China extradites suspect in $14b crypto pyramid scheme from Thailand

China extradited suspect involved in $14 billion cryptocurrency pyramid scheme in Thailand.

The suspect, identified as Zhang, is accused of running MBI Group, which allegedly lured more than 10 million investors with promises of high returns since 2012.

Zhang’s scheme requires participants to pay fees ranging from 700 yuan ($98) to 245,000 yuan ($34,300) in exchange for membership on the platform by issuing virtual digital currency, according to China’s Ministry of Public Security.

The group reportedly raised more than 100 billion yuan ($14 billion).

This was the first financial crimes suspect to be extradited under the China-Thailand extradition treaty that came into force in 1999.

Zhang investigation

An investigation into Zhang was launched by police in Chongqing, China, in November 2020. In March 2021, Interpol issued a red notice for Zhang, leading to his arrest by Thai authorities in July 2022.

A Thai court ordered Zhang’s extradition to China in May 2023, and the extradition was completed on August 20, 2024.

Chinese authorities stressed that this extradition demonstrates their determination to protect citizens’ rights and enforce the law.