Thailand has issued a wanted notice for a Chinese businessman over illegal mining: $28 million stolen
Thai law enforcement authorities have issued an arrest warrant for Chinese citizen Wang Yicheng, suspected of organizing a large-scale illegal crypto mining scheme. According to the Department of Special Investigation (DSI), his network illegally connected to the national power grid, stealing electricity worth approximately $28 million.
Money Laundering and Concealment Scheme
The investigation established that the mined crypto assets were used to launder funds obtained from online gambling and scam projects. In November, Wang Yicheng was already formally charged with theft of energy resources and violation of computer crime laws. However, according to analysts, the businessman managed to leave Thailand, confirming the cross-border nature of such crimes.
Expert Assessment
This case is a vivid example of how unregulated mining becomes a tool for the shadow economy. Electricity theft on such a scale deals a blow not only to the country's power system but also to the reputation of the entire crypto industry. Investors should remember: behind loud stories about "free" electricity often lie major financial crimes that will sooner or later lead to stricter regulation.