- China has successfully extradited Zhang Moumou, a key figure in a massive crypto scam, from Thailand.
- Zhang was behind a scheme involving over 10 million people and accumulating over 100 billion yuan.
China’s efforts to clamp down on cryptocurrency-related crimes and enforce stricter regulations have taken a significant step forward. Zhang Moumou, the central figure in a vast crypto pyramid scheme, has been extradited to China from Thailand after an intense international search.
This breakthrough marks the first time China has successfully extradited a suspect from Thailand since the two countries signed an extradition treaty in 1999, which highlights the growing cooperation between the two nations in combating financial crimes.
On August 20, with the joint efforts of Chinese and Thai authorities, Zhang returned to China as part of the Ministry of Public Security’s “Fox Hunting Operation,” a campaign targeting those involved in serious economic offenses.
Details of Zhang Moumou’s Crypto Scam and Extradition Process
Zhang, who led the notorious MBI Group, had been on the run since 2020. He faced accusations of managing a fraudulent scheme that promised high returns to participants who paid large fees ranging from 700 to 245,000 yuan ($98 to $34331) to join a platform dealing in digital assets.
Since 2012, the scheme reportedly trapped over 10 million members and amassed over 100 billion yuan ($14 billion) before exposure. Participants also encouraged to recruit others. Returns were based on the number of new members and the amount of capital they invested, similar to an MLM.
The Chinese government has been investigating Zhang since November 2020, with the Chongqing Municipal Public Security Bureau spearheading the probe. Then Zhang fled the country, leading to an Interpol red notice being issued in March 2021. After fleeing China, Zhang was finally arrested by Thai police on July 21, 2022, following an international hunt.
The Thai Court of Appeal approved China’s extradition request on May 21, 2024. The Thai government endorsed this decision on August 14, paving the way for Zhang’s return. Chinese officials involved in the Fox Hunting Operation have hailed this development as a major victory in their ongoing efforts to protect citizens’ rights and uphold the law.
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