The Department of Special Investigations (DSI) in Thailand has expanded its investigation into a network involved in illegal crypto mining and transnational money laundering. According to the agency, the operations generated over 10 billion baht annually (approximately $300 million).
The investigation has connected the scheme to so-called "gray Chinese capital," scam centers, and online gambling networks. DSI reports that bank accounts and companies linked to the perpetrators showed unusually high activity, with Myanmar citizens withdrawing 30-50 million baht in cash daily from Thai banks.
This case emerged from raids in 2025 targeting illegal mining operations. At that time, the DSI announced the dismantling of three networks that illegally used electricity for cryptocurrency mining. During these operations, over 6,390 mining devices were seized, and the damage to the state-owned Provincial Electricity Authority (PEA) was estimated at over 953 million baht (around $29 million).
The DSI has issued eight arrest warrants—four for Chinese financiers and four for Myanmar citizens. The agency has also requested seven additional warrants and summoned five individuals to face charges.
One of the key figures in the network is believed to be Wang Yichen, who is linked to a major case of digital asset fraud. The U.S. Secret Service seized cryptocurrencies associated with him worth over $17.8 million. The total damage from this case exceeds 2 billion baht.
According to Reuters, a crypto account registered in Wang Yichen's name received over $90 million from January 2021 to November 2022. The agency specifies, citing TRM Labs, that at least $9.1 million came from a wallet linked to "pig butchering" scams. The DSI has also referred two cases to Thailand's National Anti-Corruption Commission, involving seven PEA employees, one law enforcement officer, and 13 investors or alleged accomplices.
In November 2025, Malaysian authorities uncovered electricity theft amounting to $1.1 billion due to illegal cryptocurrency mining. The state-owned Tenaga Nasional Berhad identified 13,827 locations illegally consuming electricity for Bitcoin and other digital asset mining from 2020 to 2025.
Earlier, reports indicated that nearly 700 individuals escaped from the fraudulent KK Park complex in Myanmar following a military raid.
For more context, ForkLog explored the issue of digital slavery in Myanmar, discussing its nature, potential solutions, and the individuals behind it.