TL;DR:
- Illegal crypto mining was the central mechanism of a Chinese “gray capital” network that laundered more than $300 million annually in Thailand.
- The DSI seized 6,390 mining rigs and estimated electricity theft from the state at over $29 million: eight arrest warrants were issued.
- Key suspect Wang Yicheng is linked to digital fraud detected by the U.S. Secret Service, which seized more than $17.8 million in cryptocurrencies.
Thailand’s Department of Special Investigation (DSI) expanded its investigation into a network of Chinese gray capital that allegedly used illegal cryptocurrency mining as a front to launder more than 10 billion baht —around $300 million— per year. The agency released the information through an official statement.
The investigation stemmed from a series of raids carried out in 2025 by the DSI’s Technology and Cybercrime Division, which dismantled three mining networks accused of stealing electricity from the Provincial Electricity Authority, Thailand’s state utility. Those operations resulted in the seizure of more than 6,390 rigs, with damages to the public treasury estimated at 953 million baht, equivalent to around $29 million.
Gray Capital and Its Money Laundering Mechanisms
According to the DSI, the mining farms operated as nodes for laundering proceeds from organized phone scams and illegal online gambling. To move the money, the network recruited Myanmar nationals as financial couriers who withdrew between 30 and 50 million baht daily in cash from Thai banks. The agency issued arrest warrants for eight individuals —four Chinese financiers and four Myanmar nationals— and is seeking to add seven more defendants.
One of the most significant profiles in the case is Wang Yicheng, a Bangkok-based businessman identified by the DSI as a suspect in a digital asset fraud case. The U.S. Secret Service had already seized more than $17.8 million in cryptocurrencies linked to his name, associated with losses exceeding 2 billion baht and connected to a “pig butchering” operation, a scheme in which fraudsters build trust before executing the fraud.
Multimillion-Dollar Losses From Clandestine Crypto Mining
The investigation also implicated Thai officials. The DSI referred two case files to the National Anti-Corruption Commission involving seven employees of the electricity authority, one security officer, and thirteen investors or alleged accomplices who reportedly facilitated unauthorized access to the power grid.
The United Nations Office on Drugs and Crime warned that transnational criminal groups are increasingly using illegal cryptocurrency mining to launder billions, while Malaysia reported nearly $1.1 billion in stolen electricity over the past five years.
