Founder of MBI Group Crypto Pyramid Extradited to China

On August 20, Thai law enforcement handed over Zhang Moumou, the founder of the cryptocurrency pyramid scheme MBI Group, to Chinese authorities. This was reported by Chinese media.

According to journalists, this marks the first successful extradition of a suspect in economic crimes from Thailand to China.

MBI Group had been operational since 2012. Victims were required to pay a fee ranging from 700 to 245,000 yuan ($98 to ~$34,300), with promises of high returns on investments in digital currency. The scam involved over 10 million people, with the total amount of funds raised exceeding 100 billion yuan (approximately $14 billion).

In 2020, a criminal case was opened against Zhang. A year later, Chinese authorities issued a “red notice” for the arrest of the MBI Group founder. He was apprehended on July 21, 2022, in Thailand. The decision for extradition was made by a local court in May of this year.

Previously, Chinese law enforcement had arrested the organizers of the WoToken cryptocurrency pyramid. They had attracted $1 billion in user funds, including 46,000 BTC, over 2 million ETH, 292,000 LTC, 56,000 BCH, and 684,000 EOS.

In February 2022, Chinese police uncovered a fraudulent scheme and confiscated $5.4 million in XRP.