Thailand Issues Arrest Warrant for Chinese National Over $28 Million Illegal Crypto Mining Scheme

Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng, who is accused of running illegal crypto mining operations that consumed around $28 million worth of electricity without authorization.

Wang was charged in November with theft and violations under Thailand’s Computer Crimes Act. The Department of Special Investigation described him as a key figure in a group of Chinese investors allegedly using illegal mining operations to launder proceeds from scams and online gambling. Arrest warrants have also been issued for four other Chinese nationals and four Myanmar nationals connected to the same network.

US Authorities Are Also Investigating Wang

Wang’s legal troubles are not limited to Thailand. US law enforcement has separately identified him as a suspect in a digital asset fraud case. In June 2023, US authorities seized around $500,000 in crypto from an account registered in his name, with funds traced back to a fraud victim in Massachusetts.

A 2023 investigation also found that a crypto wallet in Wang’s name received at least $9.1 million between 2021 and 2022 from accounts linked to pig-butchering scams schemes where victims are manipulated into making fraudulent crypto investments.

Wang Is Believed to Have Already Left Thailand

DSI spokesperson Police Major Woranan Srilam confirmed that Wang is believed to have fled Thailand and that authorities are now coordinating with international partners to track his whereabouts.