The Chinese government has announced the extradition of Zhang Moumou, the leader of a major crypto pyramid scheme, from Thailand to China following an extensive international manhunt. This marks the first successful extradition of an economic crime suspect from Thailand to China since the two nations signed the China-Thailand Extradition Treaty in 1999.
The Hunt for Zhang
Zhang’s extradition on August 20 represents a major development in the global effort to combat economic crimes, particularly within the rapidly growing digital currency sector.
Zhang, who has been evading authorities since 2020, led the infamous MBI Group. This criminal organization has operated an elaborate online pyramid scheme since 2012, enticing victims with virtual digital currency and promises of high returns. Participants were required to pay fees ranging from 700 to 245,000 yuan ($98 to $34,316) to join, with earnings based on recruiting new members and the amount invested. The scheme affected over 10 million people, with total funds exceeding 100 billion yuan ($14 billion).
Read more: HTC Unveils No-Code Game Creator for Viverse Metaverse
The extensive operations of the MBI Group made Zhang one of China’s most sought-after economic crime suspects. In November 2020, the Chongqing Municipal Public Security Bureau initiated a case against him. By March 2021, Interpol China had issued a red notice for his arrest.
From Arrest to Extradition
Zhang’s arrest by Thai police on July 21, 2022, was a significant breakthrough, but the extradition process was complex. China requested his extradition under the bilateral treaty with Thailand. On May 21, 2024, the Thai Court of Appeal ruled in favor of extradition and the Thai government confirmed this decision on August 14, facilitating Zhang’s return to China.
This successful operation resulted from coordinated efforts by China’s Ministry of Public Security, the Chinese Embassy in Thailand and Thai law enforcement, all working under the Ministry’s “Fox Hunting Operation”.
Despite China’s ban on cryptocurrency, which began in 2021 and effectively halted all Bitcoin transactions, the population remains susceptible to crypto investment scams. Although cryptocurrency transactions are restricted, Chinese authorities still recognize crypto as virtual property, providing legal protection for investors and allowing them to hold digital assets.
Cre: cointelegraph.
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
