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Four Chinese nationals have landed in trouble in Paraguay after a failed attempt to steal crypto mining equipment. The incident took place in Coronel Bogado, a town near the Itaipu hydroelectric dam, a popular area for crypto mining due to its cheap and abundant electricity.
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On May 15, local police received a tip about suspicious behavior at the crypto mining company Teratech SA. When officers arrived, they found four men inside a restricted area of the facility. None of them spoke Spanish, but with the help of translation apps and their documents, authorities confirmed that they were Chinese citizens.
The group appeared to be trying to break into servers used for cryptocurrency mining. Three of them had entered Paraguay illegally, likely through Bolivia or Brazil. They were deported shortly after being identified.
The fourth individual, Nahun María Velázquez Garcete, is a legal resident of Paraguay. He was arrested on suspicion of aggravated theft. After the arrest, he was taken to the hospital, but authorities have not released any details about his injuries.
According to Paraguayan officials, the case may involve more people. Interpol has joined the investigation to help determine the full scope of the attempted theft. There are signs that the three deported men had been in Paraguay for several months and may have been working as programmers, although it remains unclear whether they were employed by Teratech.
Paraguay’s Itaipu dam produces more electricity than the country consumes, making it a hotspot for large-scale crypto mining operations. The low-cost, sustainable energy is a major draw for miners—and, unfortunately, also for criminals looking to exploit the opportunity.
Authorities are still waiting for an official statement from the CEO of Teratech SA. In the meantime, investigators are working to find out whether the attempted theft was part of a broader plan.