Cointime

Cointime

Download App
iOS & Android
Home / Security

Minnesota electric cooperative accuses electricity theft of mining, seeks damages

In a case involving cryptocurrency mining and public utility theft, the Minnesota-based power company, Northern Star Cooperative, has accused Ryan Jaenicke and Tina Fehlhaber of stealing a large amount of electricity. During a routine inspection in May 2023, two unauthorized 50 kVA transformers and cryptocurrency mining equipment were discovered. Northern Star has disconnected the unauthorized equipment and reported the case to law enforcement. They are seeking compensation for losses of at least $50,000 and the return of all profits obtained through suspected electricity theft.

bitcoin mining
Comments

All Comments

Recommended for you

  • U.S. Department of Justice: Two Chinese nationals arrested for allegedly defrauding at least $73 million through cryptocurrency investments

    According to the official website of the United States Department of Justice, a complaint from the central region of California was made public yesterday, accusing two Chinese nationals of playing a major role in a money laundering scheme involving cryptocurrency investment fraud.Daren Li, 41 years old, is a dual citizen of China and St. Kitts and Nevis, and is also a resident of China, Cambodia, and the United Arab Emirates. He was arrested on April 12th at Hartsfield-Jackson Atlanta International Airport and later transferred to the central region of California. Yicheng Zhang, 38 years old, is a Chinese national currently residing in Temple City, California. He was arrested yesterday in Los Angeles. Today, they are accused of leading a money laundering scheme related to an international cryptocurrency investment scam, involving at least $73 million. These arrests were made possible thanks to the assistance of our international and US partners, demonstrating the Department of Justice's commitment to continuing to combat the entire cybercrime ecosystem and prevent fraud in various financial markets.

  • Binance assisted Taiwan’s law enforcement agencies in cracking a major virtual asset case involving nearly NT$200 million

    On May 17th, Binance announced that the Financial Crime Compliance department (FCC) of Binance, in collaboration with the Taiwan Department of Justice Investigation Bureau, has successfully cracked a major criminal case involving money laundering of virtual assets, with an involved amount of nearly 200 million New Taiwan dollars. Throughout the entire case, Binance provided support to Taiwan's crime fighters, offering crucial intelligence and assistance, and played a key role in promoting the investigation.

  • Rugpull occurs on Ethereum with fake NOT tokens

    PeckShield has monitored that the fake token Notcoin (NOT) on Ethereum has dropped 100%. An address starting with 0xE0eB sold 1,645,040,633,338,481.95 NOT and exchanged it for 93.5 WETH (valued at $281,000 USD). Note: Rugpull tokens have the same name as legitimate tokens.

  • The Sonne Finance hacker address has exchanged 56 WBTC into about 1,185 ETH

    According to PeckShield's monitoring, Sonne Finance hacker address 0x6277...4c07 has exchanged 56 WBTC for approximately 1,185 ETH and 3 WBTC for 183,000 DAI.

  • Sonne Finance: This attack was a donation attack. We are investigating the attacker and have suspended the market.

    Sonne Finance released an attack analysis report. This was a donation attack. Sonne had avoided this problem in the past by adding a collateral factor of 0% to the market, adding collateral and then destroying it, and only then increasing c-factors according to the proposal. Sonne recently passed a proposal to add the VELO market to Sonne. This transaction was arranged on a multi-signature wallet, and c-factors were arranged to be executed within 2 days due to the time lock. When the 2-day time lock for creating the market ended, the attacker executed 4 of the transactions and then executed the transaction to add c-factors to the market. The attacker was able to use the protocol to obtain approximately $20 million in funds through a known donation attack. Seal contributors quickly noticed this issue and reserved approximately $6.5 million by adding VELO worth approximately $100 to the market. Sonne is investigating the attacker and has suspended the market to mitigate further losses. Sonne is prepared to offer a bounty to the attacker and promises not to pursue the issue further if the attacker returns the funds.

  • Sonne Finance confirms attack, but still has about $6.5 million in funds

    On May 15th, Sonne Finance announced that its Optimism protocol had suffered a known donation attack, resulting in a loss of approximately $20 million. The attack exploited a vulnerability in the newly launched market and within two days of its creation, the attacker used a multi-signature wallet and time-lock function to execute critical transactions, successfully manipulating the market's collateral factors (c-factors). Despite Sonne's team quickly organizing a response to the attack and suspending the market within 25 minutes of discovering the issue to minimize further losses, approximately $6.5 million in funds were still retained. Sonne's team is working hard to track down the identity of the attacker and has offered a bounty to the attacker in the hopes of returning the funds to avoid further investigation. At the same time, Sonne's team sincerely apologizes for this incident and is reaching out to all possible partners to try to recover the funds.

  • A certain address may have lost assets worth about $4.3 million due to private key leakage

    According to CertiK monitoring shows that due to suspicious transactions, preliminary evidence suggests that the private key may have been leaked, and a total of approximately $4.3 million worth of assets have been transferred to the address 0x2705.

  • Chainalysis: Around $24 Million in Crypto to be Stolen by Impostors and Tax Authorities in 2023

    According to Chainalysis, by 2023, approximately $24 million worth of cryptocurrency will be stolen through impersonation and tax authority scams. The company estimates that as of April 2024, the total amount stolen will be close to $17 million.

  • Multisig Exploit hacker-related addresses become active and launder money

    Multisig Exploit's hacker attack was the first hacker attack in ETH's history, with over 150,000 ETH stolen, worth about $30 million at the time (back in July 2017). Today it is worth nearly $450 million, and more than 80,000 ETH is still involved in the addresses starting with 0xb37647. The address has sent about 70,000 ETH to seven different addresses, each with 10,000 ETH. In recent months, these different addresses have been slowly laundering the money. One of the addresses starting with 0x5167052 has recently become active again.

  • EIA Temporarily Suspends Emergency Survey of Bitcoin Mining Industry

    The US Department of Energy has temporarily suspended its emergency survey of Bitcoin mining operators' energy usage. The Energy Information Administration (EIA) will halt its mandatory survey for over a month and keep the data that had already been secured from stakeholders in the Bitcoin mining industry earlier this February. Riot Platforms and the Texas Blockchain Council had previously sued the administration of President Joe Biden, planning to boycott the survey citing that it could cause potential harm to businesses by compelling them to release confidential and sensitive information. The plaintiffs requested a permanent injunction from the court which mandates that EIA first complies with the law before going ahead to request the data.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company