Thailand has issued a wanted notice for a Chinese businessman for illegal mining and theft of electricity worth $28 million.
Thai law enforcement authorities have issued an arrest warrant for Chinese citizen Wang Yicheng, suspected of organizing a large-scale illegal crypto mining scheme. Thailand's Department of Special Investigation (DSI) has initiated a criminal case, accusing the businessman of stealing electricity worth approximately $28 million.
According to the investigation, Wang Yicheng led a sprawling criminal network that not only illegally connected to power grids for cryptocurrency mining but also used mining capacities to launder proceeds from scam projects and online gambling. This is a classic example of converting "dirty" digital assets into legitimate funds through energy-intensive mining.
Charges and Manhunt
In November of this year, Wang Yicheng was officially charged with theft of state property and violation of computer crime laws. Investigators believe the suspect has already left Thailand, significantly complicating the extradition process. The DSI is now coordinating with Interpol for an international manhunt.
This case highlights a growing trend: crypto mining is increasingly becoming a tool not only for legitimate business but also for money laundering in the gray zone. Amid tightening regulations in Southeast Asia, such incidents will serve as precedents for stricter measures against illegal operators.
Cryptalist Expert Opinion: This case is a clear signal for all industry participants. Mining, especially in regions with cheap electricity, is no longer a "blind spot" for regulators. Using stolen resources and mixing crypto assets with illegal gambling is a direct path to criminal liability. Investors should be more careful in choosing partners and mining pools, as "dirty" coins will eventually come under the scrutiny of authorities.