Thailand has issued a wanted notice for a Chinese businessman in connection with a case of large-scale illegal mining.
Thai law enforcement authorities have issued an arrest warrant for Chinese entrepreneur Wang Yicheng, suspected of organizing an illegal cryptocurrency mining network. The case is under the jurisdiction of the Department of Special Investigation (DSI), which classifies these actions as a particularly serious crime in the energy consumption sector.
According to the investigation, the criminal group led by Wang Yicheng illegally connected to power grids, stealing electricity worth approximately $28 million. These resources were used to power high-performance mining equipment that operated around the clock. Moreover, the investigation established that the obtained cryptocurrency was subsequently laundered through channels linked to online gambling and scam projects.
In November of this year, Wang Yicheng was formally charged with theft and violations of the Computer Crimes Act. However, according to the DSI, the suspect has already left Thai territory. His current whereabouts are being determined, and the case has been referred for international search.
This case is not an isolated incident. Thailand is actively combating illegal mining farms that damage the state's energy system. Earlier this year, police conducted raids, seizing thousands of pieces of equipment in provinces bordering Laos and Myanmar. However, the scale of this case, with damages amounting to tens of millions of dollars, stands out against the general backdrop.
Expert opinion: This incident highlights the growing concern among Asian regulators regarding the energy intensity of crypto mining. Although blockchain technology itself is neutral, illegal electricity theft schemes discredit the entire industry. It is important to note that such precedents are forcing governments to tighten controls, which in the long term could lead to stricter licensing requirements for legal mining companies.