Russian authorities have intensified their crackdown on illegal crypto mining activities, with recent seizures and raids highlighting the government's efforts to regulate the industry. Here are some key updates ¹ ² ³:
- Recent Seizures:
- Bitcoin Seizure in Amur Oblast: Russian law enforcement seized Bitcoin worth approximately $88,570 (0.8414 BTC) from a former electricity company executive involved in illegal mining.
- Hydra Darknet Marketplace: Authorities confiscated $8.2 million worth of cryptocurrency from the operator of the Hydra darknet marketplace.
- Former Investigator's Bitcoin Bribes: BTC 1,032 was seized from a former investigator convicted of accepting Bitcoin bribes from an international fraud network.
- Crackdown Efforts:
- 238 Mining Rigs Seized: Authorities in the Irkutsk region confiscated 238 mining rigs, causing damages worth over 68 million rubles (approximately $770,000).
- Criminal Cases: Power firm officials are contemplating launching criminal cases against perpetrators involved in these illegal mining operations, with potential imprisonment of up to five years.
- Regulatory Framework:
- Draft Legislation: Proposed laws aim to treat cryptoassets as intangible property, enabling courts and investigators to seize them in criminal proceedings.
- Increased Scrutiny: Authorities are expected to enhance scrutiny and enforcement against those conducting unlicensed or illegal mining operations.
These developments demonstrate Russia's growing resolve to control unauthorized crypto activities, particularly those linked to electricity theft and corruption ¹.