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 officially issued an arrest warrant for Chinese entrepreneur Wang Yicheng. He is suspected of organizing a large-scale illegal mining network that caused significant damage to the state.
According to the investigation, the scheme operated by stealing electricity worth approximately $28 million. The energy resources were used to power thousands of ASIC miners, which mined cryptocurrency without any permits. Additionally, it was revealed that the network was involved in laundering proceeds from scam projects and online gambling.
In November of this year, Wang Yicheng was already officially charged with theft and violating the Computer Crimes Act. However, investigators believe the businessman managed to leave Thailand before law enforcement could detain him. His current whereabouts are unknown.
This case serves as yet another reminder that even in countries with relatively lenient cryptocurrency regulations, authorities strictly crack down on illegal operations. Theft of electricity for mining is one of the most common economic crimes in regions with low tariffs. However, the scale of $28 million indicates a high level of organization and financial backing from criminal structures.
Expert commentary: This incident highlights that mining remains a high-risk area for those attempting to circumvent legal norms. Thailand, which is actively developing its crypto infrastructure, demonstrates zero tolerance for resource theft. For legal miners, this is a signal: without clear legal support and operational transparency, one can easily become the focus of law enforcement agencies.