Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng over his alleged role in an illegal cryptocurrency mining network that consumed nearly $28 million worth of electricity. Investigators also suspect the operation was connected to a broader network involving online scams, money laundering, and illegal gambling, according to reporting cited by Reuters.
Police Major Woranan Srilam, spokesperson for Thailand’s Department of Special Investigation (DSI), said Wang was charged in November. The charges include electricity theft and violations of the Computer Crimes Act, which covers interference with computer systems. The DSI also issued arrest warrants for four Chinese nationals and four Myanmar nationals tied to the same case. Authorities described Wang, a former leader of a Thai-Chinese trade association, as one of the key figures in the group.
Investigators tie mining activity to suspected fraud proceeds
Thai investigators allege the mining network was not operating in isolation. They believe the illegal mining setup may have been used to help launder proceeds generated by scam operations and online gambling. Officials also believe Wang has already left Thailand, and authorities are now working with international law enforcement agencies to locate him.
The probe has widened beyond the mining allegations. Investigators have linked Wang to a larger international cryptocurrency fraud network that they believe was involved in crypto investment scams targeting victims around the world, including pig butchering schemes.
TRM Labs traced $9.1 million to wallet under his name
Blockchain analytics firm TRM Labs traced at least $9.1 million to a cryptocurrency wallet registered under Wang’s name. Reuters reported that the funds reached the wallet between 2021 and 2022 from accounts associated with fraudulent crypto investment operations.
Authorities have not confirmed that Wang personally controlled the wallet. The investigation has not determined whether another person may have used his identity without his knowledge.
U.S. case adds another cross-border angle
The DSI said U.S. law enforcement has also identified Wang as a suspect in a separate digital asset fraud investigation. In June 2023, U.S. authorities seized about $500,000 in cryptocurrency from an account registered in his name.
Investigators said those assets were traced to a fraud victim in Massachusetts. That finding has added international pressure to the Thai case, which now spans illegal mining, suspected scam-linked fund flows, and coordination between Thai and foreign enforcement agencies.