Thailand Cracks Down on $307M Crypto Mining Money Laundering Ring

Thai authorities have expanded their investigation into a transnational Chinese criminal network accused of laundering over $300 million annually through illicit cryptocurrency mining and cash operations. The Department of Special Investigation (DSI) has seized more than 6,390 crypto-mining rigs after discovering that the network had stolen nearly $29 million worth of electricity from the Provincial Electricity Authority (PEA).

The DSI alleges that the profits from these tech crimes were laundered through corporate entities and bank accounts experiencing unusually high volumes of cash flow. The network allegedly hired Myanmar nationals to make daily cash withdrawals from Thai banks, totaling at least $307 million a year.

A key figure in the operation, Wang Yicheng, is tied to a major digital asset fraud scheme by U.S. law enforcement agencies. The Secret Service previously seized more than $17.8 million in digital assets linked to Wang, part of a broader fraud scheme that caused nearly $61 million in total damages.