Bitrabo Editorial
A significant development unfolded as Chinese officials, in collaboration with Thai law enforcement, managed to extradite the suspected mastermind of a $14 billion cryptocurrency pyramid scheme. This extradition marks a significant milestone as it is the first of its kind concerning economic crimes between China and Thailand.
Extradition of Crypto Scammer from Thailand
The Ministry of Public Security (MPS) in China announced the successful extradition of Zhang Moumou from Thailand under the “Operation Fox Hunt.” This successful operation was a joint effort involving the Chinese embassy in Thailand, Thai authorities, MPS, and various relevant domestic departments to repatriate the alleged criminal to China.
The extradition occurred on a Tuesday evening, making Zhang the first economic crime suspect to be extradited from Thailand to China since the inception of the bilateral extradition treaty in 1999.
Zhang, who had been a fugitive since 2020, is accused of orchestrating a cryptocurrency pyramid scheme that impacted millions of individuals, leading authorities to categorize him as a “major economic crime suspect.”
The official overseeing “Operation Fox Hunt” deemed the successful extradition as a significant accomplishment in law enforcement and judicial cooperation between China and Thailand. Furthermore, they emphasized the importance of this event in strengthening cooperative relationships with other nations in the future.
Details of Zhang’s $14 Billion Pyramid Scheme
Reports suggest that Zhang was purportedly the mastermind behind the MBI Group since 2012. This organization operated an online crypto pyramid scheme that lured participants with cryptocurrencies and promised lucrative returns on their investments.
MBI Group required customers to pay membership fees ranging from 700 Yuan to 245,000 Yuan (approximately $98 to $34,300) to join the crypto platform. Additionally, participants were incentivized to recruit new members, with earnings linked to the number of referrals and the amounts invested by the victims.
By utilizing this strategy, the crypto scheme ensnared over 10 million participants between 2012 and 2019, with the total involved amount surpassing 100 billion Yuan, equivalent to around $14 billion.
Following an investigation initiated by the Chongqing Municipal Public Security Bureau in 2020, a red notice alert was issued by the Chinese National Central Bureau (NCB) of Interpol against Zhang in 2021. Thai authorities apprehended Zhang on July 21, 2022, after he had been on the run for two years.
After submitting an extradition request under the bilateral treaty, Chinese authorities secured approval from Thailand’s Court of Appeal in May 2024. With Thailand’s government endorsing the court’s decision on August 14, the international manhunt concluded on August 20, 2024.