Chinese succeeded in deporting the mastermind running MBI Group from Thailand, looting residents of China.
MBI Group was the firm involved in the cryptocurrency pyramid scheme with over 10 Million and $+13 Billion- data.
As per available information, a Chinese resident was kidnapped by the Malaysian group on July 11, 2024.
Despite restrictions on crypto-related activities in China, such activities continue to grow; recently, a Taiwan court jailed eight individuals accused of spying for China.
According to reports from a Chinese media outlet, Chinese authorities have successfully deported the founder of MBI Group from Thailand.
According to a report, MBI Group was involved in a cryptocurrency pyramid scheme affecting over 10 million people and involving over $13 billion in damages.
The Chinese Ministry of Public Security successfully deported Teow Wooi Tedt on August 20, 2024. He is accused of operating a pyramid scheme from Thailand, targeting Chinese residents.
After the deportation, the Chinese authorities thanked the Thai law enforcement department, the Chinese Embassy in Thailand, and other authorities that helped bust the multi-billion scam.
The mastermind of the crypto crime is allegedly a resident of Mexico, and he was in close contact with some traders in China before the government’s restriction in 2021.
Crypto Cases Related to China
Earlier this week, a court in Taiwan imprisoned eight people over the charges of sending the region’s crucial information to China. Additional data states that the jailed ones were hired by a regional political party in China and received pay in cryptocurrencies.
Nowadays, digital payments have become an essential part of one’s life, and according to available data, over $58 billion in transactions are made daily using cryptocurrencies.
According to available information, a Chinese resident was kidnapped by a Malaysian group on July 11, 2024.
On August, 20,2024, the Supreme Court of China and the public prosecutor revised their interpretation of the country’s AML laws, acknowledging virtual asset transactions for the first time.
The “virtual asset” transactions are now listed as a recognized money laundering method, as per the information.
On July 23, the Chinese police detained two suspects, Zhai and Li, in Zhengzhou City & Henan Province.
On July 25, the enforcement unit apprehended the other two suspects, ‘Wang’ and ‘Li,’’ in Henan Province of Kaifeng City. All four suspects are now in custody, facing fraud charges as the investigation continues.
Crypto Market Price Overview
At the time of writing, the crypto market capitalization was $2.17 Trillion, with a growth of 5.59% in the past seven days. In the past 52 weeks, the cap grew over 102.57% and 32.04% YTD, according to the data from TradingView.
Bitcoin prices seem to be struggling below the mark of $62k; as of writing, it was trading at $60,963, with a weekly growth of 6.23%. There is speculation that BTC will surpass $500,000 in the coming years due to its growing adoption globally.
Ethereum is the second most prominent digital asset in terms of market capitalization and lost 23.59% of its trading price in the past 30 days, probably due to outflow in the Ether ETF category.
It was trading at $2,657 at press time, with an intraday addition of $32.41.