Thailand has issued a wanted notice for a Chinese national for organizing an illegal mining farm.
Thai law enforcement authorities have issued an arrest warrant for Chinese citizen Wang Yicheng. He is suspected of organizing a large-scale illegal cryptocurrency mining network.
According to the investigation, the criminal group illegally connected to power grids and stole electricity worth approximately $28 million. The proceeds are believed to have been used to launder income obtained from online fraud and gambling.
In November of this year, Wang Yicheng was charged with theft and violations of the Computer Crime Act. Investigators believe the suspect has already left Thailand.
This case serves as yet another reminder that mining remains a high-risk area for regulators. Stealing electricity to power ASIC equipment is not just a criminal offense but a direct blow to the reputation of the entire industry. Legal miners in Thailand and other Southeast Asian countries have a strong interest in ensuring such schemes are nipped in the bud; otherwise, trust in the sector will be irrevocably undermined.