Thai investigators have uncovered a giant network: illegal mining, laundering $300 million, and "gray Chinese capital"
Thailand's Department of Special Investigation (DSI) has unveiled a shocking new chapter in a transnational financial crime case. The investigation has established a direct link between illegal mining farms and a large-scale money laundering system with an annual turnover exceeding 10 billion Thai baht — approximately $300 million.
According to the DSI, the scheme is deeply integrated with "gray Chinese capital" operating through scam centers and online casino networks. Analysis of bank accounts and companies linked to the criminals revealed abnormally high activity. A key link involved Myanmar nationals who daily withdrew between 30 and 50 million baht in cash from Thai banks. This indicates a well-established mechanism for converting digital traces into physical assets.
From Raids to a Global Network
The investigation originates from 2025 raids on illegal mining sites. At that time, the DSI dismantled three networks that were illegally consuming electricity to mine cryptocurrencies. During the operations, over 6,390 units of mining equipment were seized. The damage to the state power company, the Provincial Electricity Authority (PEA), is estimated at 953 million baht (about $29 million).
To date, the DSI has issued eight arrest warrants: four against Chinese financiers and four against Myanmar nationals. Seven more warrants are expected to be issued, and five individuals have already been summoned for charges.
Key Figure and International Trail
According to investigators, the central figure in this story is Wang Yicheng. His name surfaces in connection with a major digital asset fraud case that has already attracted the attention of the U.S. Secret Service. American law enforcement seized cryptocurrencies linked to Wang Yicheng worth over $17.8 million. The total damage from this episode exceeds 2 billion baht.
Transaction analysis shows that a crypto account registered under Wang Yicheng's name received over $90 million between January 2021 and November 2022. At least $9.1 million of this amount came from a wallet linked to "pig butchering" scams — one of the most brutal forms of fraud in the cryptocurrency sphere.
Internal Issues and Regional Context
The DSI has submitted two cases to Thailand's National Anti-Corruption Commission, implicating seven PEA employees, one law enforcement officer, and 13 investors or alleged accomplices. This suggests that corruption permeates the entire chain, from energy workers to officials.
In parallel, in November 2025, Malaysian authorities uncovered $1.1 billion in electricity theft resulting from illegal mining. The state power company Tenaga Nasional Berhad discovered 13,827 sites that had illegally consumed electricity to mine bitcoin and other digital assets from 2020 to 2025.
My expert commentary: This case is not just a story about electricity theft. It demonstrates how illegal mining has transformed into a full-fledged financial tool for transnational crime. The "scam center — mining — money laundering" nexus is becoming a standard business model in Southeast Asia. While regulators fight individual farms, criminals will already have restructured their logistics. Coordinated action at the regional level is necessary, not just targeted raids.