Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of involvement in незаконное cryptocurrency mining operations that allegedly consumed about $28 million in electricity and formed part of a wider financial network exceeding $300 million annually.
The Department of Special Investigation (DSI) said Wang faces charges of theft and violations under the Computer Crimes Act. Officials believe he has fled Thailand and are now working with international partners to locate him.
Mining operation tied to cybercrime network
Investigators say the case has grown far beyond electricity theft. The alleged mining activity is now linked to a transnational network accused of laundering proceeds from online scams, gambling platforms, and fraudulent investment schemes.
Authorities have seized more than 6,390 mining machines since raids began in 2025, illustrating the scale of the operation. The probe has also implicated local officials, with cases involving seven employees from the Provincial Electricity Authority and one police officer forwarded to Thailand’s National Anti-Corruption Commission.
Police Major Woranan Srilam confirmed that eight additional suspects—four Chinese nationals and four individuals from Myanmar—have been charged in connection with the scheme.
International links and prior seizures
U.S. law enforcement had previously tied Wang to a digital asset fraud case, leading to the seizure of roughly $500,000 in cryptocurrency from an account under his name in June 2023. The funds were linked to a fraud case involving a victim in Massachusetts.
Blockchain analysis cited by investigators suggests a wallet associated with Wang received at least $9.1 million between 2021 and 2022 from sources tied to so-called “pig butchering” scams. Broader findings indicate total inflows may have exceeded $90 million over a longer period.
Authorities noted it remains unclear whether Wang directly controlled the wallets or whether his identity may have been used by other actors within the network.
Growing scrutiny on global crypto fraud
The case reflects a broader global crackdown on cryptocurrency-related financial crime. “Pig butchering” scams alone have generated tens of billions of dollars in losses worldwide, with U.S. data showing more than $7.2 billion reported in 2025.
Law enforcement agencies are increasingly coordinating across borders, using blockchain tracing tools to track illicit funds. Recent actions include the seizure of over $61 million in USDT tied to similar schemes, highlighting the growing ability of authorities to freeze and recover digital assets.
Risks rise for crypto market participants
The expanding investigation underscores tightening regulatory oversight across the digital asset sector. Authorities are signaling that transactions linked to illicit networks—even indirectly—can expose traders to asset seizures and legal risk.
With anonymity in crypto transactions steadily eroding, the case highlights the increasing importance of verifying fund sources and avoiding schemes promising unusually high returns, which are commonly associated with organized fraud networks.
Worried about crypto scam risks? Learn key crypto safety tips to trade smarter and protect your assets.
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