TechFlow News, June 25: According to the New Straits Times, Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of involvement in a transnational network that laundered proceeds from fraud and online gambling through illegal cryptocurrency mining. Thailand’s Special Branch of the Royal Thai Police stated that Wang Yicheng was charged in November 2025 with theft and violations of the Computer Crime Act; he is currently suspected of having fled the country, and Thai authorities are cooperating with international law enforcement agencies to track his whereabouts.
The case originated from an investigation into illegal cryptocurrency mining activities, which allegedly involved the unauthorized use of approximately $28 million worth of electricity. A prior Reuters investigation found that accounts under his name had received millions of dollars linked to “pig-butcher”-style cryptocurrency investment scams. U.S. law enforcement authorities froze roughly $500,000 worth of cryptocurrency assets under his name in 2023. Thailand and several other Southeast Asian countries have recently intensified their crackdowns on cross-border telecom fraud syndicates.
