🚨Breaking News: China Extradites Mastermind Behind $14 Billion Crypto Pyramid Scheme🚨

🔹 The Chinese government has successfully extradited Zhang, the mastermind behind a massive $14 billion crypto pyramid scheme, from Thailand. This marks a significant victory in China's ongoing crackdown on crypto-related crimes.

🔹 Who is Zhang?

Zhang is the alleged leader of the notorious ‘MBI Group,’ which lured over 10 million investors with promises of high returns. Victims paid anywhere between 700 Yuan ($98) and 245,000 Yuan ($34,300) in cryptocurrencies to join this fraudulent scheme.

🔹 The Numbers:

- 💰 Total funds accumulated: 100 billion Yuan (~$14 billion)

- 👥 Total victims: Over 10 million members

🔹 Extradition Details:

Zhang's extradition comes after a nearly four-year investigation by Chinese authorities, initiated in November 2020. The arrest in Thailand was facilitated by Interpol’s China Bureau in March 2021, with the final extradition taking place on August 20, 2024, under the joint China-Thailand “Fox Hunting Operation.”

🔹China’s Stand on Crypto:

This event underscores China’s unwavering stance on crypto regulation. Despite stringent measures against crypto trading and usage, a recent Chainalysis report reveals that China received over $75 billion in crypto between July 2022 and June 2023.

🔹 What’s Next?

The global crypto community is closely watching China’s next moves, especially with the approval of spot Bitcoin ETFs in Hong Kong, hinting at potential regulatory shifts.

🔗 Stay informed on this and more crypto updates!

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