Thailand uncovered a giant illegal mining network with a turnover of $300 million.
Thailand's Department of Special Investigation (DSI) has significantly expanded the scope of its investigation, linking illegal crypto mining to a transnational money laundering scheme. According to the agency's estimates, the annual turnover of this criminal network exceeded 10 billion Thai baht, equivalent to approximately $300 million.
The investigation has revealed a direct connection between illegal cryptocurrency mining and so-called "gray Chinese capital," as well as fraudulent call centers and online gambling networks. Abnormal activity in bank accounts and controlled companies has attracted the attention of authorities. Particularly suspicious were daily cash withdrawals of 30-50 million baht by Myanmar citizens at Thai banks.
The investigation stems from large-scale raids in 2025, during which three illegal mining sites were shut down. These facilities illegally consumed electricity to mine cryptocurrencies. As a result of the operations, more than 6,390 units of mining equipment were seized. State power company PEA estimated the damage from electricity theft at over 953 million baht (approximately $29 million).
The DSI has issued eight arrest warrants, including for four Chinese financiers and four Myanmar citizens. The agency has also requested an additional seven warrants and summoned five individuals for charges. A key figure in this network is believed to be Wang Yicheng, who is linked to a major digital asset fraud. Notably, the U.S. Secret Service has already seized over $17.8 million in cryptocurrencies linked to him, with total damages in this case exceeding 2 billion baht.
Analysis of fund flows shows that a crypto account registered under Wang Yicheng's name received over $90 million between January 2021 and November 2022. Of this, according to TRM Labs analysts, at least $9.1 million came from a wallet involved in "pig butchering" scams. The DSI has also submitted two cases to Thailand's National Anti-Corruption Commission, involving seven PEA employees, one law enforcement officer, and 13 alleged investors or accomplices.
This is not an isolated case in the region. In November 2025, Malaysian authorities uncovered $1.1 billion in electricity theft for illegal mining of Bitcoin and other cryptocurrencies between 2020 and 2025.
My analysis: This case demonstrates how illegal mining is becoming not just resource theft, but a full-fledged tool for large-scale money laundering. The connection to fraudulent call centers and "gray" capital indicates that cryptocurrency is being used as an intermediary to legitimize funds obtained from traditional financial crimes. Investors should be more cautious about projects promising super-profits from mining, as they may be part of such schemes.