Argentine Customs Investigates $5 Million Miner Overpricing Scam

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Argentine customs officers confiscated 2,233 miners that were brought into the country by a US company in a fraudulent scheme bypassing a customs declaration.

Argentina Customs Investigation Into Alleged Fraudulent Scheme to Revalue Cryptocurrency Mining EquipmentA Florida-based company has shipped a large batch of cryptocurrency mining devices to Argentina, including several Whatsminer M30S models.More than 2,233 pieces of equipment worth $21.9 million were delivered to the country through the international airportBuenos Aires Ezeiz and sent to the special tax zone in La Plata without obtaining the necessary permits.

During the inspection, the Argentine customs authorities revealed that the devices were declared at an average price of $10,000.However, the investigation showed that their real value ranges from $5,770 to $7,420, while the market value is slightly higher, from$6,316 to $7,700.Thus, the importer overestimated the batch of delivered equipment for about $5 million, with the proviso that a calculation is required to determine the cost more accuratelythe mining power of each device.

According to investigators, the fraudsters used this route, since it is not necessary to issue a SIMI (Integrated Import Monitoring System) declaration to transit to a special territory.Reportedly, the miners were imported from China, but the invoice was issued by an American company from Florida.Argentine customs officers have sued those involved in the fraudulent scheme.

"We should take care of the tariffs necessary to develop our production and create jobs, not for financial speculation," the director general saidArgentine Customs Administration Guillermo Michel.

In 2021, Turkish customs authorities stopped the illegal importation of ASIC miners and confiscated 501 devices.The estimated value of the seized equipment is more than $600,000.