Chinese Authorities Bring $14B Crypto Scam Mastermind Home After Global Manhunt
A crypto scam kingpin after three years of chasing.
The scammer was arrested in Thailand after a year-long search and deported to China on Aug. 14.
Chinese authorities have finally caught up with crypto scam kingpin Zhang Moumou in Thailand, following a three-year global pursuit that ended with a joint operation between the Chinese embassy and local law enforcement agencies.
Scam Kingpin Robbed Over $14 Billion from 10 Million Investors
Moumou headed a crypto investment firm called MBI Group. The exclusive investment platform charged a membership fee between 700 and 245,000 yuan or $900 and $34,328.
The scheme lured investors with promises of high returns but was actually a Ponzi pyramid scheme that relied.
The scam platform used enticing discounts as a hook to reel in investors, promising unusually high returns on their initial investment. However, once users had invested substantial amounts, the platform would disappear with their funds.
One report suggests that the scam has been active since 2012, the early days of crypto. Over the last 12 years, the scammers managed to rug 10 million users for over 100 billion yuan ($14 billion).
Zhang and his scam operations first came under the radar in November 2020, eight years after the firm started scamming investors.
The Chongqing Municipal Public Security Bureau filed a lawsuit against Zhang in late 2020.
In March 2021, the Interpol China Nationalthrt Central Bureau issued a red notice in his name. After three years of manhunt and nearly 12 years of running scams, Zhang was arrested and taken into custody by the Thai police on July 21, 2022.
Following his arrest, China requested that Thailand extradite Zhang per the bilateral extradition treaty. The Thai Court of Appeal decided to extradite Zhang to China on May 21st of this year. The Thai government carried out the court orders on Aug. 14.
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