Bitcoin mining machine theft gang arrested

A criminal gang has been arrested in Malaysia for stealing cryptocurrency mining equipment. The nine-member gang is believed to have stolen at least 58 mining rigs in Sri Kembangan, Malaysia.

The arrest took place at around 10pm local time on February 23. Assistant Commissioner Megat Mohammad Aminudin Megat Alias, the district police chief, told local media The Star that the gang tried to sell the stolen goods on social platforms:

After receiving information that the suspects were trying to sell the stolen goods through Facebook and a website, we immediately took action... and successfully recovered 58 mining equipment worth more than RM500,000 (about US$127,000).

The arrested persons are also suspected of involvement in other similar cases, including another theft of Bitcoin mining equipment in Sri Kembangan on February 16. The Assistant Commissioner of Police is also handling similar recent incidents:

We have received four other similar reports from three areas in Serdang. We have managed to solve two cases by arresting the suspects. As for the remaining cases, we have solid leads and the investigation is still ongoing.

Meanwhile, Malaysia appears to be showing an open-minded stance towards cryptocurrencies, despite rumors of criminal involvement.

Johari Abdul Ghani, Malaysia’s deputy finance minister, said in early January that regulators would not outright ban digital currencies, as many feared, but would instead try to “strike a balance between the public interest and the integrity of the financial system.” He continued:

… Appropriate regulation and supervision are necessary to ensure that the risks associated with such cases are effectively managed.

The regulations have yet to be drawn up, but government ministers stressed the need to avoid negative impacts on innovation. Johari Abduljani argued that hasty legislative action would harm the health of the country’s nascent fintech industry. He reiterated his commitment not to outright ban digital currencies, saying:
The authorities do not intend to prohibit or prevent any innovation that is considered to benefit the public.

The country’s central bank, Banka Negara, will elaborate on their stance on cryptocurrencies in the near future. However, Governor Muhammad Ibrahim recently mentioned increasing regulatory transparency and letting the people decide whether to invest in the sector:

Basically, we’re going to make the trading and regulation of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, more transparent… so that the public can decide for themselves whether they want to invest in cryptocurrencies.