🇨🇳🔁🇹🇭 | China and Thailand join forces to pursue fugitives across borders! The main culprit of the $14 billion cryptocurrency fraud case was finally arrested
A cryptocurrency fraud case involving a sum of up to $14 billion has finally made a major breakthrough! A suspect surnamed Zhang was extradited from Thailand to China, the first time since China and Thailand signed an extradition treaty in 1999.
Although the authorities only revealed the suspect's surname, reports said that the suspect surnamed Zhang was Zhang Yufa, the founder of MBI Group. He was accused of defrauding huge amounts of money through a pyramid scheme that began in 2012, inducing a large number of Chinese citizens to buy their company's unauthorized cryptocurrencies.
The plan attracted more than 10 million participants and promised generous returns, according to reports. At the end of 2020, Chongqing authorities began investigating Zhang Yufa, and Interpol soon issued an arrest warrant for him. He was arrested in July last year after fleeing from Malaysia to Thailand.
🇨🇳 China's Ministry of Public Security moved quickly to form a "Fox Hunt" task force with Thailand to assist in Zhang Yufa's extradition. A Thai court approved the extradition request in May, and although Malaysia also requested that he be deported, China ultimately took the lead.
The Chinese government attaches great importance to this case and hopes that Zhang Yufa's extradition will become a benchmark for future extradition cooperation between China and other countries.
In recent years, China has been stepping up its crackdown on cryptocurrencies. From strict regulation in 2017 to further crackdowns in 2021, many cryptocurrency exchanges and mining operations have been forced to relocate.
The government has explicitly banned financial companies from processing cryptocurrency payments and restricted blockchain fundraising, but cryptocurrency trading has continued to be rampant. The Supreme People's Court and the Procuratorate have made it clear that transactions through cryptocurrency exchanges are money laundering, which is China's first special action against virtual asset transactions.
This case has sounded the alarm for us: in the world of cryptocurrency, risks and opportunities coexist. As investors, we must open our eyes and not be blinded by the promise of high returns.
👇 What do you think about this $14 billion cryptocurrency scam? Leave your thoughts in the comments!
