Malaysian authorities arrested nine persons allegedly involved in stealing Bitcoin mining machines after they posted their loot for sale on social media and online shopping sites.

A total of 58 Bitcoin machines worth more than MYR500,000 ($127,300) were recovered from the suspects, who allegedly are members of a gang specializing in Bitcoin machine theft.

Serdang OCPD Assistant Commander Megat Mohammad Aminudin Megat Alias told reporters that the nine suspects were believed to be involved in various cases, including robbing a Bitcoin miner in Serdang last week.

The operation was launched after the police received information about the suspects’ attempt to sell half million ringgit worth of equipment via online shopping site and Facebook.

Two cases were immediately solved following the arrest of the suspects and ACP Megat Mohammad said the police have credible leads and are investigating to solve the remaining two cases of Bitcoin machine thefts.

Also Read: China Warns Bitcoin Exchanges

The Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) have urged the public to exercise caution before participating in initial coin offering (ICO) schemes.

ICO schemes may involve activities that are subject to laws administered by the SC and BNM and carrying on such activities without proper authorization is an offense, the regulators said in a joint statement.

“Members of the public are reminded to exercise caution before participating in an ICO and are advised to refer to the list of institutions that are licensed or approved to carry out regulated activities under the laws administered by the SC and BNM,” according to the joint statement. –