Last updated on July 21st, 2026 at 11:53 am
Thai authorities have issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of playing a central role in an alleged illegal cryptocurrency mining network that reportedly consumed around $28 million worth of electricity without authorization.
Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, accused of operating a $300 million crypto laundering network. This marks a significant step in international cooperation to combat crypto-related crimes, underscoring the need for stricter regulations…
— Ben Ben Ben (@BenRustC) June 25, 2026
According to a Reuters report, the warrant is the latest development in a bigger investigation into crypto-related crimes, with Thai officials claiming the mining operations may have been connected to fraud, online gambling, and money laundering activities.
What are the allegations against Wang Yicheng?
According to Thailand’s Department of Special Investigation (DSI), Wang was charged in November with theft and violations of the country’s Computer Crimes Act. The charges stem from an investigation into large-scale crypto mining operations that allegedly used electricity illegally to power mining equipment.
Authorities believe Wang was a key figure among a group of Chinese investors operating the network. The DSI alleges that proceeds linked to scams and illegal online gambling were funnelled through the crypto mining activities as part of a broader money laundering operation.
Thai investigators have also issued arrest warrants for seven other suspects, including four Chinese nationals and four Myanmar nationals, as part of the same case.
Police Major Woranan Srilam, spokesperson for the DSI, said authorities believe Wang has already left Thailand. Officials are now working with international law enforcement agencies to locate him.
How does the case connect to crypto fraud?
The investigation extends beyond illegal mining. Thai authorities have linked Wang to an international network allegedly involved in cryptocurrency investment fraud, including so-called “pig-butchering” scams.
These schemes typically involve scammers building trust with victims over time before convincing them to invest in fraudulent crypto platforms.
A previous Reuters investigation reported that a crypto wallet registered in Wang’s name received at least $9.1 million between 2021 and 2022 from accounts that blockchain analytics firms associated with pig-butchering operations.
However, investigators said they were unable to determine whether Wang personally controlled the wallet or whether his identity may have been used by others.
Why are U.S. authorities involved?
The case has also drawn attention from U.S. law enforcement agencies.
According to the DSI, American authorities identified Wang as a suspect in a separate digital asset fraud investigation. In June 2023, U.S. authorities seized approximately $500,000 in cryptocurrency from an account registered in his name after tracing the funds to a fraud victim in Massachusetts.
Meanwhile, earlier this year, Jingliang Su, 45, was sentenced to 46 months in a US federal prison for conspiracy to commit unlicensed money transmission tied to $36.9 million in crypto fraud.
The cross-border nature of the allegations highlights growing cooperation between international agencies as authorities increase scrutiny of crypto-related fraud, money laundering, and illegal mining operations.
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