Officials crack down on $1 billion cryptocurrency scheme: 'Suspected of being involved'

As cryptocurrency grows in prominence, so too do schemes to exploit it.

Tenaga Nasional Bhd, Malaysia's national utility firm, was recently discovered to have lost upward of $1 billion USD between 2020 and August 2025. 

According to the South China Morning Post, this was due to "illegal power usage by cryptocurrency miners."

What's happening?

The mining took place across thousands of locations that had used power not for stereotypical means, but specifically to mine crypto in a way that racked up devastating financial losses.

To mine crypto, specific computer programs must be used that can complete difficult equations and link blockchains together to form proof of work or proof of stake.

Those who participated in the crypto mining scheme exploited energy grids to their advantage to power their mining machines, primarily focused on bitcoin.

Why is this important?

The Malaysian energy and water transformation ministry noted that "in an effort to curb this issue, a database that stores complete records of owners and tenants of premises suspected of being involved in electricity theft related to bitcoin mining activities has been established by TNB," per the South China Morning Post.

The overworking of energy sources contributes to a heightened carbon impact that further combats eco-friendly efforts in the growing digital currency industry.

Many crypto operations, even fully legal ones, require massive amounts of energy that can result in significant e-waste.

What's being done about this?

Projects like proof of stake have become more popular in recent months due to their potential to meet sustainability targets in comparison to proof of work, which often relies on polluting fuels to perform.

Crypto, as a rising giant in the world of monetary transactions, is something that cannot be ignored, and as such, it is important to understand how to implement better and greener ways to mine and use the currencies that crypto creates.

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