Thailand Expands Crypto-Mining Probe; 6,390 Rigs Seized

Thai authorities have expanded an investigation into a transnational network that used illegal cryptocurrency mining to launder roughly $307 million a year. The Department of Special Investigation (DSI) reported the agency seized 6,390 mining rigs at multiple sites and issued arrest warrants for several suspects, including Chinese financiers.

The DSI’s Technology and Cyber Crime Bureau opened the wider inquiry after raids in 2025 that dismantled three syndicates. Investigators estimated the operation stole about $29 million worth of electricity from the Provincial Electricity Authority (PEA), a loss described by authorities as one of the largest utility thefts in recent Thai history.

According to investigators, funds from online gambling, telephone-based scams and other cyber fraud were routed through a complex set of corporate accounts and high-volume bank accounts. The operation reportedly converted digital proceeds into cash by recruiting Myanmar nationals to make daily withdrawals from Thai banks, with amounts ranging from about $910,000 to $1.5 million per day, which investigators calculate added up to at least $307 million annually.

The DSI has forwarded two corruption cases to the National Anti-Corruption Commission that target seven PEA employees, one law enforcement officer and 13 investors and suspected accomplices. Prosecutors are preparing a trial file against eight suspects and seven other PEA officials linked to the mining operation.

Law enforcement cooperation included information from U.S. agencies that connected a key figure, named by authorities as Wang Yicheng, to a large digital asset fraud scheme. U.S. authorities have seized more than $17.8 million in digital assets tied to Wang as part of a broader fraud probe that recorded nearly $61 million in reported victim losses. Thai officials say international cooperation helped map financial flows and identify principal operators.

Thai authorities issued arrest warrants for eight people, including four Chinese financiers and four Myanmar team members. Officials said they are seeking seven additional warrants and have summoned five others to face formal charges. Investigators also allege some local electricity workers and other insiders helped arrange illegal power connections or overlooked suspicious activity at mining sites.

The DSI described the case as involving large-scale theft of electricity and a system to move illicit cash through the Thai banking system. Prosecutors plan to file court charges and coordinate with foreign partners to pursue assets and suspects located abroad.

Cryptocurrency mining requires large amounts of electricity because computers perform intensive calculations to validate transactions and create new coins. Authorities have increased scrutiny of unregistered and high-capacity mining operations after a rise in power thefts and cross-border financial crime linked to online scams and gambling.