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Thai DSI Widens $307M Crypto Mining Probe, Eyes 8 More Suspects
Thai DSI expands probe into illegal bitcoin mining network that laundered $307M annually from scams. Arrest warrants issued for eight suspects as U.S. links emerge.
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Thailand's Department of Special Investigation has expanded a probe into an illegal bitcoin mining network that channeled more than $307 million a year from online fraud and gambling through a cash-heavy laundering operation. The DSI said it has issued arrest warrants for eight suspects and is seeking seven more.
The probe follows raids in 2025 that dismantled three syndicates. Investigators seized more than 6,390 crypto-mining rigs and uncovered theft of nearly $29 million worth of electricity from the Provincial Electricity Authority. The DSI described the electricity theft as one of the largest against a state utility in recent Thai history.
The network's laundering method was direct. According to investigators, profits from scams and gambling flowed through corporate entities and bank accounts with abnormally high cash turnover. Myanmar nationals hired by the network made daily cash withdrawals from Thai banks ranging from $910,000 to $1.5 million per day. That cash stream alone totaled at least $307 million annually, the DSI said.
The case has drawn U.S. law enforcement interest. The U.S. Secret Service seized more than $17.8 million in digital assets linked to a key figure in the operation, Wang Yicheng. Wang has been tied to a broader digital asset fraud scheme that caused nearly $61 million in total damages, according to intelligence shared with Thai authorities.