LAPD Recovers $2.7 Million in Stolen Bitcoin Mining Rigs

The Los Angeles Police Department (LAPD) has successfully recovered $2.7 million worth of Bitcoin mining rigs that were allegedly stolen from a shipment at the city’s airport. The heist, which targeted a shipment bound for China Hong Kong, was part of a broader operation involving a South American crime ring. The LAPD, in collaboration with the city’s Port Police, the railroad-based Union Pacific Police, and the city’s Airport Police, arrested two individuals, Oscar David Borrero-Manchola and Yonaiker Rafael Martinez-Ramos, who are believed to be prominent members of the crime ring.

The investigation led to the seizure of $4 million worth of stolen goods, including the Bitcoin mining rigs, from storage units in the San Fernando Valley. Additionally, over $1.2 million in other stolen items, such as tequila, clothing, shoes, speakers, coffee, body wash, and pet food, were recovered from various locations, including a storage facility in downtown Los Angeles. The LAPD’s Cargo Theft Unit played a crucial role in this operation, highlighting the department’s commitment to combating organized crime and recovering stolen property.

Borrero-Manchola and Martinez-Ramos were booked at Van Nuys Jail. Borrero-Manchola was cited for receiving stolen property and subsequently released, while Martinez-Ramos was arrested on a no-bail warrant. The LAPD has indicated that the investigation is ongoing and that additional arrests may follow as more information comes to light.

The recovery of these Bitcoin mining rigs underscores the high value and demand for such equipment in the cryptocurrency market. While the LAPD did not disclose the exact number or model of the seized rigs, it is known that current-model Bitcoin mining machines can sell for between $3,000 to over $5,000 each. This heist is not an isolated incident; in July, the LAPD arrested an individual in possession of stolen Bitcoin mining rigs worth $579,000, seizing them from a cargo van and storage unit. This pattern of theft and recovery highlights the challenges law enforcement faces in protecting high-value assets in the cryptocurrency industry.

The theft of Bitcoin mining rigs is not limited to the United States. One of the largest such heists occurred in late 2017 and early 2018 in Iceland, where a group robbed data centers and made off with over 600 machines. These rigs reportedly ended up in China, as Chinese authorities seized a similar number and model of mining rigs in Tianjin just three months after the theft. This incident underscores the global nature of cryptocurrency-related crime and the need for international cooperation in law enforcement efforts.