According to Decrypt, Thailand’s Department of Special Investigations (DSI) has expanded its probe into the "Gray Chinese Capital" network, which is suspected of laundering proceeds from phone scams and online gambling through illegal cryptocurrency mining, with annual涉案 amounts exceeding 30 billion Thai baht (approximately $300 million). Authorities have seized 6,390 mining rigs, with illegal electricity theft causing losses of 953 million Thai baht (approximately $29 million). Arrest warrants have been issued for four Chinese financiers and four individuals of Myanmar nationality. The U.S. Secret Service has seized over $17.8 million in crypto assets linked to key suspect Wang Yicheng, who is accused of involvement in "pig butchering" scams. The investigation has also implicated several officials from Thai power agencies and law enforcement, and the case has been referred to the National Anti-Corruption Commission.
Thailand Expands Crypto Money Laundering Probe, Over $300 Million Involved
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Summary
Thailand’s AML efforts have intensified as the DSI expands its investigation into a “gray Chinese capital” network. The CFT probe targets a scheme using illegal crypto mining to launder funds from phone scams and online gambling, involving over 30 billion baht (approximately $300 million). Authorities have seized 6,390 mining machines and arrested eight suspects, including four Chinese financiers and four Burmese nationals. The U.S. Secret Service has also seized over $17.8 million in cryptocurrency linked to a key suspect. The case involves Thai officials and has been referred to the National Anti-Corruption Committee.
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