China has successfully extradited a suspect, known only by the surname Zhang, from Thailand. Zhang is accused of orchestrating a large-scale pyramid scheme that involved cryptocurrency, drawing in billions of dollars. This case marks the first financial criminal extradition between China and Thailand under an agreement that has been in place since 1999.
Extradition of Zhang: A Landmark Financial Crime Case
Zhang is alleged to have been the leader of the pyramid scheme under the name “MBI Group,” which started operations in 2012. Through this scheme, Zhang reportedly attracted over 10 million members by offering memberships that promised high returns. These memberships were sold at fees ranging from 700 yuan ($98) to 245,000 yuan ($34,300), and were tied to cryptocurrency issuance. The total funds involved in this fraudulent activity are said to have exceeded 100 billion yuan, equivalent to approximately $14 billion.
China’s Ministry of Public Security revealed that the arrest of Zhang came as a result of a collaboration between Chinese and Thai authorities, known as the “Hunting Fox” task force. On Wednesday, Zhang was handed over to Chinese authorities following his extradition from Thailand. Zhang’s case has drawn significant attention because it is the first financial crime that has led to an extradition through the China-Thailand treaty since its implementation.
An investigation into Zhang’s activities first began in Chongqing, a major city in southwestern China, in November 2020. In March 2021, the Chinese branch of Interpol issued a red notice for Zhang, making him a wanted man across international borders. Following this, Zhang was arrested in Thailand in July 2022. A Thai court eventually ruled in May of this year that Zhang should be extradited back to China.
Despite China imposing a ban on cryptocurrency trading on the mainland in 2021, many investors have continued to seek ways around the restrictions. In one related case, Chinese authorities uncovered an underground banking operation in May that involved at least 13.8 billion yuan ($1.9 billion) in transactions. This illegal network used the USDT stablecoin for foreign currency exchanges.
In an effort to combat the increasing use of cryptocurrency in illicit activities, Chinese legal authorities have recently broadened their definition of money laundering. Earlier this week, China’s top judicial institutions included the use of cryptocurrencies for moving illegal funds in their legal interpretation. This shift will make it easier for law enforcement to investigate and prosecute cases of money laundering linked to cryptocurrencies.
Thai Government Extradites $14bn Crypto Pyramid Scheme Operator To China 🇹🇭➡️🇨🇳
Click below to find out more 👇👇👇https://t.co/tObgjBKhNG
— CryptoSavingExpert ® (@CryptoSavingExp) August 25, 2024
The Meme Games: A Crypto Presale With Olympic-Themed Gamification
“The Meme Games” ($MGMES), a unique and gamified crypto presale, draws inspiration from the Olympic Games and combines it with the excitement of meme coins. This presale project has captured attention as one of the standout crypto offerings of the year by blending the thrill of sports with the popularity of meme coins. Its Olympic-style environment and athlete-inspired meme characters make it particularly appealing to the crypto community, especially among those who enjoy engaging in decentralized and playful ecosystems.
During the presale phase, investors are presented with the option to support a “meme athlete” of their choice. These meme athletes then compete in a virtual 169-meter dash, with the winning athlete earning its supporters a 25% bonus on their investments. However, the competition isn’t limited to a single race—investors who back a losing meme athlete can reinvest in $MGMES and try their luck again, providing multiple opportunities to engage and potentially profit.
One of the key features that sets The Meme Games apart is its incorporation of gamification into the investment process. By connecting the presale timeline with the Olympics, the project creates a sense of urgency and anticipation. The presale is scheduled to end on September 8, 2024, aligning with the conclusion of the Olympic Games. Shortly after, on September 10, 2024, the project will make its debut on a decentralized exchange (DEX), just hours after the Olympic closing ceremony.
In addition to its gamified presale, The Meme Games also offers staking opportunities. Investors have the chance to stake their $MGMES tokens and generate passive income, adding an extra layer of incentive for long-term participation in the platform. This staking feature increases the project’s overall appeal by offering more than just short-term gains, encouraging sustained engagement from investors.
By leveraging the global fascination with the Olympic Games and intertwining it with the internet’s love for meme culture, The Meme Games has created a unique offering that is attracting significant attention in the crypto space. Its randomized and equitable competitions provide a fair playing field for investors, while its staking rewards offer additional opportunities for investors to enhance their earnings. As a result, The Meme Games is emerging as a leading option in this year’s crypto presale market.
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