Thailand’s Department of Special Investigation (DSI) has issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of orchestrating an illegal cryptocurrency mining network that syphoned nearly $28 million worth of electricity. The operation, one of the largest the agency has handled, allegedly served as a money laundering conduit for online scams and gambling. DSI spokesman Police Major Woranan Srilam said Wang was charged in November with electricity theft and violations of the Computer Crimes Act.
Investigators believe Wang, a former leader of a Thai-Chinese trade association, was a central figure among Chinese investors. Warrants have also been issued for four other Chinese nationals and four Myanmar nationals. The DSI says the network laundered proceeds from “pig-butchering” scams — fraudulent crypto investment schemes that deceive victims worldwide. Blockchain analytics firm TRM Labs traced at least $9.1 million to a wallet registered under Wang’s name between 2021 and 2022, though it could not confirm whether he personally controlled it.
The case has attracted international attention. U.S. law enforcement identified Wang as a suspect in a separate digital asset fraud investigation and in June 2023 seized about $500,000 from an account in his name, traced to a Massachusetts victim. Wang is believed to have fled Thailand, and the DSI is coordinating with foreign agencies to locate him. The investigation also noted links to KK Park, a scam compound on the Myanmar-Thailand border.
Thailand’s Securities and Exchange Commission has separately proposed tighter funding rules for crypto firms to combat money laundering, while the government recently blocked five unlicensed exchanges. At the same time, Thailand is promoting regulated crypto markets, approving a five-year tax exemption on crypto gains for licensed platforms and clearing Bitcoin for use on regulated derivatives markets.
