Thailand's Department of Special Investigation (DSI) has expanded its probe into a network described as "gray Chinese capital," which is suspected of using illegal cryptocurrency mining to launder profits from telephone scams and online gambling. According to Decrypt, the annual amount involved exceeds 30 billion Thai baht (approximately $300 million).
Authorities have so far seized 6,390 mining machines, with losses from illegal electricity theft reaching 953 million Thai baht (about $29 million). Arrest warrants have been issued for four Chinese financiers and four Myanmar nationals. Meanwhile, the U.S. Secret Service has seized more than $17.8 million in crypto assets linked to a key suspect, Wang Yicheng, who is allegedly connected to "pig-butchering" scam operations.
The investigation has also implicated multiple Thai electricity authority officials and law enforcement personnel. The case has been referred to the National Anti-Corruption Commission for further action.