Thailand Expands Crypto Money Laundering Investigation, Involving Over $300 Million

TechFlow News, June 23: According to Decrypt, Thailand’s Department of Special Investigation (DSI) has expanded its probe into a “gray Chinese capital” network. The network is suspected of laundering proceeds from phone scams and online gambling through illicit cryptocurrency mining, with annual illicit transaction volumes exceeding THB 30 billion (approximately USD 300 million). Authorities have seized 6,390 mining rigs and uncovered electricity theft losses amounting to THB 953 million (approximately USD 29 million). Arrest warrants have been issued for four Chinese financiers and four individuals of Myanmar nationality. The U.S. Secret Service has seized over USD 17.8 million in cryptocurrency assets linked to key suspect Wang Yicheng, who is alleged to be involved in “pig-butchering” scams. Additionally, the investigation implicates several Thai electricity authority officials and law enforcement personnel; the case has been referred to Thailand’s National Anti-Corruption Commission for further handling.