China’s Ministry of Public Security announced that the main suspect in a digital currency pyramid scheme has returned $14 billion to China in collaboration with Thai authorities. The individual, Zhang Moumou, was wanted from 2020 to 2022 and is the first economic criminal extradited from Thailand to China since the two countries signed an extradition treaty in 1999. Zhang is accused of leading the MBI group since 2012, which defrauded more than 10 million people with the promise of large profits from digital currencies. Members paid between $98 and $34,300 to join the platform and were rewarded for attracting new members. Zhang was arrested in Thailand in July 2022 and eventually returned to China on August 20 (August 30, 2024). Chinese authorities described the extradition as an important achievement in judicial cooperation between the two countries.
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