Thailand Cracks Down on Illicit Crypto Mining Network Tied to $300M Laundering Operation

Thai authorities have expanded an investigation into illegal cryptocurrency mining, targeting a network accused of laundering approximately $300 million annually. The funds allegedly came from online scams and gambling operations.

The Department of Special Investigation (DSI) has named Chinese businessman Wang Yicheng as the main suspect in the case. Officials believe he has left Thailand and are working with international law enforcement agencies to track his movements throughout Southeast Asia.

Thai Police Major Woranan Srilam confirmed that charges against Wang include theft and Computer Crime Act offenses, which involve interfering with government computer and utility networks.

The investigation found that illegal mining sites used stolen power to run mining rigs, then transferred illicit funds using cryptocurrency. The network was discovered during an initial probe into electricity thefts, where investigators uncovered mining facilities consuming $28 million worth of electricity, one of Thailand's biggest recent mining investigations.