Lithuanian court case reveals disputed valuation of crypto mining equipment relied solely on Chinese supplier’s documents

A key figure in Lithuania’s high-profile crypto mining fraud case has claimed authorities incorrectly assessed the value of allegedly embezzled equipment by relying exclusively on documents from a Chinese supplier, which he calls unreliable, LRT reports.

Vilhelmas Germanas, accused of orchestrating the fraudulent acquisition of over €23 million worth of cryptocurrency mining hardware, told Delfi that investigators based their valuation “only on the chaotic documents provided by the Chinese company [Bitmain], which never supplied proper records despite repeated requests.” He argues the equipment was “worthless” due to defects and malfunctions upon delivery.

Germanas denies allegations that the hardware was intentionally damaged, stating that the group of suspects inspected it independently. He also questioned whether the devices presented by prosecutors last Friday were even the same ones in question, suggesting they may have been substituted: “In my opinion, what was shown is not the same equipment that the prosecutor and his associate claimed to be.”

The case centers on a 2021 agreement between Germanas, co-defendant Mindaugas Navickas, and others to establish a crypto mining operation in Kaunas. Prosecutors allege the group fraudulently obtained 5,400 mining devices from Bitmain, sabotaged a portion of them, then falsely claimed all were inoperable in Lithuania to extort €700,000 in cryptocurrency from the manufacturer. Only 216 devices were later recovered, some operational at a Kaunas thermal power plant.

Germanas, released from pretrial detention, faces additional charges for possessing forged Greek, Portuguese, and Bulgarian identity documents bearing his photo, discovered in a hidden safe. He maintains his innocence, citing an ongoing arbitration dispute with Bitmain over the equipment’s condition.