Bitcoin mining bust: LAPD arrests three suspects

Three guys have been charged and are facing accusations of receiving stolen property after almost $7 million in looted Bitcoin mining computers were recovered, authorities reported Thursday. 

On March 19, detectives from the Los Angeles Police Department‘s Commercial Crimes Division’s Cargo Theft Unit made a significant arrest. The operation led to the apprehension of three suspects at an undisclosed location.

Recovery of High-Value Computers

During the arrest, LAPD recovered computers with an estimated value of $6.9 million. These computers are believed to have been involved in Bitcoin mining activities.

Bitcoin Mining: The Rise of ASICs

Bitcoin mining, once feasible with personal computers, has evolved into a highly competitive industry. The use of application-specific integrated circuit computers (ASICs) has become essential for successful mining. These specialized machines offer significantly improved chances of winning Bitcoin rewards.

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The Suspects and Their Possession

The suspects, identified as 47-year-old Vardan Vardanyan, 36-year-old Vagarshak Vardanyan, and 34-year-old Samvel Pilovan, were found in possession of 608 Bitcoin mining machines. The investigation did not specify whether these machines were ASICs.

Legal Action Taken

Following their arrest, all three suspects were booked at the 77th Street Jail. The charges against them include possession of equipment related to Bitcoin mining. The LAPD continues its efforts to combat criminal activities associated with cryptocurrency.