Key takeaways
- Thailand’s ISD seized 6,390 mining rigs after $29 million power theft from PEA.
- US intelligence revealed that Wang Yicheng’s group laundered $300 million a year through cyber scams.
- DSI prosecutors are preparing a trial file against 8 suspects and 7 PEA officials for the NACC.
Platforms seized and power stolen
Thai authorities have expanded their investigation into illegal cryptocurrency mining networks allegedly run by Chinese financiers and laundering more than $300 million (10 billion baht) a year through illicit cash transactions. The Department of Special Investigations (DSI) announced that the transnational network used a complex financial network to channel money from online gambling, call center scams and cyber fraud.
The move follows a series of raids in 2025 by the DSI’s Office of Technology and Cybercrime, which took down three major unions. At the time, investigators seized more than 6,390 crypto mining rigs. According to a local report, these operations stole almost $29 million worth of electricity from the Provincial Electricity Authority (PEA), making it one of the largest utility thefts in recent Thai history.
The investigation also ensnared local officials. The DSI transmitted two files to the National Anti-Corruption Commission targeting seven employees of the electricity company, a law enforcement agent and 13 investors and alleged accomplices accused of having facilitated the operation.
According to investigators, profits from these tech crimes were laundered through companies and bank accounts experiencing unusually high cash flow. To move the assets, the network allegedly hired Myanmar nationals to make daily cash withdrawals from Thai banks ranging from $910,000 to $1.5 million per day, totaling at least $307 million per year.
The CIO added that US law enforcement provided intelligence linking a key figure in the operation, Wang Yicheng, to a major digital asset fraud scheme. The U.S. Secret Service previously seized more than $17.8 million in digital assets linked to Wang, as part of a broader fraud scheme that caused nearly $61 million in damages in total.
Thai authorities have issued arrest warrants for eight suspects, including four Chinese financiers and four members of the Myanmar team. They are seeking seven additional arrest warrants and have summoned five more to face formal charges.
DSI officials said the illegal use of electricity for cryptocurrency mining has evolved beyond simple theft of utilities, serving as a vital mechanism for international criminal syndicates to fund cybercrime and destabilize the country’s economic and financial security.
Prosecutors are now preparing the case for trial.
