Thai Authorities Uncover $300M Cryptocurrency Laundering Scheme Involving Chinese Financiers

Thai authorities have expanded an investigation into a transnational Chinese criminal network accused of laundering over $300 million annually through cryptocurrency mining and other illicit activities. The Department of Special Investigation (DSI) has seized 6,390 crypto-mining rigs and charged eight suspects in connection with the operation.

The DSI claims that the network, led by Wang Yicheng, laundered money from online scams and gambling operations through a complex financial web involving corporate entities, bank accounts, and daily cash withdrawals of up to $1.5 million per day. This totals at least $307 million annually.

The probe has also ensnared local officials, with seven Provincial Electricity Authority (PEA) workers facing charges for allegedly facilitating the operation. The DSI has forwarded two cases to the National Anti-Corruption Commission targeting these individuals and 13 investors suspected of accomplices.