Thailand's Department of Special Investigation (DSI) has widened a probe into a network of "grey" Chinese capital using illegal crypto mining to launder over 10 billion baht ($300 million) annually. The investigation stems from 2025 raids where authorities dismantled three mining operations, seizing over 6,390 rigs and documenting power theft of 953 million baht ($29 million). The DSI alleges the mining operations served as a hub for laundering proceeds from call-center scams and online gambling, with couriers withdrawing 30-50 million baht daily from Thai banks. Eight arrest warrants have been issued, including four for Chinese financiers and four for Myanmar nationals. A key suspect, Wang Yicheng, is linked to a major digital-asset fraud case flagged by US law enforcement, with the US Secret Service seizing over $17.8 million in crypto connected to him. The probe has also implicated Thai officials, with cases referred to the National Anti-Corruption Commission involving seven electricity authority employees, a law enforcement officer, and 13 investors. This crackdown mirrors a regional trend, with Malaysia reporting $1.1 billion in stolen electricity and the UNODC warning about transnational gangs using crypto mining for money laundering.

Key facts

• DSI expands probe into illegal crypto mining laundering over 10 billion baht annually for Chinese-linked crime syndicates
• Over 6,390 mining rigs seized; power theft from state utility estimated at 953 million baht ($29 million)
• Eight arrest warrants issued: four Chinese financiers, four Myanmar nationals
• Key suspect Wang Yicheng linked to $17.8M crypto seizure by US Secret Service
• Thai officials implicated; cases referred to anti-corruption commission

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