Thailand’s Department of Special Investigation has issued an arrest warrant for Wang Yicheng, a Chinese businessman accused of orchestrating a network that laundered more than $300 million annually through illegal cryptocurrency activities. Wang is one of eight suspects named in the warrants, a group that includes four Chinese nationals and four individuals from Myanmar.
The case ties together an unusually wide range of alleged criminal activity: stolen electricity used to power crypto mining rigs, cash mules shuffling dirty money across borders, and digital asset accounts receiving tens of millions of dollars from wallets linked to fraud.
The money trail through Binance
Wang’s Binance account allegedly received more than $90 million between January 2021 and November 2022. Of that total, at least $9.1 million has been linked to wallets associated with scam operations.
The US Secret Service has also gotten involved, seizing over $17.8 million in digital assets tied to Wang. Those seizures are connected to fraud losses exceeding 2 billion baht, roughly $61 million.
