Thailand has issued a wanted notice for a Chinese businessman over illegal mining worth $28 million.
Thai law enforcement authorities have issued an arrest warrant for Chinese entrepreneur Wang Yicheng, suspected of organizing a large-scale illegal crypto mining scheme. The country's Department of Special Investigation classifies this case as one of the largest in the field of energy crimes related to digital assets.
According to the investigation, a network of mining farms controlled by the businessman illegally connected to the national power grid, stealing electricity worth approximately $28 million. Investigators have determined that the obtained cryptocurrencies were used to launder proceeds from scam projects and illegal online gambling. This integration of illegal mining with financial crimes indicates the systematic nature of the group's activities.
Charges and international search
In November of this year, Wang Yicheng was officially charged with two counts: theft of electricity and violation of the Computer Crimes Act. The investigation suggests that the suspect left Thailand immediately after the scheme was uncovered. Thai authorities are currently stepping up international cooperation for his extradition.
This case highlights the growing vulnerability of national power systems to industrial mining. In my analysis of similar cases worldwide, a troubling trend emerges: organized groups are increasingly viewing energy resources as a "gray area" for extracting superprofits. Investors and regulators should take note that in the pursuit of free electricity, criminals are willing to take any risks, including large-scale theft and integration with traditional crime.