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Malaysian Authorities Seize 41 Crypto Mining Rigs in Local Raids
In a series of coordinated operations in Teluk Intan, Malaysian police seized 41 cryptocurrency mining machines suspected of being used for illegal activities. The first raid, conducted on the night of January 9, resulted in the confiscation of 24 machines, while two subsequent raids on January 10 led to the seizure of an additional 17 machines. No arrests have been made yet, but investigations are ongoing to identify individuals or groups responsible for property damage and electricity theft.
"Illegal crypto mining poses security risks and can cause property damage," warned the authorities.
The police chief of Hilir Perak, Bakri Zainal Abidin, confirmed the operations targeted three different locations in the Teluk Intan area. While cryptocurrency mining itself is not illegal in Malaysia, the theft of electricity and property damage associated with mining activities are criminal offenses under Malaysian law. The seized equipment is believed to have been connected to illegal power sources, stealing electricity from the national grid.
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Over the years, Malaysian authorities have conducted raids in various states, leading to the destruction of thousands of mining machines. In previous operations, confiscated equipment was publicly destroyed using steam rollers to deter potential illegal miners.
Authorities have urged the public to report any suspected illegal mining activities to prevent potential harm.
Key Takeaways:
- 41 mining machines seized in Teluk Intan during three raids.
- Investigations ongoing for property damage and electricity theft.
- Illegal mining poses significant safety risks.
Monero Gains Traction Amid Privacy Concerns
Monero (XMR) has been steadily increasing in value, currently trading at nearly €430, despite tightening regulations in Europe. Unlike many other cryptocurrencies, Monero's market capitalization remains stable at around $8.4 billion, indicating a real influx of capital supporting its upward movement. The cryptocurrency's unique model, known as Tail Emission, allows its circulating supply to continue growing, which is a significant factor in its price stability.
As European regulations tighten, particularly with the Markets in Crypto-Assets Regulation (MiCA), Monero has managed to remain outside the regulatory scope, making it an attractive option for users concerned about privacy. The new EU anti-money laundering regulations, effective from July 10, 2027, will prohibit service providers from offering anonymous crypto accounts, further increasing demand for privacy-focused coins like Monero.
"The demand for coins that do not maintain a permanent public logbook is increasing," noted industry analysts.
While Zcash has faced internal turmoil with its development team resigning, Monero is seen as a stable alternative for investors seeking privacy in their transactions. The ongoing regulatory landscape in Europe is expected to drive more users towards Monero as they seek to maintain their financial privacy.
Key Takeaways:
- Monero's value is rising, currently at nearly €430.
- Stable market capitalization of around $8.4 billion.
- Increased demand for privacy coins due to tightening regulations.
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