Thailand has issued a wanted notice for a Chinese businessman for stealing $28 million worth of electricity for cryptocurrency mining.
Thai law enforcement authorities have issued an arrest warrant for Chinese citizen Wang Yicheng, who is suspected of organizing a large-scale illegal mining network. According to the Department of Special Investigation, the accused and his accomplices illegally connected to the country's power grid and stole electricity worth approximately $28 million.
The investigation established that the mined cryptocurrencies were used to launder proceeds from fraudulent schemes and illegal online gambling. In November of this year, Wang Yicheng was formally charged with theft of state resources and violation of the Computer Crimes Act. According to available information, the suspect has already left Thailand.
Scale of the Problem and Legal Consequences
This case is not an isolated incident. In recent years, Thailand has been actively combating illegal mining farms that cause serious damage to the national power grid. Such incidents highlight the vulnerability of infrastructure and the need for stricter control over electricity consumption by large industrial facilities. For foreign investors and operators, this is a signal: regulators are taking a tough stance, and attempts to circumvent the law risk not only heavy fines but also actual prison sentences.
Expert opinion: This case demonstrates that the era of "gray" mining in Asia is coming to an end. States are unwilling to tolerate resource leakage, and any attempts to conceal large-scale energy consumption will be suppressed. Legal players should prepare for stricter reporting and auditing requirements, and actively seek jurisdictions with transparent and predictable rules of the game.