{"id":27512,"date":"2024-08-24T11:30:49","date_gmt":"2024-08-24T08:30:49","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27512"},"modified":"2024-08-24T09:22:11","modified_gmt":"2024-08-24T06:22:11","slug":"crypto-pyramid-scheme-leader-extradited-to-china-after-global-pursuit","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-pyramid-scheme-leader-extradited-to-china-after-global-pursuit\/","title":{"rendered":"Crypto Pyramid Scheme Leader Extradited to China After Global Pursuit"},"content":{"rendered":"<p>As digital currencies continue to gain popularity worldwide, the risk of related economic crimes also increases.<\/p>\n<p>The Chinese government has announced that Zhang Moumou, the mastermind behind a massive crypto pyramid scheme, has been extradited from Thailand to China following an extensive international manhunt.<\/p>\n<p>According to local media, this marks the first time China has successfully extradited an economic crime suspect from Thailand since the two countries signed the China-Thailand Extradition Treaty in 1999.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/crypto-pyramid-scheme-leader-extradited-to-china-after-global-pursuit\/#The_hunt_for_Fraudster_Zhang\" title=\"The hunt for Fraudster Zhang\">The hunt for Fraudster Zhang<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/crypto-pyramid-scheme-leader-extradited-to-china-after-global-pursuit\/#Crypto_Fraudster_Zhangs_Arrest_to_extradition\" title=\"Crypto Fraudster Zhang&#8217;s Arrest to extradition\">Crypto Fraudster Zhang&#8217;s Arrest to extradition<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_hunt_for_Fraudster_Zhang\"><\/span>The hunt for Fraudster Zhang<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Zhang\u2019s extradition on Aug. 20 represents a significant milestone in the global fight against economic crime, particularly in the rapidly evolving digital currency sector.<\/p>\n<p>Zhang, who has been on the run since 2020, was the head of the notorious MBI Group. Since 2012, this criminal organization has been running a sophisticated online pyramid scheme, luring victims by issuing virtual digital currency and promising high returns on investment.<\/p>\n<p>Participants were required to pay fees ranging from 700 to 245,000 yuan ($98 to $34,316) to join the platform, with earnings tied to the recruitment of new members and the amount of funds invested. The scheme eventually ensnared more than 10 million people, with the total funds involved exceeding 100 billion yuan ($14 billion).<\/p>\n<p><em>Might interest you: <a href=\"https:\/\/coinengineer.net\/blog\/dbs-bank-launches-blockchain-based-government-grants-pilot\/\">DBS Bank Launches Blockchain-Based Government Grants Pilot<\/a><\/em><\/p>\n<p>The scale and complexity of the MBI Group\u2019s operations made Zhang one of the most wanted economic crime suspects in China. In November 2020, the Chongqing Municipal Public Security Bureau formally filed a case against Zhang. By March 2021, the Interpol China National Central Bureau had issued a red notice for his arrest.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Crypto_Fraudster_Zhangs_Arrest_to_extradition\"><\/span>Crypto Fraudster Zhang&#8217;s Arrest to extradition<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Zhang\u2019s capture by Thai police on July 21, 2022, was a significant breakthrough, but the extradition process was far from straightforward.<\/p>\n<p>China\u2019s request for Zhang\u2019s extradition was made in accordance with the bilateral treaty between China and Thailand. The Thai Court of Appeal issued a final ruling in favor of extradition on May 21, 2024, and the Thai government subsequently confirmed this decision on Aug. 14, setting the stage for Zhang\u2019s return to China just days later.<\/p>\n<p>This successful operation is the result of coordinated efforts between China\u2019s Ministry of Public Security, the Chinese Embassy in Thailand and Thai law enforcement agencies, all working under the banner of the Ministry\u2019s \u201cFox Hunting Operation.\u201d<\/p>\n<p>Despite China\u2019s crypto ban, the population is still vulnerable to crypto investment scams. In 2021, China implemented a comprehensive ban on Bitcoin, effectively halting all cryptocurrency transactions, as part of a multi-agency effort to clamp down on digital currencies.<\/p>\n<p>Although cryptocurrency transactions are restricted, Chinese authorities recognize crypto as virtual property, granting investors legal protection and allowing them to hold digital assets.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram,\u00a0<\/strong><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>,\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As digital currencies continue to gain popularity worldwide, the risk of related economic crimes also increases. The Chinese government has announced that Zhang Moumou, the mastermind behind a massive crypto pyramid scheme, has been extradited from Thailand to China following an extensive international manhunt. According to local media, this marks the first time China has<\/p>\n","protected":false},"author":6,"featured_media":22813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[393,1530,8114,6711],"class_list":["post-27512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-genel","tag-crypto","tag-crypto-fraud","tag-crypto-fraudster-zhang","tag-crypto-scheme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Pyramid Scheme Leader Extradited to China After Global Pursuit - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crypto-pyramid-scheme-leader-extradited-to-china-after-global-pursuit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Pyramid Scheme Leader Extradited to China After Global Pursuit - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"As digital currencies continue to gain popularity worldwide, the risk of related economic crimes also increases. 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