Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of laundering scam proceeds through illegal crypto mining. Officials say the case connects call‑center fraud, online gambling, and large mining farms that stole power to generate cryptocurrency.
Thailand’s Department of Special Investigation (DSI) confirmed the warrant this week after a court approved charges tied to illegal mining. Police Major Woranan Srilam, a DSI spokesperson, told Reuters that Wang was charged in November with theft and computer crimes involving “system interference.”
“The suspect is believed to have fled the country,” Woranan said in a text message, adding that Thai authorities are working with foreign agencies to locate him. Investigators describe Wang as a central figure in a network that used crypto mining to launder money from scams and cross‑border gambling sites.
The DSI says it found the scheme while probing secret mining farms that tapped the grid without paying. According to its statement, the operations stole roughly 953 million baht, about 28 to 29 million dollars, in electricity.
From ‘Pig‑Butchering’ Probes to U.S. Asset Seizures
Wang first drew global attention in a 2023 Reuters special report on “pig‑butchering” scams, which lure victims into fake crypto investments. That investigation said an account in his name received at least 9 million dollars from a wallet that blockchain firm TRM Labs linked to such fraud.
U.S. authorities have also tied him to a separate digital asset case. The U.S. Secret Service seized more than $17.8 million in crypto linked to Wang, saying it traced the funds to online investment scams resulting in losses exceeding 2 billion baht.
Wang previously served as vice president of the Thai‑Asia Economic Exchange Trade Association in Bangkok. The group later told Reuters he left its board over unpaid dues and “personal reasons,” and that earlier checks showed no criminal record.
The DSI says Thai courts have issued warrants for eight suspects so far, including four Chinese nationals, such as Wang, and four Myanmar nationals accused of running cash operations. Authorities are seeking seven more suspects and have summoned five additional people for questioning as they widen the probe.
In its recent statement, the agency said transnational crime groups now use illegal mining to “generate revenue, launder funds, and support technology‑driven crime operations.”
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