CryptoMediaClub
Thursday, July 31, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Sweden Busts 18 Data Centers for Secretly Mining Crypto

18.04.2024
A A
0
125
VIEWS
ShareShare

Sweden’s tax agency identified irregularities in 18 locally operating companies, finding that they hid their involvement in crypto mining, it said Wednesday.

The investigation, which spanned from 2020 to 2023 and focused on data center operations, revealed that they deliberately exploited tax incentives for which they were ineligible.

Patrik Lillqvist, head of the agency’s intelligence unit, explained that the companies’ actions constituted an attempt to secure undue tax advantages. In response, the agency is demanding an additional 990 million Swedish krona ($91 million) in taxes, including value-added tax (VAT) and surcharges.

The report highlighted difficulties investigators encountered in determining the true purpose of data center operations and the identities of those utilizing the computing resources. In a significant number of cases, investigators faced challenges establishing the nature of the business conducted at these facilities.

Unreported Income from Crypto Mining in Sweden

Further, the report details instances where crypto mining data centers submitted misleading or incomplete information regarding their business activities.

“There is an incentive for unscrupulous actors to conceal their cryptocurrency mining operations and instead claim that they are conducting VAT-liable business activities. In this way, tax revenues disappear from the country in the form of incorrect payments from the state, unpaid output VAT, and unreported crypto assets,” Lillqvist added.

The tax authority further expressed concerns regarding potential money laundering activities. Due to their exclusion from the Money Laundering Act, crypto mining data centers currently operate outside the scope of regulatory oversight. This lack of supervision raises the risk of illicit financial transactions.

It also said it was difficult to quantify the total amount of crypto mined and subsequently sold, including the associated sales figures. Consequently, there is a significant risk of unreported sales leading to additional income tax losses for the government.

Companies Employ Misleading Tactics to Hide Crypto Mining

According to the report, ten decision outcomes were appealed to higher authorities. In eight instances, the courts upheld the initial findings and rejected the companies’ appeals. One appeal resulted in a partial victory for the company, with the court granting a modified ruling.

In one instance, Datorhall AB reported its business activities to the authorities as consulting services, data center operations, and development of high-performance computing products. However, investigation revealed a singular customer for Datorhall – a foreign company with a related party. Notably, Datorhall’s computing infrastructure consisted solely of equipment dedicated to crypto mining.

Another company, Datacenter AB reported its business activities involved the sale of computing power for graphic design and artificial intelligence applications. However, the tax agency procured web browsing history and chat messages from various company representatives. This analysis revealed a significant discrepancy – 93% of the company’s online searches pertained to crypto mining, with less than 1% demonstrably linked to graphic film creation.

In one chat message, a Datacenter AB rep wrote: “How computers are used can never be controlled, so they can ban it as much as they want, it will not make any difference.”

A few days later, another rep wrote: “Yes, and crypto will be the last word we mention to anyone from day one. We are a data center with operations and computers that customers use for graphic films and artificial intelligence.”

Swedish Central Bank Chief Wary of Bitcoin Integration

The Governor of Sweden’s Central Bank expressed reservations last month regarding Bitcoin’s extensive integration into the country’s financial system. Their concerns stemmed from the speculative nature of Bitcoin and the potential for significant investor losses.

The post Sweden Busts 18 Data Centers for Secretly Mining Crypto appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

Kraken Revenue Rises to $411.6 Million in Q2, Up 18% from Last Year
All news

Kraken Revenue Rises to $411.6 Million in Q2, Up 18% from Last Year

31.07.2025
0

Crypto exchange Kraken reported $411.6 million in revenue for the second quarter, marking an 18% year-on-year increase, according to the...

Read moreDetails
[LIVE] Crypto News Today: Latest Updates for July 31, 2025 – Bitcoin Holds $118K After Fed Keeps Rates Steady, ETH Trades Above $3.8K

[LIVE] Crypto News Today: Latest Updates for July 31, 2025 – Bitcoin Holds $118K After Fed Keeps Rates Steady, ETH Trades Above $3.8K

31.07.2025
ChatGPT Predicts the Price of XRP, Shiba Inu and Cardano by the End of 2025

ChatGPT Predicts the Price of XRP, Shiba Inu and Cardano by the End of 2025

31.07.2025
Prosecutors Investigating Ex-South Korean President Yoon Quiz ‘Crypto Fraudster’

Prosecutors Investigating Ex-South Korean President Yoon Quiz ‘Crypto Fraudster’

31.07.2025
Shiba Inu Price Prediction: 602 Million SHIB Tokens Burned in One Go – Could This Be the First Step Toward $1 SHIB?

Shiba Inu Price Prediction: 602 Million SHIB Tokens Burned in One Go – Could This Be the First Step Toward $1 SHIB?

31.07.2025
Load More
Next Post
Binance Converts User Emergency Fund Assets into USDC for Enhanced Stability

Binance Converts User Emergency Fund Assets into USDC for Enhanced Stability

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Bitz Casino Review: Crypto Gaming on a New Scale

Bitz Casino Review: Crypto Gaming on a New Scale

1 year ago
XDC Bull Trend Losing Momentum?

XDC Bull Trend Losing Momentum?

2 years ago
Important Bitcoin Reserve: Bitwise CEO’s Daring Name for US Strategic Shift

Important Bitcoin Reserve: Bitwise CEO’s Daring Name for US Strategic Shift

5 months ago
Shiba Inu’s LEASH Token Makes Debut on New Exchange

Shiba Inu’s LEASH Token Makes Debut on New Exchange

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Prosecutors Investigating Ex-South Korean President Yoon Quiz ‘Crypto Fraudster’

Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges

Shiba Inu Price Prediction: 602 Million SHIB Tokens Burned in One Go – Could This Be the First Step Toward $1 SHIB?

Bitcoin whipsaws below $116k amid largest hourly correction in two weeks; risks of further pullback to $114k

Pi Coin Price Prediction: Binance Listing Rumors Heat Up Again – Could PI Skyrocket Past $10? 

JPMorgan Partners with Coinbase, Letting Millions of Chase Customers Buy Crypto Instantly

Trending

Kraken Revenue Rises to $411.6 Million in Q2, Up 18% from Last Year
All news

Kraken Revenue Rises to $411.6 Million in Q2, Up 18% from Last Year

31.07.2025
0

Crypto exchange Kraken reported $411.6 million in revenue for the second quarter, marking an 18% year-on-year increase,...

[LIVE] Crypto News Today: Latest Updates for July 31, 2025 – Bitcoin Holds $118K After Fed Keeps Rates Steady, ETH Trades Above $3.8K

[LIVE] Crypto News Today: Latest Updates for July 31, 2025 – Bitcoin Holds $118K After Fed Keeps Rates Steady, ETH Trades Above $3.8K

31.07.2025
ChatGPT Predicts the Price of XRP, Shiba Inu and Cardano by the End of 2025

ChatGPT Predicts the Price of XRP, Shiba Inu and Cardano by the End of 2025

31.07.2025
Prosecutors Investigating Ex-South Korean President Yoon Quiz ‘Crypto Fraudster’

Prosecutors Investigating Ex-South Korean President Yoon Quiz ‘Crypto Fraudster’

31.07.2025
Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges

Solana’s xStocks top $1.6B in first month of trading, largely driven by centralized exchanges

31.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz