As a researcher with a background in technology and finance, I find Thailand’s recent crackdown on illegal crypto operations, particularly Bitcoin mining, quite intriguing. Having followed the global cryptocurrency landscape closely, I am well aware of the energy-intensive nature of Bitcoin mining and the potential for illicit activities associated with it.
During Thailand’s ongoing clampdown on unlawful cryptocurrency activities, Thai law enforcement authorities have dismantled an illicit Bitcoin mining facility and confiscated approximately 69 million baht (equivalent to S$2.54 million) in equipment.
In Western Samut Sakhon city, an old ice factory was discovered to be consuming large quantities of electricity, raising suspicions among authorities on May 1st. Bitcoin mining is known for its energy-intensive nature, requiring vast amounts of power to operate the complex machinery used in the extraction of various Proof-of-Work digital assets like Bitcoin.
In a conversation with AFP, Pichetpong Changkaikhon, the Chief of Samut Sakhon City Police, revealed that around 690 Bitcoin mining devices were found. He approximated their worth at roughly 69 million baht. Simultaneously, law enforcement officials seized an electrical transformer, computers, and aluminum cables alongside these mining units.
While the operation was underway, a Myanmar national was caught on the site by the authorities. The investigation conducted by the police is ongoing and involves several persons of interest such as the factory owner and the lessor of the property. (The Strait Times)
As a researcher studying illegal Bitcoin mining operations in the city, I’ve come across reports that Thai police have carried out raids on other locations apart from the one where 40-50 Bitcoin mining units were discovered. Yet, none of these previous raids have uncovered an operation as extensive as the one we’re currently investigating.
Last week, officers from the Technology Crime Suppression Division carried out raids at a Chinese temple in Ratchaburi and a warehouse in Samut Songkhram. During these searches, they discovered and confiscated a grand total of 652 Bitcoin mining machines. The estimated value of these seized devices is approximately USD 5 million. This law enforcement action follows the surge of illegal Bitcoin mining activities that have been reported in Thailand in recent times.
Thailand’s Crypto Regulatory Crackdown
This week, Thai financial authorities issued a caution to crypto asset service providers regarding misleading promotions and organizing IBA (Inter-Broker Agreement) events potentially conflicting with regulatory guidelines.
Anek Yooyuen, the deputy head of Thailand’s Securities and Exchange Commission (SEC), voiced concern over cryptocurrency exchanges attracting investors with alluring offers.
Additionally, the Thai government is taking steps to prevent people from using uncopyrighted cryptocurrency platforms within the nation’s borders. The Securities and Exchange Commission of Thailand has been directed to provide a complete list of digital asset service providers who are not yet licensed.
Thai regulatory actions seem designed to strengthen law enforcement capabilities against money laundering using digital assets.
Read More
- CORE PREDICTION. CORE cryptocurrency
- Top gainers and losers
- SYS PREDICTION. SYS cryptocurrency
- KUNCI PREDICTION. KUNCI cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- CFG PREDICTION. CFG cryptocurrency
- Best coins for today
- DOGE PREDICTION. DOGE cryptocurrency
- THOR PREDICTION. THOR cryptocurrency
- STFX PREDICTION. STFX cryptocurrency
2024-05-03 12:57