Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, alleging he was part of a transnational criminal network that laundered money from online scams and illegal gambling through unauthorized cryptocurrency mining operations, according to Thai authorities.
The warrant follows a Reuters investigation that examined Wang’s connections to cryptocurrency transactions linked to large-scale fraud operations and highlighted his relationships with influential figures in Thailand’s political and law enforcement circles.
Police Major Woranan Srilam, spokesperson for Thailand’s Department of Special Investigation (DSI), said Wang was charged in November with theft and offenses under the Computer Crimes Act, which covers interference with computer systems. Authorities believe Wang has already left Thailand and are working with international partners to locate him.
“The suspect is believed to have fled the country,” Woranan told Reuters, adding that efforts are underway with foreign authorities to track and apprehend him.
Wang did not respond to requests for comment. China’s Foreign Ministry said it was not aware of the matter.
The DSI disclosed last week that arrest warrants had been issued for eight suspects, including four Chinese nationals and four Myanmar nationals. Although the agency did not publicly identify all individuals named in the warrants, it separately described Wang as a key figure in a group of Chinese investors allegedly involved in using illegal cryptocurrency mining operations to conceal and move proceeds generated from scams and online gambling activities.
According to investigators, the case emerged from a broader probe into unauthorized crypto-mining operations that allegedly consumed approximately $28 million worth of electricity. The DSI described the investigation as one of the largest illegal cryptocurrency mining cases uncovered in Thailand in recent years.
The agency stated that organized crime groups increasingly exploit illegal cryptocurrency mining to generate income, launder funds and support wider technology-based criminal activities.
The investigation comes as Thailand and several Southeast Asian countries intensify efforts to dismantle Chinese-run scam syndicates operating across the region. The United Nations has reported that many of these operations are based in large industrial compounds and generate billions of dollars annually, often relying in part on trafficked workers.
Thai investigators also noted that U.S. law enforcement authorities had previously identified Wang as a suspect in a separate digital asset fraud case. In June 2023, U.S. authorities seized approximately $500,000 in cryptocurrency from an account registered in his name after tracing funds allegedly stolen from a Massachusetts victim. The U.S. Department of Justice declined to comment on the Thai arrest warrant.
A Reuters investigation published in 2023 found that a cryptocurrency wallet bearing Wang’s name received at least $9.1 million between 2021 and 2022 from an account linked by blockchain analysis firms, including TRM Labs, to so-called “pig-butchering” scams. These schemes typically involve fraudsters building trust with victims before convincing them to invest in fraudulent cryptocurrency ventures.
Reuters reported that it was unable to determine whether Wang controlled the wallet or whether another individual used his identity to establish the account. Some of the scam operations examined in the investigation were linked by blockchain analysts to KK Park, an industrial complex located along the Myanmar-Thailand border.
One victim identified in the investigation, a 71-year-old California resident, lost $2.7 million after being targeted through an online relationship scam that ultimately led to fraudulent cryptocurrency investments.
At the time the wallet received the scam-linked funds, Wang served as vice president of the Thai-Asia Economic Exchange Trade Association, an organization promoting business ties between Thailand and China. Reuters previously reported that leaders of the association maintained relationships with senior officials in both countries, including members of Thailand’s police establishment.
Cryptocurrency mining equipment manufacturer Bitmain told Reuters in 2023 that Wang was a customer and business partner, adding that its products had been supplied legally. Neither Bitmain nor the Bangkok-based trade association responded to requests for comment regarding the arrest warrant.
Following the Reuters investigation, the trade association said Wang had departed its board and maintained that background checks had revealed no criminal record. The organization also stated that Wang’s personal activities were unrelated to its operations and denied any financial interests between its advisers and members.
Thailand’s Royal Thai Police did not immediately respond to requests for comment regarding Wang’s reported connections with senior officials.
