Thailand has handed over Zhang Moumou, the alleged mastermind of a multi-million dollar crypto pyramid scheme, to Chinese authorities.
In crypto news today, the Chinese government has successfully extradited Zhang Moumou. This marks a historic achievement for China, as it’s the first time an economic crime suspect has been extradited from Thailand since the signing of the China-Thailand Extradition Treaty in 1999.
Zhang’s return on August 20 is a significant victory in the global battle against economic crime, particularly in the fast-evolving digital currency sector. Zhang, who had been evading authorities since 2020, led the notorious MBI Group. Since 2012, this criminal organization operated an elaborate online pyramid scheme, enticing victims with promises of high returns on investments through virtual digital currency.
Participants were charged fees ranging from 700 to 245,000 yuan (approximately $98 to $34,316) to join the platform, with profits tied to recruiting new members and the volume of funds invested. The scheme ensnared more than 10 million people, with total funds involved surpassing 100 billion yuan (around $14 billion).
Due to the scale and complexity of the MBI Group’s operations, Zhang became one of China’s most wanted economic crime suspects. In November 2020, the Chongqing Municipal Public Security Bureau officially opened a case against him, and by March 2021, Interpol China National Central Bureau had issued a red notice for his arrest.
Zhang’s capture by Thai police on July 21, 2022, was a major breakthrough, but the extradition process was far from simple. China requested Zhang’s extradition under the bilateral treaty with Thailand.
As per the latest crypto news, the Thai Court of Appeal issued a final ruling in favor of extradition on May 21, 2024, and the Thai government confirmed this decision on August 14, paving the way for Zhang’s return to China just days later.
This successful operation highlights the coordinated efforts of China’s Ministry of Public Security, the Chinese Embassy in Thailand, and Thai law enforcement agencies, all working under the Ministry’s “Fox Hunting Operation.”
