Applicants to Balaji Srinivasan’s secretive Network School have described entry requirements as “dodgy” and a “bridge too far” after being told they had just two days to pay their first month’s rent in advance despite not knowing the school’s location.

The Network School is a new tech bro concept from the former Coinbase CTO that forms part of his proposed “decentralized,” online-based country called the Network State.

The Network State is described by Srinivasan as “a highly aligned online community with a capacity for collective action that crowdfunds territory around the world and eventually gains diplomatic recognition from pre-existing states.”

Within this, the purpose of the Network School, he says, is to “revitalize democracy for the internet era,” and to “pursue truth, health, and wealth by leveling up our attendees personally, physically, and professionally.”

Successful applicants are expected to cough up $1,000 a month to bunk with someone else and $2,000 for a private room. However, for some, this was too much for what was at the time a leap in the dark.

One prospective student told WIRED that sending the money without knowing key details was “a bridge too far.”

“I chatted about it with some friends, and they were like, ‘Wow, that sounds so dodgy,’ they said. “Then I was like, ‘Yeah, you’re right.’”

Read more: New Balaji fund doesn’t mention hyperinflation or the ‘dying’ dollar

Others discussing their applications on Reddit said they were stressed about the urgent payment demand which one called “sketchy.” 

The school’s location was finally revealed this week as Forest City, Malaysia. However, the 150 students who have been accepted might find themselves feeling a little lonely. 

Indeed, Forest City has been dubbed the “ghost city” due to its barren population. Reports have detailed closed shops, vacant apartments, and a failure to secure buyers. Insider described shops as virtually abandoned with much of the city appearing empty and devoid of life.

Read more: Balaji Srinivasan keeps fighting inflation and losing

To make matters worse, one study found that Forest City was responsible for the destruction of important environmental zones while one Malaysia-based scientist claimed parts of the city are sinking due to the hastiness of its development. 

Overall, it remains to be seen if this project will add to a growing list of crypto island projects that are ultimately struggling.

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Illegal Malaysian crypto miners stole $722 million worth of electricity between 2018 and 2023, according to the country’s deputy minister of energy transition and water transformation.

As reported by Malay Mail, Akmal Nasrullah Mohd Nasir revealed the figure at an event to mark the disposal of 2,022 seized items, including bitcoin mining equipment.

“The theft of electricity by those who mine cryptocurrency occurs because they believe this activity cannot be detected due to the absence of meters on their premises,” said Akmal Nasrullah. He added, “Energy supply companies have various methods to detect unusual energy consumption in an area.”

Read more: Europol says alleged crypto miner made millions from stolen electricity

He also claimed that stopping crypto miners from stealing electricity is a priority for Malaysia’s government. This is alongside boosting the production of renewable energy.

According to the minister, crypto miners involved in electricity theft are detrimental to Malaysia’s only utility company, the Tenaga Nasional Berhad, and to Malaysia and its people.  

Electricity theft involves using electricity without paying for it or appropriately registering with the relevant utility company. Individuals can illegally tamper and bypass electricity meters or redirect electricity from a power line. 

Last year a report found that crypto mining and cannabis farms in the UK contributed to a rise in electricity theft. Additionally, a crypto miner arrested by Europol and Ukraine this year was said to have made $2 million mining crypto while stealing electricity. 

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