Turkish customs confiscated more than 500 smuggled Bitcoin mining machines

Turkish customs authorities have dismantled an illegal smuggling operation in what is seen as a record breaking crackdown on illegal Bitcoin mining machines (BTC) in the country..TO

After receiving a tip, did Turkish intelligence and customs teams raid a warehouse in Karaba earlier this week? Lar, Izmir, There they found 501 Bitcoin ASIC mining rigs in closed cardboard boxes.

Customs reported that the estimated value of the seized equipment was 5 million Turkish liras, or $ 600,000.Four suspects were arrested as part of the investigation. Law enforcement agencies are reportedly conducting another active operation in Istanbul, the largest city and a major customs checkpoint in Turkey.

Turkish customs confiscated more than 500 smuggled Bitcoin mining machines
Turkish customs confiscated more than 500 smuggled Bitcoin mining machines

Application Specific Integrated Circuits (ASICs) are the most popular method of mining Bitcoin, but they are also known for their high power consumption., a well-known issue that caused Elon Musk to reverse his decision to accept Bitcoin payments for Tesla cars.

Once known as a crypto-friendly country, Turkey recently stepped up its surveillance of transactions and crypto fraudLast month Turkish crypto exchange Thodex stopped trading because it was missing more than $ 150 million and thousands of users were unable to access their funds.

Shortly after the Turkish police arrested 62 suspects in the Thodex investigation, another local exchange, Vebitcoin, closed in the same way.

More recently Turkish Finance and Finance Minister Lüfi Elvan announced that the Financial Crimes Investigation Board (MASAK) has full authority to audit and monitor crypto exchangesAs a countermeasure against fraud and illegal money trading, any exchange with a presence in Turkey is now required to report cryptocurrency transactions over 10,000 Turkish Lira (1,200 USD) to MASAK.

Local blockchain and crypto experts agree that Turkey needs a clear legal framework to prevent fraud in the ecosystem..

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