Thailand has issued a wanted notice for a Chinese businessman for illegal mining worth $28 million.
Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng, suspected of organizing a large-scale illegal mining network. According to the investigation, his scheme caused state damages of approximately $28 million — the exact amount of electricity stolen to power crypto farms.
Money laundering and scam scheme
Thailand's Department of Special Investigations determined that the network not only illegally consumed electricity but was also used to launder proceeds from online fraud and gambling. In November, Wang Yicheng was charged with resource theft and violations of the Computer Crimes Act.
Investigators believe the businessman has already left Thailand, significantly complicating his arrest. However, the arrest warrant remains in effect, and authorities continue their search.
Scale of the problem
This case is not isolated. In recent years, Thailand has been actively combating illegal mining, which places enormous strain on the country's power grid. Electricity theft for cryptocurrency mining has become a serious issue, particularly in regions with low tariffs.
It is worth noting that the $28 million worth of stolen energy is just the tip of the iceberg. Such schemes are often linked to organized crime, and uncovering them requires international cooperation.
My opinion: Thailand demonstrates a tough approach to regulating the crypto industry, but so far, this is merely addressing the consequences. To prevent such incidents, transparent energy consumption monitoring mechanisms must be implemented, and oversight of mining operations tightened. Otherwise, we will see many more arrests like this one.