Ukraine’s Tailoring Earns Millions of Cryptos by Hacking

Ukraine’s tailoring company turned out to be an illicit cryptocurrency mining operation.
The suspect hooked their equipment to the local power grid and stole electricity for mining
The country also attempted to raise funds for its military conflict with Russia via crypto

The tailoring company in Kovel, Ukraine, turned out to be an illicit cryptocurrency mining operation. The suspect hooked their equipment to the local power grid and stole electricity to fuel their operations.

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As Kovel Media reported in December of last year, officials discovered an unauthorized connection to a transformer during a police examination of the store in Kovel, a city in the Volyn Oblast of northwest Ukraine. This link enabled crypto farm operators to consume electricity without being billed.

The city’s energy provider, Volenoblenergo, had made a claim against the shop’s owner, Alla Dieneka, for nearly $11,500 in damages, along with approximately $200 in court fees.

Police discovered that the shop’s owners had removed the plexiglass cover of the Volenoblenergo transformer and disconnected several wires to gain access to its voltage circuits.

This allowed them to immediately use electricity from the local network by evading the store’s meter and connecting the store’s electrical equipment to the grid.

The Ukrainian government is pro-crypto and has worked to develop a progressive regulatory framework for the sector.

The country also attempted to raise funds for its military conflict with Russia via cryptocurrencies. And while crypto mining is not illegal in the United States, police have tried to crack down on people who steal from public power systems to fuel their mining rigs.

In other news, Ledger, a maker of hardware wallets for bitcoin and other cryptocurrencies, has unveiled a new wallet. Tony Fadell, a former Apple programmer, created the new wallet, which is called Ledger Stax. The wallet has a tiny, wrap-around E Ink screen that resembles a smartphone and is rectangular in shape.

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José Gustavo

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.