{"id":25227,"date":"2023-06-20T22:07:33","date_gmt":"2023-06-21T02:07:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ukraine-finds-illegal-crypto-mining-farm-in-lviv\/"},"modified":"2023-06-20T22:07:34","modified_gmt":"2023-06-21T02:07:34","slug":"ukraine-finds-illegal-crypto-mining-farm-in-lviv","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25227","title":{"rendered":"Ukraine Finds \u2018Illegal Crypto Mining Farm\u2019 in Lviv"},"content":{"rendered":"
\n

Ukraine\u2019s State Bureau of Investigation says it has uncovered an illegal crypto mining farm in a state-owned enterprise in the Western region of Lviv.<\/p>\n

In an official post, the bureau (SBI) said that the farm was being run by managers of a branch of the state-owned company Forests of Ukraine in Rava-Ruske.<\/p>\n

The town is in the Lviv Oblast (region), and is located near the Polish border.<\/p>\n

Officers said the farm had mined over $108,000 for its masterminds, and had consumed some $41,000 worth of government resources, including electricity from the public grid.<\/p>\n

<\/oembed><\/figure>\n

The SBI said that the branch\u2019s \u201cformer director,\u201d who \u201cnow heads another branch,\u201d had set up the farm, along with the current director \u2013 who served as a deputy to the former chief.<\/p>\n

The branch\u2019s chief accountant and \u201cother responsible individuals\u201d were also instrumental in setting up the farm, the agency said.<\/p>\n

The SBI said the individuals set the farm up \u201cover a year ago,\u201d and \u201cstored\u201d the coins they mined in \u201cspecially created personal crypto wallets.\u201d<\/p>\n

The enterprise\u2019s accounts \u201cpaid the electricity bills,\u201d officers claimed.<\/p>\n

How Was \u2018Illegal Ukrainian Crypto Mining Farm Discovered?<\/h2>\n

Local authorities began to suspect something was wrong when they noticed \u201csystematic overloading\u201d on regional power networks, as well as \u201cblackouts and large-scale interruptions in power supply to residential facilities and local infrastructure.\u201d<\/p>\n

Officers raided the property and confiscated flash drives, computers, laptops, mobile phones, video cards, power equipment, motherboards, processors, hard drives, cooling equipment and servers.<\/p>\n

They claimed that the \u201cestimated value of the equipment\u201d was \u201cmore than $81,000.\u201d<\/p>\n

The alleged masterminds have been arrested and charged with embezzlement of state property.<\/p>\n

Their cases have been handed to the Ternopil Regional Prosecutor\u2019s Office.<\/p>\n

If convicted, the alleged organizers could be jailed for up to 8 years.<\/p>\n

Police said they were investigating a number of other individuals they think may have been involved.<\/p>\n

Last month, the Ukrainian anti-corruption bureau unveiled a new plan to fight a rise in \u201ccrypto corruption.\u201d<\/p>\n

The nation is also hoping to roll out EU-inspired crypto regulations and new tax rules for traders.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ukraine\u2019s State Bureau of Investigation says it has uncovered an illegal crypto mining farm in a state-owned enterprise in the Western region of Lviv. In an official post, the bureau (SBI) said that the farm was being run by managers of a branch of the state-owned company Forests of Ukraine in Rava-Ruske. The town is […]<\/p>\n","protected":false},"author":1,"featured_media":25228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-25227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nUkraine Finds \u2018Illegal Crypto Mining Farm\u2019 in Lviv | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Ukraine\u2019s State Bureau of Investigation says it has uncovered an illegal crypto mining farm in a state-owned enterprise in the Western region of Lviv.In\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25227\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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