Bitcoin Farm Uncovered in Venezuelan Prison
During a major raid on the Tocoron penitentiary center in Venezuela, a Bitcoin mining farm was discovered. The raid involved over 11,000 officers and revealed an undisclosed number of Bitcoin miners inside a makeshift farm operated by the gang controlling the national jail. Alongside the mining equipment, the police also found drugs, weapons, explosives, and various recreational facilities within the prison.
Authorities have not provided details about how long the mining farm had been operating or whether they seized any funds. However, as a result of the raid, the Tocoron Penitentiary will be closed and more than 1,600 inmates will be transferred to other jails in Venezuela.
Brazilian Bill Advances to Protect Crypto from Seizure
A bill that aims to safeguard digital assets from creditor seizures is making progress in the deputy chamber of the Brazilian Congress. The bill, which has been modified to include “digital assets” instead of specifically mentioning cryptocurrency, also prohibits confiscation of salaries, pensions, and money in savings accounts up to a certain threshold. The bill will now undergo review by the Constitution, Justice, and Citizenship Commission of the Deputy Chamber.
Bitcoin Mining Farm Discovered in Chilean Drug Operation
The Chilean Intelligence Police stumbled upon a Bitcoin mining operation while conducting a drug raid in southern Santiago. During Operation “Lucerna,” they found drugs as well as a room with 19 Bitcoin miners, of which only 10 were active. Eduardo Gatica, head of the Anti-Narcotics Brigade, stated that this was the first time drug trafficking had been directly linked to cryptocurrency mining in Chile. He emphasized that cryptocurrency mining allowed criminal groups to launder their assets.
Hot Take: Criminals Exploiting Crypto Mining for Money Laundering
The recent discoveries of Bitcoin mining farms within prisons and drug operations highlight how criminals are exploiting cryptocurrency to launder their illicit funds. These cases demonstrate the need for increased regulation and oversight in the crypto industry to prevent such activities. It is crucial for authorities to stay vigilant and crack down on these illegal operations to protect the integrity of cryptocurrencies. As cryptocurrencies continue to gain popularity, it is essential to ensure that they are not tarnished by association with criminal activities.
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