Thailand issues arrest warrant for Chinese businessman Wang Yicheng over illegal crypto mining money laundering

CoinFeed June 25 news, according to Reuters, Thailand's Department of Special Investigation (DSI) under the Ministry of Justice has issued an arrest warrant for Chinese businessman Wang Yicheng (王益承), accusing him of money laundering through illegal cryptocurrency mining for telecom fraud and online gambling, as well as theft and violation of the Computer Crime Act. DSI said the illegal mining network it investigated stole about $28 million worth of electricity, making it one of the largest cases in recent years. Wang is described as a key figure among a group of Chinese investors, once served as vice president of the Thai-Asian Economic and Trade Association, and maintained close ties with Thai political and police high-level officials. U.S. law enforcement agencies also consider him a suspect in digital asset fraud and seized about $500,000 worth of crypto assets from his accounts in 2023.