{"id":2897,"date":"2026-06-25T07:08:09","date_gmt":"2026-06-25T07:08:09","guid":{"rendered":"https:\/\/reliablemovingcrews.com\/?p=2897"},"modified":"2026-06-25T07:08:09","modified_gmt":"2026-06-25T07:08:09","slug":"thailand-seeks-to-arrest-fugitive-chinese-businessman-over-illegal-crypto-mining","status":"publish","type":"post","link":"https:\/\/reliablemovingcrews.com\/?p=2897","title":{"rendered":"Thailand seeks to arrest fugitive Chinese businessman over illegal crypto mining"},"content":{"rendered":"<div>\n<div>\n<div>\n<ul>\n<li>Summary<\/li>\n<\/ul>\n<\/div>\n<div><\/div>\n<\/div>\n<div>BANGKOK, June 25 (Reuters) &#8211; Thailand has issued an arrest warrant for a Chinese businessman featured in a Reuters investigation into transnational \u200bcrypto-investment fraud, alleging he was part of a network that laundered money from scams and online gambling through illegal cryptocurrency mining.<\/div>\n<div>Wang Yicheng was \u200cthe subject of the 2023 Reuters report that detailed how an account in his name received millions of dollars from a crypto wallet that a U.S. blockchain analysis firm said was linked to scam operations, even as he cultivated ties to Thai political and law enforcement elites.<\/div>\n<div>Police Major Woranan Srilam, a spokesman for Thailand&#8217;s Department of Special Investigation, said on Tuesday that Wang had been charged in November with \u200btheft as well as under the Computer Crimes Act, which covers interfering with systems.<\/div>\n<div>\u201cThe suspect is believed to have fled the country,\u201d he told Reuters \u200bin a text message, adding that Thai authorities were working with international counterparts to locate him.<\/div>\n<h2>SOUTHEAST ASIA CRACKS DOWN ON CHINESE-RUN SCAM \u2060SYNDICATES<\/h2>\n<div>Wang did not respond to a request for comment. China&#8217;s Foreign Ministry said it was not aware of the situation.<\/div>\n<div>The DSI said in a statement last week it \u200bhad issued arrest warrants for four unnamed Chinese and four Myanmar nationals.<\/div>\n<div>The statement described Wang, a former leader of a Thai\u2011Chinese trade association, as a key figure in a group \u200bof Chinese investors allegedly using illegal crypto mining to launder proceeds from scams and online gambling.<\/div>\n<div>Thailand and other Southeast Asian nations have in recent months intensified crackdowns on largely Chinese\u2011run scam syndicates. These operations are often run from industrial compounds staffed partly by trafficking victims and generate billions of dollars annually, according to the United Nations.<\/div>\n<div>The DSI said it uncovered the network while investigating illegal crypto \u200bmining operations that illicitly used some $28 million worth of electricity, among the largest such cases in recent years.<\/div>\n<div>Transnational organised crime groups use illegal crypto mining to \u201cgenerate income, launder money, \u200band drive technology-crime networks,\u201d the agency said.<\/div>\n<div>The statement said U.S. law enforcement had also identified Wang as a suspect in a digital\u2011asset fraud case. In June 2023, the United States seized about $500,000 in \u200ccryptocurrency from \u2060an account in his name, saying funds stolen from a Massachusetts victim were traced there.<\/div>\n<div>The U.S. Department of Justice declined to comment on the arrest warrant.<\/div>\n<h2>WANG&#8217;S NAME LINKED TO &#8216;PIG-BUTCHERING&#8217; CRYPTO SCAMS<\/h2>\n<div>The Reuters investigation found that a crypto wallet in Wang&#8217;s name received at least $9.1 million between 2021 and 2022 from an account that TRM Labs and other blockchain firms linked to &#8220;pig\u2011butchering&#8221; scams, in which victims are deceived into fraudulent crypto investments.<\/div>\n<div>The investigation could not determine whether Wang was behind the account or whether someone else had used \u200bhis identity to open it.<\/div>\n<div>Some of the scams \u200bdescribed in the Reuters investigation were \u2060tied to KK Park, an industrial park on the Myanmar\u2013Thailand border, according to one of the firms.<\/div>\n<div>One scam victim, a 71\u2011year\u2011old California man, lost his $2.7 million life savings after being approached by someone posing as a young woman online.<\/div>\n<div>At the time the wallet in Wang&#8217;s \u200bname received the scam-linked funds, he was vice president of the Thai\u2011Asia Economic Exchange Trade Association, which promotes Thai\u2011Chinese business \u200bties and whose leaders \u2060cultivated links with officials in both countries including senior Thai police.<\/div>\n<div>Major bitcoin mining firm Bitmain told Reuters in 2023 that Wang was a close partner and customer, adding that it supplied its equipment legally. Bitmain and the Bangkok-based trade group did not respond to requests for comment from Reuters on the Thai warrant for Wang.<\/div>\n<div>After the 2023 report, the trade group told \u2060Reuters that \u200bWang had left its board, adding that background checks had found no criminal record and that his personal \u200baffairs were unrelated to the organisation. It said some Thai officials were &#8220;advisers and friends&#8221; of the group but there were no further \u201cbusiness or financial interests\u201d between advisers and the trade group or its members.<\/div>\n<div>Thailand\u2019s Royal \u200bThai Police did not immediately respond to a request for comment about ties between senior officials and Wang.<\/div>\n<\/div>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2895\">Asian stocks surge as Micron earnings ease AI fears<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2893\">Hero or troublemaker? Milan prosecutor shakes up Italy\u2019s labour practices<\/a><\/p>\n<p>Read more <a href=\"https:\/\/reliablemovingcrews.com\/?p=2891\">China\u2019s \u2018future industries\u2019 push triggers flood of venture capital, bubble concerns<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thailand has issued an arrest warrant for a Chinese businessman featured in a Reuters investigation into transnational \u200bcrypto-investment fraud, alleging he was part of a network that laundered money from scams and online gambling through illegal cryptocurrency mining.<\/p>\n","protected":false},"author":1,"featured_media":2896,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[14,91],"class_list":["post-2897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-government","tag-white-collar-crime"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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