Thailand has issued a wanted notice for a Chinese businessman for organizing an illegal mining farm.
Thailand's Department of Special Investigation has issued an arrest warrant for Chinese entrepreneur Wang Yicheng. The reason is the organization of a large-scale underground mining network that caused serious damage to the national power grid.
According to the investigation, the criminal group illegally connected to power grids and stole electricity worth approximately $28 million. The obtained power was used for cryptocurrency mining, as well as for laundering proceeds from fraudulent schemes and illegal online gambling. Thus, the mining farm served not just as a source of profit, but as part of a complex financial criminal ecosystem.
Charges and Suspect Status
In November, Wang Yicheng was charged with electricity theft and violations of the Computer Crimes Act. Investigators believe the businessman has already left Thailand, complicating his arrest. Currently, the country's law enforcement agencies are working to determine his exact whereabouts and preparing requests for international cooperation.
This case is a striking example of how unregulated crypto mining can turn into a tool for large-scale resource theft and money laundering. From my perspective, such incidents highlight the need for stricter control over the energy consumption of large mining operations, especially in countries with cheap electricity. Without implementing transparent accounting and licensing mechanisms, such schemes will recur, damaging both state budgets and the reputation of the entire crypto industry.