Chinese Crypto Miner, Fraud Rings Sentenced as Enforcement Continues

A crypto miner was discovered after stealing electricity to power operation.

In most of their forms, crypto mining and investment have been pushed to the fringes of Chinese society. But in certain areas, desire for mining coins remains high, to the point that some people appear prepared to steal electricity from the grid to power their operations.

According to the National Business Daily, a person named Xu was found to have stolen USD 12,200 worth of electricity from the city's grid in order to power a sophisticated token mining setup.

The procuratorate said that a power engineer was dispatched to the area to examine possible misconduct, and after looking into it further, discovered a 300-square-meter private house that had been rented by Xu. The engineer found that the electricity meter had been removed from the home - as well as 16 mining rigs had been set up to operate directly off the grid to avoid charges.

After the engineer called the cops, who referred the case to the procuratorate, there was an investigation.

Xu, who was fined an unknown sum on December 10 and incarcerated for an indeterminate duration, had not saved a penny on power bills and acquired a criminal record, according to the media outlet.

National Business Daily remarked dramatically that Xu had "bypassed the power grid, but could not escape the law."

It urged its readers:

“Don't ignore the law for the sake of small gains. Once you have made a mistake, it will be too late to regret it.”

The majority of the aforementioned themes were observed in Nanchong, Sichuan Province, at a mass trial where the accused - phony crypto investment instructors - appeared in handcuffs, facemasks, and protective gear.

The People's Procuratorate of the city's Jialing District sentenced 35 defendants, some of whom were flanked on both sides in the courtroom by as many policemen, to terms ranging from 12 years and six months to three years in prison and fines ranging from USD 94,000 to USD 944,000 for fraud-related charges according to The Sichuan News Network (via NewsSC).

The courtroom heard that the ring had defrauded investors in Cambodia, particularly people living in Poipet and Phnom Penh, trapping over 70 people with fraudulent investment deals.

The media outlet reported that the accused persons regretted their actions once they realized the severity of their crimes and faced long sentences and steep fines.

Loading comments...
You've successfully subscribed to MarketCents
Great! Next, complete checkout to get full access to all premium content.
Error! Could not sign up. invalid link.
Welcome back! You've successfully signed in.
Error! Could not sign in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Error! Billing info update failed.