Thailand uncovered a giant illegal mining network: $300 million laundered and leads point to Myanmar
Thailand's Department of Special Investigation (DSI) has dramatically expanded the scope of its investigation, linking illegal crypto mining to a transnational money laundering scheme. According to the agency, the annual turnover of this criminal network exceeded 10 billion Thai baht — approximately $300 million.
The investigation has revealed a direct connection between mining farms and so-called "gray Chinese capital," as well as online gambling networks and the notorious scam centers in Myanmar. Analysis of bank accounts showed abnormally high activity: Myanmar citizens were withdrawing between 30 and 50 million baht in cash daily from Thai banks, clearly indicating large-scale cashing out of criminal proceeds.
From 2025 raids to an international conspiracy
The starting point was the 2025 raids on illegal mining sites. At that time, the DSI dismantled three major 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) is estimated at 953 million baht (about $29 million).
To date, the DSI has issued eight arrest warrants — for four Chinese financiers and four Myanmar nationals. The agency has also requested seven more warrants and summoned five individuals for formal charges. The key figure in this network is considered to be Wang Yicheng, who is linked to a high-profile digital asset fraud case. Interestingly, the U.S. Secret Service has already seized cryptocurrencies associated with him worth over $17.8 million. The total damage in this case exceeds 2 billion baht.
Moreover, a crypto account registered under Wang Yicheng's name received over $90 million between January 2021 and November 2022. Analysts at TRM Labs confirm that at least $9.1 million came from a wallet linked to "pig butchering" scams. The DSI has also referred cases to the National Anti-Corruption Commission involving seven PEA employees, one law enforcement officer, and 13 investors or alleged accomplices.
For context: in November 2025, Malaysian authorities uncovered $1.1 billion in electricity theft from similar illegal cryptocurrency mining. The state-owned utility Tenaga Nasional Berhad identified 13,827 facilities that had illegally consumed electricity for Bitcoin mining between 2020 and 2025.
My analysis: This case is not just a story about electricity theft. We are seeing how crypto mining has become a convenient tool for converting "dirty" money from scam centers and online casinos into "clean" assets. The nexus of Thailand, China, and Myanmar has created a full-fledged ecosystem for money laundering, and judging by the scale, this is just the tip of the iceberg. Investors should be more cautious about projects related to mining in Southeast Asia — the regulatory risks there are currently enormous.