After a protracted international manhunt, the Chinese government has revealed that Zhang Moumou, the mastermind behind a huge crypto pyramid fraud, has been extradited from Thailand to China.
Moumou The First Criminal Extradited To China Since Its Treaty With Thailand In 1999
Since the two nations signed the China-Thailand Extradition Treaty in 1999, this is the first time China has successfully extradited a Thai suspect in an economic crime, according to local media.
Zhang was the leader of the infamous MBI Group and has been missing since 2020. This criminal group has been operating an intricate online pyramid scheme since 2012. They entice victims with the promise of large returns on investment and virtual money.
To use the platform, participants had to pay fees that ranged from 700 to 245,000 yuan ($98 to $34,316). Earnings were dependent on how much money was invested and how many new members they brought on board.
Over 10 million people were eventually duped by the operation, which involved more than 100 billion yuan ($14 billion).
Zhang is one of the most sought-after suspects in China’s economic crime scene due to the scope and intricacy of the MBI Group’s operations. Zhang was the subject of a formal complaint filed by the Chongqing Municipal Public Security Bureau in November 2020.
A red notice for his arrest had been issued by the Interpol China National Central Bureau by March 2021.
RELATED: Justin Sun Sends The Internet Wild With ‘China Unbans Crypto’ Tweet
China’s Relationship With Crypto
China has banned cryptocurrencies, but the populace is still susceptible to scams involving cryptocurrency investments. In 2021, as part of a multi-agency crackdown on digital currencies, China enacted a total ban on Bitcoin, thereby stopping all cryptocurrency transactions.
However, there has been much speculation recently that China is gearing up to unban crypto, with Tron founder, Justin Sun even posting on X recently, saying as much.
BONUS: ShibaShootout (SHIBASHOOT) Presale Raises $1 Million In First Month
Shiba Shootout ($SHIBASHOOT) has blasted past a key milestone during its presale stage. As of today, it has raised more than $1 million with investors going crazy for this P2E meme coin.
Its mobile game Shiba Sharpshooter has already had over 1,000 downloads via the Google Play Store and Apple Store, with a native Web3 app coming soon.
Currently, SHIBASHOOT is available at $0.0199 per token and there are less than 24 hours before the next price stage. This is your last chance to secure a bag at these prices and to top it off, the team have built a staking protocol for the presale stage.
You can instantly stake your SHIBASHOOT for an incredible 930% APY. The steps are simple, secure your bag, stake your tokens and kick-back, download the game and get playing!
EXPLORE: Pepe Unchained Raises Record-Breaking $10M in Presale, 2 Days Left to Secure Lowest Price
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
