Thailand's DSI investigates a $300 million money laundering scheme linked to illegal crypto mining and multiple arrests have been made.
Thailand's Department of Special Investigations (DSI) is probing a significant network involved in illegal cryptocurrency mining and international money laundering, which reportedly generated over 10 billion baht (around $300 million) annually.
This investigation has revealed connections to "gray Chinese capital," online gambling operations, and scam centers. DSI noted that withdrawals by Myanmar nationals from Thai banks ranged between 30-50 million baht daily, indicating suspicious financial activities.
The case stems from 2025 raids aimed at shutting down illegal mining operations, where DSI dismantled three networks misappropriating electricity for crypto mining. These raids resulted in the confiscation of over 6,390 mining devices and an estimated loss of 953 million baht (approximately $29 million) to the state-owned Provincial Electricity Authority (PEA).
So far, the DSI has issued eight arrest warrants, targeting four Chinese financiers and four Myanmar citizens, with additional warrants requested for further suspects. Five individuals have also been summoned for charges related to this case.
Wang Yichen, a key suspect tied to a major digital asset fraud case, is under scrutiny. U.S. Secret Service agents seized cryptocurrencies valued at over $17.8 million linked to him. Reports indicate that a crypto account in his name received over $90 million between January 2021 and November 2022, with at least $9.1 million traced back to "pig butchering" scams, as identified by TRM Labs.
The DSI has referred two cases to Thailand's National Anti-Corruption Commission, involving multiple employees from the PEA, a law enforcement officer, and various investors or accomplices.
In related developments, Malaysian authorities reported a staggering $1.1 billion in electricity theft linked to illegal crypto mining between 2020 and 2025, with thousands of locations identified for unauthorized electricity use.
Earlier reports highlighted a mass escape of nearly 700 individuals from a fraudulent complex in Myanmar during a military operation.
