Thailand has issued a wanted notice for a Chinese businessman for illegal mining and theft of electricity worth $28 million.
Thai law enforcement authorities have issued an arrest warrant for Chinese entrepreneur Wang Yicheng, suspected of organizing a large-scale illegal cryptocurrency mining network. According to the Department of Special Investigation, his activities caused the state damages of approximately $28 million — the amount of stolen electricity used to power the mining rigs.
The investigation found that the network not only illegally consumed resources from the national power grid but also served as a mechanism for laundering proceeds from scam projects and online gambling. In November, Wang Yicheng was charged with theft and violations of the Computer Crimes Act. According to investigators, the suspect has already left Thailand, complicating his arrest.
This case is yet another reminder of the growing pressure from Southeast Asian authorities on illegal crypto mining. Underground farms stealing electricity are becoming increasingly sophisticated, but detection methods are also improving. In my view, such incidents undermine trust in the industry in the region and provoke stricter regulation, which could negatively impact legal miners.
Given the scale of the theft — $28 million — this is not just a minor offense but a systemic threat to energy security. I expect Thailand to strengthen monitoring of industrial electricity consumption and intensify international cooperation to apprehend suspects hiding abroad.