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Due to a “lack of appropriate understanding,” the 34-year-old inmate was apparently unable to use the stolen mining equipment.
Authorities in Russia’s Zavolzhsky region have convicted a 34-year-old local of stealing cryptocurrency mining equipment worth more than 1.6 million Russian roubles (almost $22,000).
According to a report shared by the Prosecutor’s Office of the Yaroslavl Region, the state prosecutor confirmed that the Yaroslavl resident was found entering a friend’s garage unlawfully back in February 2021 and stealing their mining equipment that was intended to be used for earning cryptocurrency.
The authorities found the Russian man to be guilty of committing a crime, citing large-scale theft of property and illegal entry.
In court, the now-convict reportedly admitted to the charges and voluntarily returned the stolen crypto mining equipment back to its original owner. Additionally, he also admitted to the court that he could not use the stolen equipment for mining due to the “lack of relevant knowledge.”
Based on the findings, the court convicted the man to “three years of a suspended sentence along with a probation period of three years.” This allows the defendant to have their case dismissed without actual jail time, given they comply with all the terms of probation.
On August 4, Russian authorities announced the allocation of 14.7 million roubles ($200,000) for the development of tools to monitor and analyse Bitcoin-related cryptocurrency transactions.
As previously reported by Cointelegraph, the Russian Federal Financial Monitoring Service has awarded the contract to RCO, a business indirectly sponsored by Sber, formerly known as Sberbank.
Russia previously invested in an analytics technology to identify unlawful activity by “partially lowering anonymity” of cryptocurrency transactions like Bitcoin (BTC), Ether (ETH), Omni, and privacy-focused cryptocurrencies such as Dash and Monero (XMR).