Bitcoin (BTC) mining equipment was caught on the radar of customs officials while trying to be smuggled into Turkey illegally.
The Customs Enforcement Smuggling and Intelligence Directorate officials took action upon the notice and seized illegal devices in the raid.
According to the news reported by İhlas News Agency, a warehouse in İzmir Karabağlar was raided. Customs officials detected 501 ASIC Bitcoin mining hardware in sealed cardboard boxes.
The customs administration announced the estimated value of the seized equipment as 5 million Turkish liras. While four suspects were detained within the scope of the investigation, it was claimed that law enforcement officers carried out another operation in Istanbul.
ASIC hardware, known as processors produced specifically for applications, is one of the most popular Bitcoin mining methods. In addition, one of the reasons behind the Tesla company, which is owned by Elon Musk, to stop accepting Bitcoin payments is the high electricity consumption of these hardware.
Known as a cryptocurrency friendly country, Turkey has been shaken by cryptocurrency scams lately. Last month, Turkey-based crypto currency exchange Thodex stopped its operations with a loss of over $ 150 million. Thousands of users could not access their funds.
Vebitcoin, another local exchange, was likewise shut down shortly after Turkish police detained 62 suspects in the Thodex investigation.
As will be remembered, Turkish Treasury and Finance Minister Lütfi Elvan announced that the Financial Crimes Investigation Board (MASAK) has full authority to audit crypto money exchanges.
As a precaution against fraud and illegal money smuggling, any crypto money exchange in Turkey now has to report cryptocurrency transactions above 10,000 Turkish lira to MASAK.
Local blockchain and crypto experts agree that Turkey needs a clear regulation process to prevent fraud in the ecosystem.