📣 $14 Billion Crypto Scheme Creator Extradited to China
posted 23 Aug 2024
Zhang Moumou, the mastermind behind a $14 billion crypto pyramid scheme, has been extradited from Thailand to China. This event marks the first successful extradition of an economic crime suspect between the two countries since the two countries signed the extradition treaty in 1999.
The extradition was decided on August 14 and carried out on August 20, although this information was only recently released to the public. According to the investigation by Chinese authorities, Zhang founded the MBI Group crypto platform, which promised high returns for investments ranging from $100 to $35,000.
The returns depended on the number of new participants recruited and the total investment volume. Since the platform's launch in 2012, it has defrauded over 10 million people. Due to the extensive nature of the crime and the number of victims, Zhang is considered one of the most wanted economic criminals in China.
Criminal proceedings against him were not initiated until November 2020, with an international warrant issued six months later. Zhang was finally arrested on July 21, 2022, in Thailand, but his extradition was delayed for two years due to numerous appeals and prolonged legal battles.
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