Thailand has issued an arrest warrant for Chinese businessman Wang Yicheng, who was investigated by Reuters over alleged links to international cryptocurrency investment scams, money laundering and illegal crypto mining operations.
Thai authorities said Wang was charged with theft and offences under the Computer Crimes Act. Officials believe he has left the country and are working with international agencies to locate him.
Thailand’s Department of Special Investigation (DSI) said Wang was allegedly a key figure in a network of Chinese investors accused of using illegal cryptocurrency mining activities to clean money obtained from online scams and gambling operations.
The investigation revealed that the group allegedly used large amounts of stolen electricity, estimated at around $28 million, to operate illegal crypto mining activities.
Reuters reported that a cryptocurrency wallet connected to Wang’s name received at least $9.1 million between 2021 and 2022 from an account linked by blockchain analysts to “pig-butchering” crypto scams, where victims are tricked into fake investment schemes.
US authorities also previously identified Wang in a digital asset fraud case and seized about $500,000 worth of cryptocurrency from an account connected to him in 2023.
Wang, a former leader of the Thai-Chinese Economic Exchange Trade Association, has not responded to requests for comment. Chinese authorities said they were not aware of the matter.
The arrest warrant comes as Thailand and other Southeast Asian countries intensify efforts to dismantle scam networks, many of which are allegedly operated by Chinese criminal groups and have generated billions of dollars through online fraud.
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