{"id":90840,"date":"2024-08-23T03:17:26","date_gmt":"2024-08-23T07:17:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90840"},"modified":"2024-08-23T03:17:30","modified_gmt":"2024-08-23T07:17:30","slug":"crypto-pyramid-scheme-leader-extradite-to-china","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-pyramid-scheme-leader-extradite-to-china\/","title":{"rendered":"Crypto Pyramid Scheme Leader Extradites to China After Global Hunt"},"content":{"rendered":"\n

China extradites crypto pyramid<\/a> scheme leader Zhang Moumou from Thailand after a global manhunt.<\/p>\n\n\n\n

\"Crypto
Crypto Pyramid Scheme Leader Extradited to China After Global Hunt<\/figcaption><\/figure>\n\n\n\n

Following an extensive international manhunt, Zhang Moumou, the mastermind behind a vast crypto pyramid scheme, has been extradited from Thailand to China, according to the Chinese g<\/a>o<\/a>vernment<\/a>.

This is the first instance in which China has effectively extradited an economic crime suspect from Thailand since the two countries signed the China-Thailand Extradition Treaty in 1999, according to local media.<\/p>\n\n\n\n

The Hunt for Zhang<\/h2>\n\n\n\n

On August 20, Zhang's extradition will be a significant milestone in the global struggle against economic crime, particularly in the rapidly evolving digital currency sector.

The infamous MBI Group was led by Zhang, who has been on the run since 2020. This criminal organization has been operating a sophisticated online pyramid scheme since 2012, enticing victims with the promise of high returns on investment and the issuance of virtual digital currency.

The platform's earnings were contingent upon the recruitment of new members and the amount of funds invested, and participants were obligated to pay fees ranging from 700 to 245,000 yuan ($98 to $34,316) to join. Ultimately, the scheme resulted in the involvement of over 10 million individuals, with a total of over 100 billion yuan ($14 billion) in funds.

Zhang was one of the most sought-after suspects in China for economic crime due to the MBI Group's extensive and intricate operations. Zhang was officially charged by the Chongqing Municipal Public Security Bureau in November 2020. The Interpol China National Central Bureau had issued a red notice for his apprehension by March 2021.<\/p>\n\n\n\n

Arrest to extradite<\/h2>\n\n\n\n

The extradition process was far from straightforward, despite the fact that Zhang's capture by Thai police on July 21, 2022, represented a significant breakthrough in the case.<\/p>\n\n\n\n

In accordance with the bilateral treaty between China and Thailand, China requested Zhang's extradition. The Thai Court of Appeal issued a final ruling in favor of extradition on May 21, 2024, and the Thai government subsequently validated this decision on Aug. 14, thereby establishing the groundwork for Zhang's return to China just days later.<\/p>\n\n\n\n

The Ministry's “Fox Hunting Operation” was the umbrella under which the Chinese Embassy in Thailand, the Chinese Ministry of Public Security, and Thai law enforcement agencies collaborated to execute this successful operation.

The population is still susceptible to crypto investment scams, despite China's crypto prohibition. As part of a multi-agency initiative to regulate digital currencies\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, China implemented a comprehensive prohibition on Bitcoin in 2021, which effectively halted all cryptocurrency transactions.

Chinese authorities recognize cryptocurrency as virtual property, granting investors legal protection and enabling them to retain digital assets, despite the fact that cryptocurrency transactions are restricted.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

China extradites crypto pyramid scheme leader Zhang Moumou from Thailand after a global manhunt. Following an extensive international manhunt, Zhang Moumou, the mastermind behind a vast crypto pyramid scheme, has been extradited from Thailand to China, according to the Chinese government. This is the first instance in which China has effectively extradited an economic crime […]<\/p>\n","protected":false},"author":36,"featured_media":90848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,21],"tags":[322,21487,21488],"class_list":["post-90840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","category-news","tag-china","tag-crypto-pyramid-scheme","tag-global-hunt"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/istockphoto-686112480-612x612-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90840"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90848"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}