Thailand issues arrest warrant for Chinese businessman tied to $28 million illegal crypto mining probe: report
Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng over his alleged role in a network tied to illegal crypto mining operations that authorities say illicitly used about $28 million worth of electricity, according to Reuters.
Police Major Woranan Srilam, a spokesperson for the Department of Special Investigation (DSI), said Tuesday that Wang was charged in November with theft and violations under the Computer Crimes Act, which covers interference with computer systems, Reuters reported.
The DSI also said in a statement last week that it had issued arrest warrants for four Chinese nationals and four Myanmar nationals, per the report.
The agency described Wang, a former leader of a Thai-Chinese trade association, as a key figure in a group of Chinese investors allegedly using illegal crypto mining operations to launder proceeds from scams and online gambling.
U.S. law enforcement has also identified Wang as a suspect in a digital asset fraud case, per the DSI statement. In June 2023, U.S. authorities seized about $500,000 in crypto from an account registered in Wang's name, saying the funds were traced to a Massachusetts fraud victim.
Srilam told Reuters that Wang is believed to have left Thailand and that authorities are coordinating with international counterparts to determine his whereabouts.
The Block reached out to Wang's office, the U.S. Department of Justice, and Thailand's DSI for comment.
Crypto fraud
Thai authorities have also linked Wang to an international network involved in crypto investment fraud, including "pig-butchering" schemes and money laundering, according to a 2023 Reuters investigation.
The report said that a crypto wallet registered in Wang's name received at least $9.1 million between 2021 and 2022 from an account blockchain analysis firm TRM Labs and other firms linked to pig-butchering scams, in which victims were deceived into fraudulent crypto investments.
The investigation could not determine whether Wang controlled the account or if his identity had been used without his knowledge.
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