blackmail, criminal group, crypto, crypto farms, crypto miners, crypto mining, cryptocurrencies, cryptocurrency, experts, gang, illegal mining, kazakhstan, law enforcement, miners, mining, police, racket, specialists

Law enforcement in Kazakhstan detained members of a crime group suspected of forcing IT experts into operating underground facilities for cryptocurrency mining with threats and blackmail. The racketeers allegedly made up to half a million U.S. dollars a month from their business.

Kazakhstan Busts Illegal Crypto Mining Organization, Detains Dozens

Authorities in Kazakhstan have arrested a group of “criminally oriented individuals” and former convicts who pressured people savvy in information and crypto technology to run illegal installations for cryptocurrency production. Many of the apprehended 23 people had a background in debt-collecting and extortion, the country’s Interior Ministry said in a statement this week.

The gang was making estimated profits in the range of $300,000 to 500,000 each month as a result of their unauthorized crypto mining activities, the department further revealed. During searches, police found a number of weapons, including pistols, ammunition and a Kalashnikov assault rifle. One of the gang members turned out to be an army serviceman.

Investigators were able to establish that the undertaking was quite sophisticated, an indication that the group was not working entirely on its own, the news outlet Eurasianet noted in a report. Over the past few months, it has emerged that major mining operations in Kazakhstan were linked to high-ranking officials and powerful businessmen, added the online portal which covers developments in the region.

Kazakhstan became a crypto mining hotspot after China cracked down on the industry in May, last year. Mining companies were attracted by its low electricity rates but their influx caused an increasing energy deficit. The government in Nur-Sultan responded by taking steps to reduce the consumption in the sector by cutting power supply to licensed mining enterprises on a number of occasions, increasing a tax levy, and going after illegal miners.

This spring, the Financial Monitoring Agency discovered and shut down more than 100 underground mining farms. Commenting on the offensive, the agency remarked that among their operators were firms affiliated with Bolat Nazarbayev, brother of Kazakhstan’s ex-president, Nursultan Nazarbayev, and Alexander Klebanov who heads the Central Asian Electricity Corporation.

Some of the other closed down facilities were linked to Kairat Sharipbayev, who is the former chairman of the national gas distribution company Qazaqgaz and is believed to be married to Nazarbayev’s eldest daughter, Dariga. Yerlan Nigmatulin, brother of the former speaker of the lower house of parliament, is also suspected of having profited from unauthorized mining, the report details.

TECH NEWS RELATED

Ethereum Merge Shows Crypto Is 'Getting Its Act Together': Eric Schmidt

Schmidt also said that if Chainlink can scale, it will be “a major contribution” to the tech industry.

View more: Ethereum Merge Shows Crypto Is 'Getting Its Act Together': Eric Schmidt

Stablecoin Economy Continues to Deflate — USDC's Market Cap Shed $6.7 Billion in 83 Days

Just over two months or approximately 83 days ago, the stablecoin usd coin (USDC) had a market valuation of around $55.52 billion and since then, USDC’s market capitalization has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above the $50 billion ...

View more: Stablecoin Economy Continues to Deflate — USDC's Market Cap Shed $6.7 Billion in 83 Days

Google Web3 Lead Says Google Cloud Is a “Layer Zero” for Crypto

Richard Widmann, the head of strategy, Cloud, and Web3 at Google, told Decrypt he believes in a decentralized, multichain future.

View more: Google Web3 Lead Says Google Cloud Is a “Layer Zero” for Crypto

Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in ...

View more: Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

Mirandus: Open World MMORPG Finally in Web3

press release PRESS RELEASE. Finally, the moment has arrived. A dozen hours have gone into farming the materials needed for a brand-new mighty axe. The epic weapon crafted at the forge will take the player to unprecedented heights of power, but only for the player to discover it does ...

View more: Mirandus: Open World MMORPG Finally in Web3

Settlements With China — Russia Plans Next Step for Digital Ruble

Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine ...

View more: Settlements With China — Russia Plans Next Step for Digital Ruble

Web3 and How It Helps the Environment - Dave Uhryniak of TRON DAO Explains

TRON is a layer-1 blockchain utilizing a delegated proof of stake consensus mechanism. Its eco-friendly network, low fees, and easy to use developer tools have allowed it to attain a massive amount of user growth and innovative projects. Dave Uhryniak is the Director of Ecosystem Development at TRON DAO. ...

View more: Web3 and How It Helps the Environment - Dave Uhryniak of TRON DAO Explains

Brazilian Police Raid 15 Companies as Part of Crypto ‘Pyramid Scheme’ Bust

Source: André Gustavo Stumpf/CC 2.0 Federal police officers in Brazil have performed search-and-seize raids at 15 firms in two states in a bid to break up a suspected crypto-themed “pyramid scheme.” Per Agência Brasil, the country’s national public news agency, officers swooped on 15 unnamed companies based in the ...

View more: Brazilian Police Raid 15 Companies as Part of Crypto ‘Pyramid Scheme’ Bust

Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

Californian Regulator Files Cease-and-Desist Order on 11 Crypto Firms

Biggest Movers: QNT Hits 6-Month High, ATOM Falls to 20-Day Low

Sam Bankman-Fried Eyes On Bidding For Celsius Assets

Thai SEC Comes After Bitkub Exchange, OpenSea Rewards Whitehats, BIS Working With (at Least) 7 Central Banks on CBDC Projects + More News

Bitcoin Network's Mining Difficulty Drops for the First Time in 2 Months

Wanchain Launches Cross-Chain USDT XFlows With Bridge Upgrade

Bitcoin, Ethereum Technical Analysis: BTC, ETH Lower as Powell Claims There Are 'Structural Issues' With Cryptocurrency

Cryptominers hijack $53 worth of system resources to earn $1

Australia Issues White Paper for Central Bank Digital Currency

FTX US President Steps Down Joining a Growing List of Departing Crypto Leaders

InVar Finance Builds InVaria2222 as the Team Looks to Provide Hybrid Finance Services

OTHER TECH NEWS

Top Car News Car News