$600,000 Worth of Illegal Bitcoin ASIC Miners Seized by Turkish Customs

$600,00p worth of illegal Bitcoin miners have been seized by Turkish customs resulting in the clamping of four suspected smugglers. 

This move currently ranks as the biggest raid against bitcoin smugglers so far by Turkish customs enforcement, the customs have reported the seizure of sophisticated equipment worth over 5 million Turkish Liras, which is valued at $600,000. Turkey’s customs acted on a tip off as its anti-smuggling and intelligence teams busted a warehouse in Karabagar, Izmir earlier in the week thereafter locating 501 ASIC Bitcoin mining rigs that were hidden in cardboard boxes. 

Four suspects were detained as investigations continues. Turkish customs enforcement are reported to be on the trail of another group in Istanbul, which is the biggest and major customs checkpoint in the country.

Turkey Steps Up its Monitoring of Crypto Transactions

Recently, the Turkish Minister of Treasury and Finance, Lutfi Elvan, announced that full authority has been given to its Financial Crimes Investigation Board to preside over crypto exchanges and audit them. 

The country has increased its monitoring rate of diverse crypto frauds and transactions. Thodex, a Turkish cryptocurrency exchange has stopped its operations making users of the exchange unable to access their funds as over $150 million. Law enforcement agencies have arrested 62 persons concerning the Thodex investigation another crypto exchange in the country Vebitcoin went out of operations similarly. 

ASIC mining is one of the most effective ways to mine the Bitcoin. However, this method comes at the expense of the environment due to its alarming electricity consumption. This explains the reason the CEO of car manufacturing company, Tesla, Elon Musk, announced that Tesla has suspended the use of the cryptocurrency as a payment alternative. 

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