China Extradites Suspect in $14 Billion Cryptocurrency Scheme
China successfully extradited Zhang, the alleged leader of the MBI Group, accused of running a $14 billion cryptocurrency pyramid scheme. Zhang attracted over 10 million investors with promises of high returns through a virtual digital currency platform.
Zhang’s Involvement and Investigation
Zhang’s fraudulent scheme required participants to pay fees ranging from 700 yuan to 245,000 yuan for platform membership, accumulating funds of over 100 billion yuan. The investigation into Zhang began in November 2020 in Chongqing, China, leading to his arrest in Thailand in July 2022 and subsequent extradition in August 2024.
Significance of Extradition
This extradition marks the first under the China-Thailand treaty since 1999, showcasing China’s commitment to combat financial crimes and uphold the law. Chinese authorities emphasized their dedication to safeguarding citizens’ rights through this extradition process.
