Summary
- The Department of Special Investigation (DSI) in Thailand has broadened its investigation into a network involving "grey Chinese capital" that allegedly utilized illegal cryptocurrency mining to launder over 10 billion baht, which is approximately $300 million, annually.
- Authorities have confiscated more than 6,390 mining rigs, estimated power theft from the state utility at over 953 million baht ($29 million), and issued eight arrest warrants—four targeting Chinese financiers and four for individuals from Myanmar.
- The DSI asserts that the mining operations were fronts for laundering funds from call-center fraud and online gambling, with couriers withdrawing between 30 to 50 million baht daily from Thai banking institutions.
Thailand's leading investigative body is intensifying its efforts against illicit cryptocurrency mining, which it claims is being used as a mechanism for laundering money linked to Chinese crime syndicates.
On Friday, the Department of Special Investigation revealed that it has expanded its inquiry into a network of "grey" Chinese capital—referring to illicit funds funneled through seemingly legitimate channels—associated with unlawful mining and international money laundering operations, amounting to over 10 billion baht ($300 million) yearly, as detailed in a DSI press release.
This investigation stems from raids conducted in 2025, during which the DSI's Technology and Cyber Crime Bureau dismantled three mining operations accused of electricity theft. Authorities confiscated over 6,390 mining rigs and reported damages to the Provincial Electricity Authority exceeding 953 million baht, approximately $29 million, marking one of the largest utility thefts in recent history.
According to investigators the mining operations acted as a central hub for laundering funds obtained from call-center scams and online gambling, with Myanmar nationals recruited to withdraw cash ranging from 30 million to 50 million baht, or about $920,000 to $1.5 million, daily from Thai banks.
The DSI has issued arrest warrants for eight individuals, including four Chinese financiers and four Myanmar nationals, while also pursuing seven additional suspects and summoning five others for charges.
A significant figure identified by the DSI is Wang Yicheng, who is implicated in a notable digital asset fraud case flagged by U.S. authorities. The U.S. Secret Service has confiscated over $17.8 million (around 620 million baht) in cryptocurrency associated with him, linked to losses exceeding 2 billion baht.
Wang, a businessman based in Bangkok, had already attracted attention from American authorities; the Secret Service previously traced funds from a U.S. scam victim to a cryptocurrency account registered in his name, which was connected to a "pig butchering" scheme.
The investigation has also implicated Thai officials, with the DSI referring two cases to the National Anti-Corruption Commission involving seven officials from the electricity authority, a law enforcement officer, and 13 investors or alleged accomplices accused of facilitating the miners' power access and evading detection.
This expansion of the investigation builds on a series of raids that commenced last December, when the DSI seized 3,642 mining rigs valued at $8.6 million from locations linked to Chinese scam networks operating from Myanmar.
The crackdown reflects a broader regional effort to combat power theft associated with cryptocurrency operations. Malaysia's state utility has reported about $1.1 billion in stolen electricity over the past five years, and the U.N. Office on Drugs and Crime has warned that illegal cryptocurrency mining is increasingly being utilized by transnational criminal organizations to launder billions.