Russian Law Enforcement Imprisons A Man For 3 Years For Stealing Cryptocurrency Mining Equipment

According to a recent report, a 34 old Russian man stole a cryptocurrency mining rig but didn’t know. As a result, the Zavolzhsky district authorities in Russian convicted the man for the theft of his friend’s crypto mining equipment valued at 1.6 M rubles ($22,000).

A Brief About the Cryptocurrency Mining Theft

As stated by the Yaroslavl Region Prosecutor’s Office report, the State prosecutor corroborated that the accused was seen on Feb. 2021 unlawfully entering the friend’s garage. As a result, he made away with the friend’s mining equipment meant for cryptocurrency acquisition.

The Russian man was found guilty of the crime by the authorities. They cited illegal entry and large-scale property theft.

According to reports from the court proceedings, the convict pleaded guilty to the charges. He also returned the cryptocurrency mining rig he stole to its rightful owner voluntarily.

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Furthermore, he confessed in court that he couldn’t use the mining equipment he stole because he doesn’t have the required knowledge of how the rig works.

From the court findings, the thirty-four-year-old man was convicted of a suspended sentence. Also, he got a three-year probation period, and the case was dismissed from court. The court decided that there will be no real jail time for the convict as long as he complies with the probation terms.

Russian Authorities Building Monitory Systems

The Russian authorities declared on August 4 to allow up to 14.7M rubles to design monitoring and analyzing systems for BTC affiliated crypto transactions.

The Russian Federal Financial Monitoring Service’s duty is to combat money laundering as well as terrorist financing. Therefore, this Federal service is building the latest analytics tool to track crypto transactions through artificial intelligence.

The new system is nicknamed “Transparent Blockchain.” This system is to keep an eye on digital financial assets movements. Also, the system can as well recognize cryptocurrency service providers. According to RBC local news on Aug 10th, the aim is to combat illegal activities connected to digital assets.

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As stated by the report, the Federal Financial Monitoring Service of Russia engaged the services of RCO to do the job. RCO is an enterprise that has the indirect backing of Sber, which was formerly called Sberbank.

Previously, the Russian authority financed one analytical system that is designed to track down illegal operations by “partly reducing anonymity” of cryptocurrency deals for Bitcoin, Omni (OMNI), Ether (ETH), and privacy-focused crypto-like Monero (XMR) and Dash (DASH).

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