Cryptocurrency mining company Ipoh tenant disappears, leaving behind RM1.2mil electricity bill for landlord

Subscribe to our free website Newsletteror cable and WhatsApp Channels for the latest news and updates.

A hairdresser is facing possible bankruptcy after her tenant turned the top floor of her store into a secret cryptocurrency mining operation.

Let that sink in for a moment – RM1.2 million in electricity bills.

The unfortunate victim, 43-year-old Yen Pet Yuen, runs a modest hair salon in Panorama Lapangan Perdana in Simpang Pulai.

Like many landlords, she thought she would earn extra income by renting out the top floor of her store.

What could go wrong, right?

Warning signs and hasty departure

Speaking at a press conference organized by Gopeng MP Tan Kar Hing on Wednesday (Jan 22), she explained that her two-storey store has a hair salon on the ground floor.

The top floor was let to a tenant introduced through an estate agent in early July last year.

The problem started when Yen spotted something suspicious last August: Her tenant had mysteriously dragged heavy electrical cables upstairs.

Alarm bells started ringing, and I did what any responsible citizen would do: file a police report.

But here’s where things get more interesting – the tenant disappeared the next day.

A scene of devastation and crushing debt

When Yen finally manages to investigate the abandoned upstairs, she finds herself in what looks like the aftermath of a heist movie – empty rooms, holes drilled in the walls, and destroyed partitions everywhere.

When we inspected the upper unit, we found it completely empty, with holes in the walls and damaged partitions, which led to severe property damage.

But the real shock came two months later when Tenaga Nasional Berhad (TNB) introduced a bill that could make anyone’s hair stand on end – RM1.2 million.

The case is under investigation, and Yin is pinning her hopes on local officials to help resolve this shocking situation.

Meanwhile, her ordeal is a cautionary tale for landlords everywhere — maybe it’s time to add “no cryptocurrency mining” to those rental agreements.

The growing crisis calls for legal reform

During the press conference, Tan also revealed that the problem of illegal cryptocurrency mining operations has affected nearly 60 property owners in the area.

The victims, who are residential and commercial property owners, face electricity bill claims ranging from RM30,000 to RM1.2 million due to unauthorized power connections by cryptocurrency mining tenants.

Expressing landlords’ frustration at being held responsible for the illegal activities of their tenants, the PKR lawmaker called for intervention from the Energy Commission and other relevant authorities.

He stressed the urgent need to amend the Electricity Supply Law to better protect consumers and account holders from such exploitation.

TNB provides assistance to victims of cryptocurrency mining

In response to growing concerns, TNB pledged to review cases of property owners facing huge electricity bills from illegal cryptocurrency mining operations.

The National Power Corporation contacted Tan’s office and suggested holding individual consultations with affected property owners to work on finding reasonable solutions.

This development represents the first concrete step towards potential relief for property owners stuck in a cryptocurrency mining limbo.

As cryptocurrency mining continues to rise, the yen will certainly not be the last holder to face such a nightmare unless stricter preventive measures are implemented.

Read more: Ipoh owner received RM1.1 million electricity bill just two months after crypto mining nightmare

Read more: [Watch] Homeowner’s Nightmare: Rented house turned into an illegal Bitcoin mining operation

Read more: Unpaid rent headache? Landlords can now cut off electricity supply using prepaid smart meters

Portions of this story were obtained from China Press (中國報) and The star.

Share your thoughts with us via TRP Facebook, twitter, Instagramor Topics.