Thailand uncovered a giant illegal mining network: $300 million laundered through "gray" capital and scam centers
Thailand's Department of Special Investigation (DSI) has released updated data on a high-profile case involving illegal crypto mining and transnational money laundering. According to investigators, the criminal network's annual turnover exceeded 10 billion Thai baht — approximately $300 million. This is considered one of the largest financial pyramids in the region, integrated with "gray" Chinese capital, scam centers, and online casinos.
Investigators identified abnormal activity in bank accounts and companies linked to the suspects. Of particular interest was the fact that Myanmar nationals were withdrawing between 30 and 50 million baht in cash daily from Thai banks. This indicates a well-established mechanism for moving funds out of legal circulation.
Large-scale raids and equipment seizures
The case originates from 2025 raids targeting illegal mining farms. At that time, the DSI dismantled three networks that were illegally consuming electricity for cryptocurrency mining. During the operations, more than 6,390 mining devices were seized. The damage to the state-owned Provincial Electricity Authority (PEA) exceeded 953 million baht (approximately $29 million).
Eight arrest warrants have already been issued — against four Chinese financiers and four Myanmar nationals. Seven more warrants have been requested, and five individuals have been summoned for charges. The investigation identifies Wang Yicheng as a key figure, linking him to major digital asset fraud.
Connection to international scams
The U.S. Secret Service seized cryptocurrencies linked to Wang Yicheng worth more than $17.8 million. Total damages in this case exceed 2 billion baht. According to analytics, a crypto account registered in his name received over $90 million from January 2021 to November 2022. At least $9.1 million came from a wallet associated with "pig butchering" scams — one of the most dangerous forms of digital fraud.
The DSI has also submitted two cases to Thailand's National Anti-Corruption Commission, involving seven PEA employees, one law enforcement officer, and 13 investors or alleged accomplices.
Regional context: Malaysia loses billions
The problem of illegal mining extends beyond Thailand. In November 2025, Malaysian authorities uncovered $1.1 billion in electricity theft resulting from illegal cryptocurrency mining. State-owned energy company Tenaga Nasional Berhad identified 13,827 facilities that had illegally consumed electricity for mining bitcoin and other assets from 2020 to 2025.
Analyst's opinion: This case is a stark example of how crypto mining has become a tool for large-scale money laundering, rather than just a means of earning. The connection to "gray" capital and scam centers makes such schemes particularly toxic for entire regional economies. Investors should remember: behind the apparent profitability of illegal farms often lie multi-billion-dollar financial crimes.