Thai Authorities Crack Down on Crypto Mining Operation Accused of Stealing $28M in Electricity

Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng in connection with a suspected crypto mining operation that allegedly stole around $28 million worth of electricity without authorization.

The Department of Special Investigation has launched a cross-border probe into the case, which is linked to money laundering, online scams, and illegal gambling operations involving foreign criminal networks.

The investigation highlights security and regulatory risks for crypto mining operations and cross-border digital asset schemes, which could prompt increased scrutiny of DeFi activity, exchanges, fundraising, and token launches.