Mexico Seizes 300 Illegal Crypto Miners Linked to Electricity Theft

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Mexico’s federal prosecutors, in a CFT operation with the navy and Puebla police, seized 300 illegal crypto miners in Tlaola. The operation was linked to electricity theft from the Nuevo Necaxa hydroelectric plant. Authorities have charged the group with non-payment and money laundering. Liquidity and crypto markets may face increased scrutiny as electricity losses from January to July 2024 reached 6,346 GWh, valued at 13.8 billion pesos.

According to Decrypt, Mexican federal prosecutors, in coordination with the navy and Puebla state police, conducted a raid on a property in the remote mountainous area of Tlaola, Puebla, seizing approximately 300 cryptocurrency mining rigs along with transformers, medium-voltage terminals, and satellite internet antennas. The investigation revealed that the mine illegally connected to the grid of the Nuevo Necaxa hydroelectric plant, and authorities have filed charges for electricity theft. Forensic accountants are currently tracing the source of funding for the hardware, with money laundering suspicions still under investigation. Data from Mexico’s Federal Electricity Commission shows that non-technical electricity losses reached 6,346 gigawatt-hours between January and July 2024, valued at approximately 13.8 billion pesos (about $817 million).

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