Thailand has issued a wanted notice for a Chinese businessman for 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 mining network. This case has drawn attention due to the record volume of stolen electricity — approximately 1 billion Thai baht, equivalent to about 28 million US dollars.
Scheme of electricity theft and money laundering
According to the investigation, Wang Yicheng led a criminal group that illegally connected to power grids to power thousands of ASIC miners. The stolen electricity was used to mine cryptocurrencies, and the proceeds were then laundered through shell companies and online casinos. In November, the businessman was charged with electricity theft and violations of the Computer Crimes Act. The investigation suggests that the suspect has already left Thailand.
Scale and consequences
This case is one of the largest in Southeast Asia's history in terms of the volume of resource theft for mining. The energy losses dealt a serious blow to the local power system, especially in regions with capacity shortages. Thai authorities have intensified their crackdown on illegal mining, which has become increasingly popular in recent years due to high electricity prices and the rising Bitcoin exchange rate.
Analytical commentary: This incident highlights the systemic vulnerability of the energy infrastructure in countries with low electricity tariffs. For legal miners, such precedents create reputational risks and increase regulatory pressure, which in the long term could lead to stricter licensing of the industry in the region.