Thailand Expands Crypto Mining Probe Into $300M Chinese Laundering Network
Thailand’s Department of Special Investigation is expanding a crackdown on illegal crypto mining tied to Chinese-linked crime syndicates and transnational money laundering. Investigators say the network moved more than 10 billion baht a year and used stolen electricity to power mining rigs that also helped launder proceeds from call-center scams and online gambling. Raids in 2025 led to the seizure of more than 6,390 machines and caused over 953 million baht in damage to the state utility. Authorities say Myanmar nationals were recruited to withdraw large amounts of cash from Thai banks daily. Arrest warrants have been issued for eight suspects, including four Chinese financiers, and more arrests are being sought. The probe also involves Thai officials accused of helping miners tap power and avoid detection. One suspect, Wang Yicheng, is linked to a major U.S.-tracked crypto fraud case.
