A Russian electricity firm claims that illicit cryptocurrency mining has cost them $14 million.
Illegal crypto-mining activities cost Russian electricity utility Rosseti around $14 million in 2024, resulting in equipment damage, network congestion, and criminal investigations.
The Volga region, Novosibirsk, and the North Caucasus are among the areas most severely impacted by illicit cryptocurrency mining, which cost Russian electrical supplier Rosseti 1.3 billion rubles ($14 million) in 2024.
Authorities found 130 instances of unlawful mining operations that overwhelmed the electrical grid and resulted in low-voltage problems in residential areas, according to the TASS magazine.
Underground parking spaces, warehouses, and even makeshift containers constructed on rented property were used as mining farms. In a severe instance in Novosibirsk, 3,200 mining rigs were discovered to be industrially stealing electricity, resulting in losses of up to $2.1 million (197 million rubles).
Following a massive raid by Rosneft and law enforcement, multiple arrests and over 40 criminal cases were made. In Russia, illegal cryptocurrency mining is still a major issue as miners attempt to get around sanctions and expensive electricity expenses.
Scammers use artificial intelligence (AI) to create records in "friendly" crypto schemes.
In recent years, cryptocurrency trading has expanded quickly. Scams involving cryptocurrency have also increased in number. In these scams, artificial intelligence (AI) is increasingly being used more frequently. Scammers frequently make friends with their victims in order to persuade them to invest money in a fraudulent scheme.
According to a survey by the blockchain analytics company Chainalysis, frauds involving cryptocurrency have grown by almost 40% over the previous 12 months. Last year, frauds involving cryptocurrency cost victims over nine billion dollars. According to Chainalysis, when additional information becomes accessible, this amount may increase to $12.4 billion. This will be the most common scam in this area. According to Chainalysis, scammers now find it simpler to perpetrate fraud thanks to the use of GenAI.
The prices of many cryptocurrencies, including Bitcoin, have skyrocketed in recent years, which has led to a significant increase in the amount of money lost to scams in this area. One such case occurred last year when a woman in the capital was defrauded of Btc worth approximately Rs 3 crore by her friend, who, with the assistance of two of her associates, stole six bitcoins from the victim's mobile phone's crypto wallet. According to the police, the accused used multiple tumblers to conceal the trail of the stolen bitcoins, which makes it difficult to track down the source of the stolen cryptocurrency.
Six wallets received the stolen bitcoins in this case. The accused woman took the victim's phone while traveling to the airport with a friend, claiming to be using the map to guide her. She then transferred six bitcoins from the victim's cryptocurrency wallet to other wallets, converted them into other cryptocurrencies, and took money from some of these cryptocurrencies.
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