Key Takeaways:

Zhang Moumou, leader of the MBI Group, was extradited to China after orchestrating a $14 billion crypto pyramid scheme affecting over 10 million victims.
The scheme, running since 2012, was a major target of China’s “Fox Hunting Operation,” with Zhang evading capture until 2022.
Zhang’s extradition underscores ongoing risks of crypto crimes, despite China’s 2021 ban on cryptocurrency transactions.

Zhang Moumou, the leader of the notorious MBI Group, was extradited to China from Thailand after a global manhunt, marking a significant achievement in China’s fight against economic crime.

Zhang masterminded a massive crypto pyramid scheme, enticing over 10 million victims since 2012 with promises of high returns on digital currency investments.

🇨🇳 The mastermind behind a large-scale cryptocurrency pyramid scheme, Zhang Moumou, has been extradited from Thailand to China following an extensive international manhunt.👀 pic.twitter.com/rmcJ2gvWWz
— Crypto Crib (@Crypto_Crib_) August 23, 2024

The scheme collected more than 100 billion yuan ($14 billion) by requiring participants to pay entry fees and recruit new members.

Zhang had been evading capture since 2020 until his arrest by Thai police in 2022.

🇨🇳 The Chinese government has received Zhang Moumou, extradited from Thailand, suspected of running a crypto pyramid scheme worth about $14 billion.https://t.co/sWPzFbeQUY
— GN Crypto (@GNcrypto_news) August 23, 2024

His extradition, confirmed on August 20, 2024, was a result of coordinated efforts under China’s “Fox Hunting Operation.”

This case highlights the ongoing risk of crypto-related crimes despite China’s comprehensive ban on cryptocurrency transactions since 2021, which was intended to protect citizens from such scams.