Thai authorities have issued a wanted notice for a Chinese businessman in connection with an illegal mining case.
Thailand's Department of Special Investigation has issued an arrest warrant for Chinese citizen Wang Yicheng, suspected of organizing an illegal cryptocurrency mining network. According to the investigation, the large-scale mining operation functioned using stolen electricity worth approximately $28 million.
According to law enforcement, the criminal scheme was not merely an energy-intensive enterprise — it served as a tool for laundering proceeds from online fraud and illegal gambling. In November of this year, Wang Yicheng was officially charged with theft and violation of the Computer Crime Act.
The investigation suggests that the suspect has already left Thai territory, significantly complicating the process of his apprehension. The Department of Special Investigation continues its work to identify all members of the network and possible accomplices of Wang Yicheng.
This case highlights the growing concern of Thai authorities over illegal operations in the cryptocurrency sector, especially those involving large-scale theft of energy resources. This is not the first incident in the region where mining farms have connected to power grids bypassing meters, causing millions of dollars in losses to state energy companies.
Expert opinion: The Wang Yicheng case is a vivid example of how the cryptocurrency sector continues to attract not only innovative entrepreneurs but also criminal elements seeking to use anonymity and decentralization for money laundering. Thailand, which is actively developing legal regulation of digital assets, demonstrates zero tolerance for such violations, which in the long term will strengthen trust in the local crypto market.