enabling the two nations to start trading in their respective national fiats, ringgit and renminbi.
An expensive U.S. dollar has been weakening currencies in the region and creating headaches for nations like Malaysia, which is a net importer of food items, the report remarks. Last fall, the ringgit, among other currencies, saw multi-decade lows against the greenback.
Anwar Ibrahim reminded that he initially circulated the proposal for an Asian Monetary Fund when he first took the job of finance minister in the 1990s. At the time, the idea did not gain sufficient traction as the U.S. dollar was seen as strong, he admitted, while pointing out:
But now with the strength of the economies in China, Japan and others, I think we should discuss this — at least consider an Asian Monetary Fund, and, secondly, the use of our respective currencies.
Anwar’s statements come after the finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN), of which Malaysia is a member, discussed decreasing their countries’ dependence on western currencies like the dollar. During a meeting in Indonesia at the end of March, they also explored ways to promote the use of local currencies in trade settlements.
Do you think an Asian Monetary Fund will be formed in the near future? Share your expectations on the matter in the comments section below.
Could Cash Restrictions in Malaysia Boost Crypto Usage
Malaysia has joined a growing list of nations imposing capital controls on their people. Economic and geopolitical tensions are forcing governments to restrict the flow of money across their borders. As this is practically a form of financial subjugation, will more turn to crypto?
Crypto Over Cash Controls?
It was reported by local media this week that Malaysia’s central bank is planning to impose a cash transaction limit of RM25,000 (approx. $US6,000). Bank Negara (BNM) deputy governor and chairman of the National Coordination Committee to Counter Money Laundering (NCC), Datuk Abdul Rasheed Ghaffour, said that the measure was to address the abuse of physical cash used for illicit activities.
The restrictions will apply to all cash transactions including payments of goods and services and donations and transfers between parties and businesses. There are a couple of exemptions however including transactions to and from regulated financial institutions and humanitarian aid donations.
The banker asserted that it would not affect households since, according to their very small survey, 80 percent of them are of low and middle income with average cash transactions well below the limit.
“Our engagements with individuals suggested that a single transaction over RM25,000 by cash is really (unprecedented). This can also be seen with the average total expenditure of households across various income brackets.”
He added that the two-fold objectives of the cash embargo were to complement the Anti-Money Laundering and Counter Financing of Terrorism framework in Malaysia and send a message that anonymous transactions will not be tolerated.
As another nation stomps on the rights of its people, the use of crypto currency may get a boost as a result. It has already been suggested that Bitcoin and crypto usage could spike as it has done in other countries that have imposed capital controls.
No Bitcoin Rush Just Yet
According to Coin.dance which has measured localbitcoins volume in MYR, there has been no increased activity yet which doesn’t mirror the yo-yoing of BTC price over the past couple of years.
A Reddit on the topic generated a response from a Malaysian in the crypto industry who suggested it may not cause a big Bitcoin rush. Reasoning would be that individuals can still use large amounts of cash providing they inform the bank the purpose of the transfer. This system is in place in many other countries already.
He added that there were many migrant workers in Malaysia that exclusively use cash and it has yet to develop the digital payments systems that are abundant in China. Additionally, crypto usage for payments is also very low there;
“I have yet to stumble on a place that accepts cryptos. And I’m living in the city. Most crypto fans here are probably like me too – more interested in the speculation and trading part although we know quite a bit about the technology too.”
So initially it does not look to be happening though the pattern of regime enforced capital controls is increasing across the world.
Image from Shutterstock
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Bitcoin Mining Bandits Arrested in Malaysia
Malaysian authorities have arrested five individuals in connection with the robbery of 85 Bitcoin mining units. The machines were taken from a shop in the town of Seremban on October 29.
The units themselves were valued at around ,000. Those behind the robbery are thought to have stolen the machines to deploy them themselves.
Five Arrested in Bitcoin Mining Robbery Raids
According to a report in local news publication Bernama, police have arrested five individuals suspected of staging a Bitcoin mining hardware robbery. Those arrested included four men and a woman aged between 25 and 46 years. Two of the individuals are reportedly from Indonesia. None of the five have had any previous criminal convictions.
![](https://www.newsbtc.com/wp-content/uploads/2019/03/crypto-mining-bitcoin-power-energy.jpg)
Mining units have been the target of thieves on numerous previous occasions.
The superintendent of the Seremban police force, Mohd Said, confirmed that authorities made the arrests during separate raids between the hours of midnight and 4:30 am local time. Along with the arrests, police seized two vehicles and drilling equipment believed to have been used during the robbery.
Those arrested are believed to have rented a premises next to a shop in which the Bitcoin mining equipment was being used. They reportedly drilled through the wall to gain access and make off with the computing hardware inside.
Said spoke to the press at a conference regarding the arrests earlier today. He said that a shopkeeper reported the 85 mining units stolen on October 29. He added:
“The purpose of the rent was to monitor the movement of the machines, and their motive for stealing was believed to handle the machines themselves.”
This isn’t the first time that NewsBTC has reported on thieves targeting Bitcoin miners. In 2018, Icelandic authorities arrested eleven individuals in connection with 600 missing Bitcoin mining rigs. Local police described the organised robbery as the largest ever in the history of the nation. Similarly, eighteen Antminer S9 units were stolen in Derbyshire, UK in the same year.
Mining rigs are much easier targets for the average criminal than cryptocurrencies themselves. Hacking exchanges or individual’s wallets requires considerable technological expertise. Meanwhile, computer systems can be stolen with good old fashioned brute force. Mining rigs also make a worthy target since there is no need to resell them for criminals to profit from the theft. Instead, they can deploy them on the Bitcoin network, allowing them to mine without the considerable overhead of the cost of the equipment itself.
Related Reading: Bitcoin Momentum Points To Continued Downtrend Short Term, Medium Term Trending Up
Featured Image from Shutterstock.
The post Bitcoin Mining Bandits Arrested in Malaysia appeared first on NewsBTC.
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