Thai Authorities Seize $8.6 Million in Bitcoin Mining Equipment Linked to Fraud Syndicates

According to PANews, Thai authorities have confiscated Bitcoin mining equipment valued at $8.6 million (300 million baht) from seven locations suspected of funding transnational fraud syndicates operating in Myanmar. On Tuesday, the Department of Special Investigation conducted raids at six sites in Samut Sakhon Province and one in Uthai Thani Province, seizing 3,642 mining devices worth $7.7 million (270 million baht) and electrical equipment valued at $860,000 (30 million baht). Investigators discovered that most of the mining equipment was installed in soundproof containers equipped with water cooling systems. These sites are linked to a fraud syndicate based in Myanmar, with financial transactions totaling over $143 million (5 billion baht).