Kazakhstan’s Financial Monitoring Agency (AFM) and National Security Committee (KNB) have uncovered an illegal crypto mining scheme that siphoned more than $16 million worth of electricity to mining farms.

Kazakhstan Agencies Clamp Down On Illegal Crypto Mining

According to a statement released today, Kazakh financial and law enforcement authorities dismantled a large-scale operation in East Kazakhstan Oblast that illegally sold electricity to mining companies. The AFM and KNB said the stolen power could have supplied the needs of a small city in the region.

Notably, employees of local utility providers had been illegally selling electricity to mining companies over the past two years. This energy was originally intended for the local population, social facilities, and enterprises of

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