Crypto Scammer Extradited From Thailand

Chinese authorities revealed they extradited the suspect of a “mega economic crime” with the help of Thai law enforcement.

Chinese authorities have announced the successful extradition of a major economic crime suspect from Thailand. The suspect, identified as Zhang Moumou, is now in China after being wanted for his involvement in a massive cryptocurrency pyramid scheme.

The extradition, which took place on Tuesday evening, marks the first time an economic crime suspect has been extradited from Thailand by China since the two countries signed an extradition treaty in 1999.

According to the Ministry of Public Security (MPS), the extradition was part of "Operation Fox Hunt," a joint effort by the Chinese embassy in Thailand, Thai authorities, the MPS, and relevant domestic departments.

The operation was launched in 2014 to track down and repatriate Chinese economic crime suspects who had fled abroad.

Zhang is suspected of having organized and led a crypto pyramid scheme that affected millions of people, prompting authorities to classify him as a "major economic crime suspect."

The person in charge of the "Operation Fox Hunt" office said the successful extradition was a "major achievement of the law enforcement and judicial cooperation between China and Thailand."

They also noted the milestone's importance in forging a cooperative relationship between the two countries and other nations in the future.

The report alleges that Zhang was the head of the MBI Group, which operated an online crypto pyramid scheme that lured users with crypto and promised high returns on investments.

Customers were asked to pay fees ranging from 700 Yuan to 245,000 Yuan (around $98 and $34,300) to obtain membership to the crypto platform.

Participants were also offered incentives for recruiting new users, with the earnings tied to the number of new members brought and the amount invested by the victims.

Through this method, the crypto scheme managed to entrap over 10 million members from 2012 to 2019, with the total amount involved exceeding 100 billion Yuan, which is around $14 billion.

In 2020, the Chongqing Municipal Public Security Bureau (PSB) began investigating Zhang after filing a case against the criminal.

Following the investigation, the Chinese National Central Bureau (NCB) of Interpol issued a red notice alert for the fugitive in 2021.

Zhang, who had been at large for two years, was captured by Thai police on July 21, 2022.

After the arrest, Chinese authorities submitted an extradition request under the bilateral extradition treaty, which was granted in May 2024 by Thailand's Court of Appeal.

Ultimately, Thailand's government supported the court's final decision on August 14, setting the end of the international manhunt to August 20, 2024.