Thailand Expands $307M Crypto Mining Probe Against Chinese Financiers

According to the Department of Special Investigation (DSI), Thai authorities have seized 6,390 cryptocurrency mining rigs following a 2025 investigation into illegal networks that stole nearly $29 million from the Provincial Electricity Authority (PEA). The transnational operation, allegedly run by Chinese financiers and linked figures like Wang Yicheng, laundered over $300 million annually through cash operations tied to online gambling, call center scams, and cyber fraud.

Investigators found the network moved assets by employing Myanmar nationals to conduct daily cash withdrawals from Thai banks totaling at least $307 million yearly. The DSI has issued arrest warrants for eight suspects, including four Chinese financiers and four Myanmar operatives, while forwarding cases against seven electricity officials and others to the National Anti-Corruption Commission. Prosecutors are preparing trial files for prosecution.