Thailand expands investigation into cryptocurrency mining to include $300 million Chinese money laundering ring

Thailand’s top investigative agency is expanding a crackdown on illegal cryptocurrency mining, which it says serves as a money laundering machine for crime syndicates linked to China.

The Special Investigations Department said Friday it has expanded its investigation into a network of Chinese “gray” capital, a term that refers to illicit money moved through seemingly legitimate channels, linked to illegal mining and money laundering across national borders, with financial flows of more than 10 billion baht ($300 million) annually, according to a report by the Special Investigations Department. DSI press release.

The case arose from a 2025 raid in which DSI’s Technology and Cybercrime Bureau dismantled three mining networks accused of stealing electricity to power their rigs. Authorities confiscated more than 6,390 machines, and estimated damage to the state-run regional electricity authority at more than 953 million baht, or nearly $29 million, one of the largest utility thefts in recent memory.

Investigators He says The mining operations served as a hub for laundering proceeds from call center and online gambling scams, with Myanmar nationals recruited to withdraw between 30 million to 50 million baht, or about $920,000 to $1.5 million, in cash from Thai banks daily.

The Directorate of Intelligence and Security has issued arrest warrants for eight suspects, including four Chinese financiers and four Myanmar nationals, and is searching for seven others while summoning five other people to face charges.

One of the key figures, named by DSI as Wang Yicheng, is a suspect in a major digital asset fraud case reported by US law enforcement. The US Secret Service seized more than $17.8 million (about 620 million baht) in cryptocurrencies linked to it, linked to losses exceeding 2 billion baht.

Wang, a Bangkok-based businessman, had already attracted American scrutiny: the Secret Service Money that was previously tracked From the victim of a US scam to a cryptocurrency account in his name, which the authorities linked to a “pig slaughter” operation.

The investigation also included Thai officials. The Directorate of Information and Security referred two cases to the National Anti-Corruption Authority involving seven Electricity Authority officials, a law enforcement officer, and 13 alleged investors or partners accused of helping miners exploit energy and evading detection.

The expansion is based on a series of raids initiated Last Decemberwhen DSI seized 3,642 platforms worth $8.6 million from sites linked to Chinese fraud networks operating out of Myanmar.

This campaign reflects a broader push in Southeast Asia against cryptocurrency-related energy theft. Government facilities in Malaysia have I mentioned Nearly $1.1 billion worth of electricity stolen over five years, done by the United Nations Office on Drugs and Crime to caution Transnational gangs are increasingly using illegal cryptocurrency mining to launder billions.