Thai authorities widened a probe into an alleged cross-border laundering network tied to illegal crypto mining, power theft and scam-linked cash flows, while linking a key suspect to a U.S. digital asset fraud case.
Thailand's Department of Special Investigation has widened a probe into an alleged Chinese "grey capital" network accused of laundering more than 10 billion baht, or about $300 million, a year through illegal crypto mining, electricity theft and cash flows tied to phone scams and cross-border online gambling. The case emerged from a 2025 electricity-theft investigation and has led to eight arrest warrants, with the DSI also seeking seven more and summoning five other individuals to face charges. Authorities said four warrants were issued for Chinese financiers and four for Myanmar nationals alleged to have handled local cash operations. Investigators seized more than 6,390 mining machines and estimated the network stole 953 million baht in electricity from the Provincial Electricity Authority. The DSI said the operation was moving 30 million to 50 million baht in cash per day and that related corporate bank accounts showed transaction volumes inconsistent with their stated business activities. The National Anti-Corruption Commission has also received two case files involving seven PEA employees, one law enforcement officer and 13 investors or suspected accomplices. The DSI identified Wang Yicheng as a central figure in the network and said he is also a suspect in a U.S. digital asset fraud case. The U.S. Secret Service has seized digital assets worth more than $17.8 million in connection with Wang, while blockchain analysis firm TRM Labs traced at least $9.1 million from a cryptocurrency account in his name to wallets associated with pig-butchering scams.