Back to Markets
Crypto▼ Bearish
Grey Capital Network Ran $300M Laundering Through Thai Mining Rigs
Thailand's DSI says a Chinese 'grey capital' network used 6,390 mining rigs and cash mules to launder over $300M a year. No arrests yet; the probe continues.
Continue with
Thailand's Department of Special Investigation seized 6,390 cryptocurrency mining rigs as part of a probe into a Chinese-linked network that the agency says laundered over $300 million a year through illegal mining and cash mules.
The DSI described the network as a "grey capital" group that exploited regulatory gaps in Thailand's crypto oversight. Mining rigs generated digital assets that could be sold on exchanges with limited scrutiny, effectively creating a cover for moving money across borders. Cash mules physically carried funds outside the banking system, the department said.
The seizure ranks among the largest in Southeast Asia. Mining operations consume large amounts of electricity and produce coins that can be traded anonymously, making them attractive for disguising the origin of illicit funds, the DSI said. The network moved money through multiple channels, complicating enforcement.