Malaysia's deputy minister for energy and water revealed that illegal cryptocurrency mining operators in the country have illicitly consumed $723 million worth of electricity between 2018 and 2023. These operators have been avoiding detection by stealing electricity, causing harm to the state-controlled power operator and local communities. Despite cryptocurrency mining not being illegal in Malaysia, stealing electricity for mining purposes is prohibited. Malaysian officials have been cracking down on illegal miners since 2019, seizing over 2,000 items in a recent operation. Efforts to curb illegal mining activities are a top priority for the ministry, along with promoting renewable energy sources. The country's Securities Commission has also taken action against unregistered cryptocurrency exchanges. This crackdown on illegal mining highlights the importance of regulating the crypto industry to prevent such illicit activities. Read more AI-generated news on: https://app.chaingpt.org/news