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Alleged Organized Crime Ring Steals $2 Million in Mining Equipment from Iceland


Icelandic authorities are scratching their heads over what is being called the “Big Bitcoin Heist”, in which mining equipment worth $2 million was stolen from the country.

The theft took place across multiple incidents in which around 600 mining computers were stolen collectively from 4 different locations. It was reported that all but one robbery took place in December 2017, with the most recent one taking place in January 2018.

The Icelandic authorities named the incident the biggest instance of its kind and stated that the way the equipment had been stolen alludes to all of this being systematic.

“This is a grand theft on a scale unseen before.” Olafur Helgi Kjartansson, local police commissioner, told the Associated Press, which covered the story for major news outlets. “Everything points to this being a highly organized crime.”

It was further mentioned that the police had not made the news public until now as it had been carrying out its investigation. 11 individuals were arrested during the investigation, out of which 2 still remain in custody.

The police department is currently looking for signs of unusual levels of energy consumption that could take place by the usage of the mining equipment, and has also warned local internet service providers, as well as power companies and even electricians to report anything out of the ordinary that could pertain to power consumption requests.

However, it was also pointed out that the thieves might not use the equipment for further mining operations, but just sell it off in parts to make money and to avoid detection

No further information was provided on the incident or about an alleged culprit behind the heists, but since this is a developing story, more developments could be expected in the near future.


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