Malaysia Loses $1.1 Billion Due to Illegal Cryptocurrency Mining

Tenaga Nasional Berhad (TNB), Malaysia’s national electricity provider, has suffered losses of approximately $1.1 billion (4.6 billion ringgit) due to illegal cryptocurrency mining from 2020 to August 2023. Authorities have identified over 13,800 locations suspected of energy theft linked to this activity. These illicit operations involve tampering with meters and unauthorized connections, violations under the Electricity Supply Act. TNB has taken action by collaborating with law enforcement agencies, communication regulators, and anti-corruption bodies to confiscate cryptocurrency mining equipment, as well as establish a database for monitoring property owners and tenants involved in these activities. Furthermore, smart meters have been deployed at distribution substations to detect real-time energy usage anomalies that may indicate illegal activities.