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Mastermind Behind $14 Billion Crypto Pyramid Scheme Extradited To China Following Global Manhunt

99bitcoins99bitcoins2024/08/23 15:49
By:AlexSam Cooling

After a protracted international manhunt, the Chinese government has revealed that Zhang Moumou, the mastermind behind a huge crypto pyramid fraud, has been extradited from Thailand to China.

Moumou The First Criminal Extradited To China Since Its Treaty With Thailand In 1999

Since the two nations signed the China-Thailand Extradition Treaty in 1999, this is the first time China has successfully extradited a Thai suspect in an economic crime, according to local media.

Zhang was the leader of the infamous MBI Group and has been missing since 2020. This criminal group has been operating an intricate online pyramid scheme since 2012. They entice victims with the promise of large returns on investment and virtual money.

To use the platform, participants had to pay fees that ranged from 700 to 245,000 yuan ($98 to $34,316). Earnings were dependent on how much money was invested and how many new members they brought on board.

Over 10 million people were eventually duped by the operation, which involved more than 100 billion yuan ($14 billion).

Zhang is one of the most sought-after suspects in China’s economic crime scene due to the scope and intricacy of the MBI Group’s operations. Zhang was the subject of a formal complaint filed by the Chongqing Municipal Public Security Bureau in November 2020.

A red notice for his arrest had been issued by the Interpol China National Central Bureau by March 2021.

RELATED: Justin Sun Sends The Internet Wild With ‘China Unbans Crypto’ Tweet

China’s Relationship With Crypto

China has banned cryptocurrencies, but the populace is still susceptible to scams involving cryptocurrency investments. In 2021, as part of a multi-agency crackdown on digital currencies, China enacted a total ban on Bitcoin, thereby stopping all cryptocurrency transactions.

However, there has been much speculation recently that China is gearing up to unban crypto, with Tron founder, Justin Sun even posting on X recently, saying as much.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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