Thailand issues arrest warrant for a Chinese businessman involved in a "pig butchering" scam and illegal crypto mining money laundering worth billions of dollars

Odaily Odaily Planet Daily News The Thai government has officially issued an arrest warrant for Chinese businessman Wang Yicheng, accusing him of colluding with transnational criminal groups, using illegal cryptocurrency "mining" activities to launder money for transnational internet fraud and online gambling syndicates, with amounts reaching billions of US dollars. Reuters cited an investigation by blockchain analysis firm TRM Labs, stating that Wang Yicheng's cryptocurrency wallet received at least $9.1 million (approximately HK$71.35 million) in funds between 2021 and 2022, all of which were linked to "pig butchering" scams.

The Thai Special Investigation Department issued a statement saying that US law enforcement agencies have confirmed Wang Yicheng's suspected involvement in a digital asset fraud case. The US side had previously traced the flow of stolen funds from a victim in Massachusetts to an account registered under Wang Yicheng's name and seized approximately $500,000 in cryptocurrency. (Reported by Lianhe Zaobao)