Thai authorities issued an arrest warrant against Chinese businessman Wang Yicheng for his alleged involvement in a network of illegal cryptocurrency mining operations that, according to officials, consumed electricity valued at approximately $28 million.
Woranan Srilam, spokesperson for the Department of Special Investigation (DSI), confirmed that Wang was charged in November with theft and violations of the Computer Crime Act, a law that covers unlawful interference with computer systems. In addition, the DSI issued arrest warrants against four Chinese nationals and four from Myanmar allegedly linked to the same network.
Authorities described Wang, a former leader of a Thai-Chinese trade association, as a central figure within a group of Chinese investors who allegedly used illegal mining to launder proceeds from scams and online gambling.
The case also has ramifications in the United States. In June 2023, U.S. authorities seized nearly $500,000 in cryptocurrencies from an account registered in Wang’s name, funds that were traced back to a fraud victim in Massachusetts.
According to a 2023 Reuters investigation, Wang was also allegedly linked to pig-butchering crypto investment fraud schemes, in which victims are manipulated into investing in fraudulent platforms. A wallet registered in his name reportedly received at least $9.1 million between 2021 and 2022 from accounts associated with that type of scam, according to analysis by the firm TRM Labs.
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