Thailand seeks to arrest fugitive Chinese businessman over illegal crypto mining
Authorities say Wang Yicheng helped move scam proceeds through illegal mining, and a cryptocurrency account in his name received more than $90 million.
- Thailand issued an arrest warrant for Chinese businessman Wang Yicheng, alleging he participated in a network that laundered money from scams and online gambling through illegal cryptocurrency mining.
- The Department of Special Investigation uncovered the network while investigating illegal crypto mining operations that illicitly used about $28 million worth of electricity, among the largest such cases in recent years.
- A cryptocurrency account registered in Wang's name received more than $90 million in recent years, with at least $9.1 million traced by blockchain analysis firm TRM Labs to wallets associated with pig-butchering scams.
- Pol Maj Woranan Srilam, a spokesman for the Department of Special Investigation , said on Tuesday that Wang was charged in November with theft and Computer Crimes Act offenses; the suspect is believed to have fled.
- The United States has identified Wang as a suspect in a digital-asset fraud case, while the United Nations reports such industrial operations often generate billions of dollars annually using trafficking victims.
14 Articles
14 Articles
Thai Authorities Issue Arrest Warrant for Alleged Crypto Scam Kingpin
Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, implicated in laundering money via crypto-mining. Wang is accused of running scams and cultivating relationships with Thai elites. The crackdown is part of Southeast Asia's efforts against Chinese-led crime syndicates involved in massive fraudulent operations.
Thailand seeks to arrest fugitive Chinese businessman over illegal crypto mining
Thailand has issued an arrest warrant for a Chinese businessman featured in a Reuters investigation into transnational crypto-investment fraud, alleging he was part of a network that laundered money from scams and online gambling through illegal cryptocurrency mining.
Thailand Expands Probe Into Chinese-Led Crypto Mining Network
Thailand’s Department of Special Investigation has expanded an electricity-theft probe into a sweeping cross-border investigation targeting what it describes as a “grey Chinese capital” network allegedly involved in illegal cryptocurrency mining, money laundering, and technology crime. The DSI said on June 19 that the expanded probe now covers a network it links to Chinese investors who allegedly used large-scale crypto mining operations to laun…
Thailand's Department of Special Investigation (DSI) has expanded its investigation into a network linked to illegal cryptomining and transnational money laundering. According to the agency, the transactions exceeded 10 billion baht per year (approximately $300 million). Investigators have linked the scheme to the so-called "gray Chinese...
Thai Authorities Extend Crypto Mining Probe Into $300 Million Chinese “Grey Capital” Operation
TL;DR: Illegal crypto mining was the central mechanism of a Chinese “gray capital” network that laundered more than $300 million annually in Thailand. The DSI seized 6,390 mining rigs and estimated electricity theft from the state at over $29 million: eight arrest warrants were issued. Key suspect Wang Yicheng is linked to digital fraud detected by the U.S. Secret Service, which seized more than $17.8 million in cryptocurrencies. Thailand’s Dep…
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