Thai Criminal Syndicate: Illegal Mining as a Front for Laundering $300 Million
Thailand's Department of Special Investigation (DSI) has significantly expanded the scope of its investigation, linking illegal mining farms to a major 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 direct connections between underground mining operations and so-called "gray Chinese capital," fraudulent call centers, and online gambling networks. Anomalous activity in bank accounts and companies controlled by the perpetrators attracted the attention of authorities. Particularly suspicious was the fact that Myanmar citizens were withdrawing between 30 and 50 million baht in cash daily from Thai banks.
Scale of Seizures and Key Figures
The case originates from raids in 2025 against illegal mining sites. At that time, the DSI dismantled three major networks that were illegally consuming electricity to mine cryptocurrencies. During the operations, more than 6,390 mining devices were seized. The damage caused to the state energy company, the Provincial Electricity Authority (PEA), is estimated at over 953 million baht (approximately $29 million).
Currently, the DSI has issued eight arrest warrants: four against Chinese financiers and another four against Myanmar citizens. Seven more warrants have been requested, and five individuals have been summoned for charges. A key figure in this network is believed to be a certain Wang Yicheng, who is linked to a major digital asset fraud case. 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.
Connection to Scam Centers and "Pig Butchering"
An analysis of financial flows shows that a crypto account registered under 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 a wallet linked to "pig butchering" scam schemes. The DSI has also forwarded two cases to Thailand's National Anti-Corruption Commission, involving seven PEA employees, one law enforcement officer, and 13 investors or alleged accomplices.
This case is not an isolated incident. In November 2025, Malaysian authorities uncovered electricity theft amounting to $1.1 billion due to illegal cryptocurrency mining. The state energy company Tenaga Nasional Berhad identified 13,827 sites that had illegally consumed electricity for mining bitcoin and other digital assets between 2020 and 2025.
Expert Opinion: The connection between illegal mining and major financial crimes is a worrying trend that we are observing across the Southeast Asian region. Mining is becoming not just a way to earn money from cryptocurrency, but a convenient cover for laundering huge sums obtained from scam centers and online casinos. Thai authorities are demonstrating a serious approach, but completely eradicating this scheme will require even closer international coordination.