A property owner in Ipoh, Malaysia, was shocked to discover that tenants were secretly using their commercial space for cryptocurrency mining, resulting in a massive RM1.1 million electricity bill. Despite reporting the illegal activity, the owner was held liable for the theft. This case highlights the growing problem of cryptocurrency mining-related electricity theft in Malaysia and the need for stronger regulations to protect property owners.
An Ipoh property owner's ordinary rental agreement became a financial nightmare when cryptocurrency miners secretly took over their commercial space, leading to a staggering RM1.1 million electricity bill from national power company Tenaga Nasional Berhad (TNB). The owner, who rented out the property through a legitimate agency, discovered the illegal mining operation on the upper floor of their building.
Despite the rental agreement stating the space was for storage purposes, the tenants had set up an extensive cryptocurrency mining operation without the owner’s knowledge. Upon discovering the illegal activities and electricity theft, the owner promptly reported the matter to authorities. However, in an unexpected turn of events, she found themselves solely liable for the enormous utility bill. This case has sparked outrage on social media, with many questioning why property owners are held accountable for utility theft committed by fraudulent tenants. Critics point out that despite similar cases occurring over the years, Malaysia’s regulatory framework has remained unchanged, leaving property owners vulnerable to getting wrecked by crypto-mining bandits. Local property management guru Calvin Chai isn’t pulling any punches regarding Ipoh’s crypto mining problem. Speaking to TRP, the real estate veteran said sneaky crypto miners are turning quiet shop lots into secret mining operations faster than you can say “Bitcoin”. Some property owners and agents are literally walking into these traps because they’re too eager to get their properties rented out. TNB reported a loss of RM3.4 billion from electricity theft linked to illegal Bitcoin mining from 2018 to 2024
Cryptocurrency Mining Electricity Theft Property Malaysia
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