Illegal mining in Thailand: $300 million, "gray capital" and a cross-border money laundering network
Thailand's Department of Special Investigation (DSI) has significantly expanded the scope of its investigation, linking illegal crypto mining to a large-scale transnational money laundering network. According to the agency, the annual turnover of this criminal scheme exceeded 10 billion baht, equivalent to approximately $300 million. This is not merely about electricity theft, but a complex financial ecosystem intertwined with "grey Chinese capital," scam centers, and illegal online casinos.
The investigation has uncovered anomalous activity in bank accounts and companies linked to the suspects. Of particular interest is the fact that Myanmar nationals were withdrawing between 30 and 50 million baht in cash daily from Thai banks. This points to a well-established mechanism for siphoning funds and converting cryptocurrency into fiat currency.
Three Networks and Thousands of Devices
The investigation originates from raids in 2025, during which the DSI dismantled three illegal mining networks. These facilities were illegally connected to the power grid, causing damages exceeding 953 million baht (approximately $29 million) to the state-owned Provincial Electricity Authority (PEA). In total, law enforcement seized over 6,390 mining devices.
To date, the DSI has issued eight arrest warrants: four against Chinese financiers and four against Myanmar nationals. Seven additional warrants have been requested, and five individuals have been summoned to face charges.
Key Figure and $90 Million
The central figure in this case, according to the investigation, is Wang Yicheng. He is linked to a major digital asset fraud. The U.S. Secret Service has already seized over $17.8 million in cryptocurrencies associated with him. However, this is just the tip of the iceberg. The total damages in this case are estimated at 2 billion baht.
Data analysis shows that a cryptocurrency account registered in Wang Yicheng's name received over $90 million between January 2021 and November 2022. Notably, at least $9.1 million of this amount came from wallets linked to "pig butchering" scams. The DSI has also referred cases involving seven PEA employees, one law enforcement officer, and 13 alleged accomplices to Thailand's National Anti-Corruption Commission.
Scale of the Problem: From Thailand to Malaysia
This case is not isolated. In November 2025, Malaysian authorities uncovered $1.1 billion in electricity theft linked to illegal mining. State-owned energy company Tenaga Nasional Berhad identified 13,827 premises illegally consuming electricity for mining bitcoin and other digital assets between 2020 and 2025.
Analytical Commentary: The case in Thailand demonstrates how illegal mining is evolving into a full-fledged money laundering tool serving international criminal syndicates. The nexus of "physical mining + digital assets + scam centers" creates a closed loop where stolen electricity and illicit funds are converted into cryptocurrency, then laundered through fiat channels. Until regulators in Southeast Asia establish effective inter-agency and international data sharing, such schemes will only proliferate, damaging both power grids and the broader economy.