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Thailand targets Wang Yicheng in $300M crypto laundering
Thai investigators say Wang Yicheng's Binance account received over $90M from scam wallets, as the US Secret Service seizes $17.8M tied to a network laundering $300 million annually.
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Thailand’s Department of Special Investigation has issued an arrest warrant for Wang Yicheng, a Chinese businessman accused of running a network that laundered more than $300 million a year through cryptocurrency. Wang is one of eight suspects named in the warrants. Four are Chinese nationals, four are from Myanmar.
The case ties together an unusual range of alleged crimes. Investigators say stolen electricity was used to power crypto mining rigs, and cash mules moved dirty money across borders. Digital asset accounts received tens of millions of dollars from wallets linked to fraud.
Wang’s Binance account allegedly received more than $90 million between January 2021 and November 2022. At least $9.1 million of that came from wallets connected to scam operations, the DSI said.
The US Secret Service has also entered the picture, seizing over $17.8 million in digital assets tied to Wang. Those seizures relate to fraud losses exceeding 2 billion baht, roughly $61 million.