Authorities allege the Chinese businessman helped move billions for online fraud and gambling groups, while investigators traced scam proceeds and seized about $500,000 in cryptocurrency.
Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, alleging he worked with transnational crime groups to launder billions of dollars tied to online fraud and gambling operations through illegal crypto mining. Reuters, citing TRM Labs, reported that wallets linked to Wang received at least $9.1 million in 2021-2022 from pig-butchering scams, a form of investment fraud in which victims are manipulated over time before being defrauded. Thai authorities also said U.S. investigators traced stolen funds from a Massachusetts victim to an account in Wang's name and seized about $500,000 in cryptocurrency. The case underscores how crypto wallets, mining activity and cross-border fund flows can feature in broader online scam and gambling networks.