Thailand’s Department of Special Investigation (DSI) has expanded its investigation into a network involved in illegal cryptocurrency mining and transnational money laundering. According to the agency, the operations had an annual turnover exceeding 10 billion baht (approximately $300 million).
The investigation linked the scheme to so-called “gray Chinese capital,” scam centers, and online gambling networks. DSI reported that bank accounts and companies associated with the perpetrators showed unusually high activity, with Myanmar citizens withdrawing 30-50 million baht in cash daily from Thai banks.
The case emerged from raids in 2025 targeting illegal mining sites. At that time, DSI announced the dismantling of three networks that illegally used electricity for cryptocurrency mining. During the operations, more than 6,390 mining devices were seized, and the damage to the state energy company Provincial Electricity Authority (PEA) was estimated at over 953 million baht (around $29 million).
DSI issued eight arrest warrants for four Chinese financiers and four Myanmar nationals. The agency 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 Yicheng, who is linked to a major digital asset fraud case. The U.S. Secret Service seized cryptocurrencies related to him worth over $17.8 million. The total damage in this case exceeds 2 billion baht.
According to Reuters, a crypto account registered under Wang Yicheng’s name received more than $90 million from January 2021 to November 2022. As reported by the agency citing TRM Labs, at least $9.1 million came from a wallet associated with “pig butchering” scams. DSI also referred two cases to Thailand’s National Anti-Corruption Commission. These involve 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 energy company Tenaga Nasional Berhad identified 13,827 sites illegally consuming electricity for mining Bitcoin and other digital assets from 2020 to 2025.
Earlier, media reported on the escape of nearly 700 people from the fraudulent KK Park complex in Myanmar following a military raid.
Previously, ForkLog explored the structure of digital slavery in Myanmar, the possibilities of combating it, and the entities behind it.
