Thailand has issued a wanted notice for a Chinese businessman over illegal mining worth $28 million.
Thai law enforcement agencies have intensified their crackdown on illegal cryptocurrency mining. The Department of Special Investigation has issued an arrest warrant for Chinese entrepreneur Wang Yicheng, suspected of organizing a large-scale underground mining network.
Electricity Theft and Money Laundering
According to the investigation, the criminal group led by Wang Yicheng illegally connected to power grids and stole electricity worth approximately $28 million. These resources were used for cryptocurrency mining, and the proceeds are believed to have been laundered through schemes involving online gambling and fraudulent projects.
In November of this year, Wang Yicheng was officially charged with theft and violations of Thailand's Computer Crimes Act. Investigators believe the suspect has already left the kingdom, significantly complicating the arrest process.
Scale of Threat to the Power System
This case is not an isolated incident. Raids against illegal mining farms, which cause serious damage to national power systems, have increased worldwide. Thailand, which is actively developing regulations for digital assets, demonstrates a tough stance against violators, especially those operating outside the legal framework.
Expert opinion: This incident highlights a key problem in the industry—the high energy consumption of mining. Until states implement transparent licensing mechanisms and establish control over energy supply, such cases will continue to arise. Investors should pay closer attention to jurisdictions where mining activities are conducted without a clear legal status.