Russia’s Customs Authorities Seize Crypto Mining Equipment Smuggled out of Mongolia




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Russian customs officers seize crypto mining rigs

The Federal Customs Service (FCS) of the Federation of Russia has prevented the illegal import of four crypto mining rigs.  The agency noted that these devices came from Mongolia. A report unveiled this news on October 1. Per the FCS, a Mongolian citizen tried to sneak in the crypto miners across the Russian/Mongolian border.

According to the report, the mining rigs were complete with fans and connected microcircuits. The FCS explained that the officers caught the smuggler during a border check in Tashant. Also, the agency noted that the Altai customs officers detained the smuggler after discovering the rigs. The detainee failed to produce legal permits for the crypto mining rigs. As a result, the officers seized the ASIC miners. 

However, apart from seizing the mining rigs, FCS added that it had opened a case against the smuggler for non-declaration of goods. On top of this, it charged the Mongolian citizen with failure to comply with laws and other restrictions.

Russian Criminals Seldom Use Crypto to Withdraw Stolen Funds

This news comes after Artem Sychev, the first deputy director of the Information Security Department of the Bank of Russia said criminals rarely use crypto to withdraw stolen funds. According to him, criminals prefer cash to crypto.

Sychev said,

In the Russian Federation, this [withdrawing of stolen funds with crypto] is used very rarely. Yes, sometimes cryptocurrencies are used to withdraw funds, but now it is not widespread, because it is much easier for an attacker to get cash.

He added that,

It is not so important what technology will be developed in the near future — artificial intelligence or robotization. It is more important for us to understand what technologies and methods an attacker can use not only for an attack, but also for withdrawing money. Our vector of attention will be turned to that direction. For example, if we see that attackers learn to quickly withdraw money through some specific channel, we will accordingly build additional measures of protection.

In a contrasting statement, Chainalysis claimed that most hackers prefer crypto to cash while withdrawing stolen funds. According to the firm, 64 percent of ransomware attackers launder their proceeds via crypto exchanges.

Similar News

Before this news, Ukrainian custom officers stopped a Chinese smuggler from sneaking crypto mining rigs into the country. The State Border Service of Ukraine unveiled that it caught the smuggler with 160 kg of smuggled items.

In its report, the agency said,

A batch of goods was detained at the Borispol checkpoint by employees of the State Border Service and customs officers.

After inspecting the goods, the agents found systems units that can be used for crypto mining. On top of this, they found motherboards and power supplies among other items.

Do you think Russia’s negative stance on crypto can change if BTC surges past its all-time high? Let us know in the comments below.