- China extradites suspected $14 billion crypto scheme leader from Thailand
- The operation duped 10 million members with promises of high returns
- This extradition marks a milestone in international cryptocurrency fraud crackdown
Caught in the Crypto Web
Chinese authorities have successfully extradited a suspected kingpin of a massive cryptocurrency pyramid scheme from Thailand.
The individual, identified only as Zhang but believed to be Malaysian businessman Tedy Teow, is accused of orchestrating a operation that amassed nearly $14 billion in illegal profits.
This marks China’s first financial crime extradition from Thailand in 25 years, signaling a new era in international law enforcement cooperation.
Digital Dollars and Duped Investors
The scheme, which attracted over 10 million members, required participants to pay hefty fees ranging from $98 to $34,300 for platform membership.
In return, they received a virtual digital currency and promises of high returns based on recruitment and investment levels.
The operation’s success hinged on its rebate system, which incentivized members to bring in new recruits and their investments.
A Crypto Crackdown Milestone
This extradition is the culmination of a four-year investigation by Chinese police and represents a significant breakthrough in the global fight against cryptocurrency fraud.
The Chinese Ministry of Public Security hailed the move as a major achievement in China-Thailand law enforcement cooperation, setting a precedent for future international efforts to combat digital financial crimes.
