Lawrence Damilola
Zhang Moumou, the leader of the notorious MBI Group, has been extradited from Thailand to China following a lengthy international manhunt.
Local Chinese media outlet The Paper reports that this extradition is the first case involving an economic crime under the China-Thailand Extradition Treaty, which was signed in 1999. Zhang’s operation, which began in 2012, involved an online pyramid scheme offering high returns through virtual digital currencies.
According to the report, the scheme required participants to pay fees ranging from 700 to 245,000 yuan ($98 to $34,316) to join. Earnings were linked to recruiting new members and the level of funds invested. More than 10 million people were reportedly involved, with total funds exceeding 100 billion yuan ($14 billion). Zhang’s role in the operation made him one of China’s most wanted economic crime suspects.
The Chongqing Municipal Public Security Bureau formally charged Zhang in November 2020. By March 2021, Interpol’s China National Central Bureau issued a red notice for his arrest. Thai police apprehended Zhang on July 21, 2022. However, the extradition process was complex, involving multiple legal steps. China officially requested Zhang’s extradition under the bilateral treaty, leading to a ruling by the Thai Court of Appeal on May 21, 2024, in favor of extradition. The Thai government confirmed the decision on August 14, 2024, and Zhang was sent back to China shortly after that.
This extradition resulted from a collaboration between China’s Ministry of Public Security, the Chinese Embassy in Thailand, and Thai law enforcement agencies. The joint operation was conducted under China’s “Fox Hunting Operation,” which targets suspects involved in economic crimes.
Despite a strict ban on cryptocurrency transactions in China since 2021, scams involving digital assets continue to target the population. Chinese authorities recognize cryptocurrency as virtual property, providing legal protection for investors holding digital assets.
A recent mid-year crypto crime update by Chainalysis, released on August 15, revealed that while overall illicit transactions involving cryptocurrency have decreased in 2024, specific activities such as hacking and ransomware have surged. According to the report, stolen cryptocurrency funds reached $1.58 billion by the end of July, an 84% increase compared to 2023. One significant incident in July saw hackers steal $266 million, with $230 million linked to an attack on the Indian crypto exchange WazirX.
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Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
