China has successfully extradited a suspect involved in a massive $14 billion cryptocurrency pyramid scheme from Thailand.
The suspect, identified as Zhang, is accused of leading the MBI Group, which allegedly lured over 10 million investors with promises of high returns from 2012 until the present.
According to China’s Ministry of Public Security, Zhang’s scheme required participants to pay fees ranging from 700 yuan ($98) to 245,000 yuan ($34,300) in exchange for platform membership through the issuance of virtual digital currency.
The group reportedly accumulated over 100 billion yuan ($14 billion) in funds.
This is the first such financial crime suspect to be extradited under the China-Thailand extradition treaty since it took effect in 1999.
You might also like: Harris dips a toe in the crypto waters — is it enough?
Zhang investigation
The investigation into Zhang began in November 2020, led by police in Chongqing, China. In March 2021, Interpol issued a red notice for Zhang, leading to his arrest by Thai authorities in July 2022.
A Thai court ruled in May 2023 to extradite Zhang to China, and the extradition was completed on August 20, 2024.
Chinese authorities have emphasized that this extradition demonstrates their commitment to safeguarding citizens’ rights and upholding the law.
You might also like: ‘Big Crypto’ dominates US election spending and exploits consumers, report finds
