Did Ukraine make a false claim with its recent big crypto mining raid? 

Recently, Ukrainian authorities proudly announced they have successfully raided what it describes as the “largest crypto farm” in the country. 

The Security Service of Ukraine (SBU) has raided a warehouse filled with 5,000 units of hardware, 3,800 gaming consoles, and 500 video cards. The warehouse was seized because it was allegedly using stolen electricity. 

But emerging reports say a large part of the government’s claims are misleading and incorrect and are urging the authorities to clarify these things. 

False claims from SBU?

The equipment found inside the facility is owned by MMI Engineering, a company involved in AI training, software development, and network maintenance. 

According to MMI’s lawyers, the Secret Service of Ukraine is spreading false and misleading information. 

Contrary to SBU’s claims, MMI does not use stolen energy and buys its electricity from JSC Vinnytsiaoblenerho and Enera Vinnytsia Ltd. 

It has also added that the company is paying its bills at commercial rates and within the meter reading guidelines.  

Was there really an electricity theft?

Vinnytsiaoblenerho has also said that no cryptocurrency farm has occupied the warehouse in which the authorities claim to be filled with mining equipment. 

Also, the joint investigation conducted by its employees and Ukraine’s State Inspectorate for Energy Supervision concluded that no traces of electricity theft were found inside the facility. 

MMI Engineering has already initiated efforts to retrieve their seized equipment which cost around 30 million Ukrainian hryvnias or more than $1 million.         

According to MMI, SBU’s actions have paralyzed the company’s operation which prompted it to file charges to Pechersk District Court and the Prosecutor’s General Office. 


Image courtesy of Cointelegraph News/YouTube

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