Crypto

Thailand extradites Malaysian fugitive to China over $14bn cryptocurrency scam

Published

1 year ago

August 24, 2024

Thailand extradites Malaysian fugitive to China over bn cryptocurrency scam

Zhang is first economic crime suspect Bangkok has extradited to China since their 1999 treaty took effect

Tedy Teow is the first suspect in an economic crime that Thailand has turned over to China since an extradition treaty between the two countries took effect 25 years ago. (Photo: CCTV)

A Malaysian businessman accused of leading a fraud syndicate has been extradited from Thailand to China in a case involving more than 100 billion yuan (US$14 billion).

He is the first suspect in an economic crime that Bangkok has turned over to China since an extradition treaty between the two countries took effect in 1999, according to the Chinese public security ministry on Friday.

“The successful extradition … is of landmark significance to the consolidation and deepening of law enforcement and judicial cooperation between China and Thailand,” the ministry said in the release, calling the move a “major achievement”.

The ministry said the suspect was sent to China on Tuesday and only gave the man’s surname: Zhang. This was a reference to Zhang Yufa, better known as Tedy Teow Wooi Huat, the founder of the business conglomerate MBI Group.

Following an investigation, Teow is suspected of running a pyramid scheme and defrauding people, many of them thought to be Chinese nationals, out of money by tricking them into purchasing MBI’s unlicensed and unrecognised cryptocurrency.

More than 10 million investors have fallen prey to the scheme since 2012, and the money involved was worth over 100 billion Chinese yuan, according to the ministry’s statement.

Authorities in the southwest Chinese megacity of Chongqing launched an investigation into Teow in late 2020, and months later the China bureau of the International Criminal Police Organisation issued a worldwide wanted notice for him.

Thai police arrested the businessman in July 2022 after he fled Malaysia. Following that, Beijing submitted a request to Bangkok seeking to have him deported to stand trial in China.

A Thai court issued a final ruling to transfer Teow to China in May, a decision later supported by the Thai government.

Kuala Lumpur had also sought Teow’s deportation to Malaysia, where he is also wanted for fraud. But their request was made after China’s.

MBI Group, which describes itself as having “diversified interests in resources and management developments”, made headlines in October 2019 when about 100 Chinese nationals staged a demonstration outside Beijing’s embassy in Malaysia claiming they had lost their life savings to the firm

The Chinese government has characterised Teow’s case as “extraordinary” and expected the handover of the suspect to set a “positive example” for future extradition cooperation between China and other countries.

China’s top diplomat Wang Yi called for intensified transnational cooperation to combat cross-border crimes in the region, especially online gambling and telecoms fraud, when meeting his counterparts from Thailand, Laos and Myanmar during the Lancang-Mekong Cooperation (LMC) forum in the Thai city of Chiang Mai last week.

Wang said that the four countries had undertaken many collaborative operations and arrested over 50,000 suspects in gambling and fraud cases since last year.

The foreign ministers of all six countries under the Lancang-Mekong Cooperation mechanism, which also includes Cambodia and Vietnam, reached a joint statement on strengthening cooperation in combating transnational crime during the gathering.

“We are deeply concerned about the gravity and seriousness of the persistent and escalating threats posed by transboundary crimes,” the statement said.

“We urge member countries to prioritise cooperation in the areas of anti-drug trafficking as well as curbing telecommunication/online frauds and all kinds of online gambling,” it added, calling all six nations to work together to improve information sharing and border controls.

Related Topics:Asean china crime cryptocurrency Fraud Malaysia scam thailand zhang

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Crypto

SEC Says Cryptocurrency Scam Took $14 Million From Retail Investors | PYMNTS.com

Published

4 hours ago

December 24, 2025

Press Room

SEC Says Cryptocurrency Scam Took Million From Retail Investors | PYMNTS.com

An investment scam allegedly took $14 million from retail investors by connecting with them on social media and convincing them to fund accounts on fake crypto asset trading platforms.

The Securities and Exchange Commission (SEC) outlined the scam in a Monday (Dec. 22) press release announcing that it filed charges against three purported crypto asset trading platforms and four so-called investment clubs.

The regulator filed the charges against the platforms Morocoin Tech, Berge Blockchain Technology, and Cirkor, and the clubs AI Wealth, Lane Wealth, AI Investment Education Foundation, and Zenith Asset Tech Foundation, according to the release.

The SEC’s complaint alleges that the clubs operated on WhatsApp, used social media ads to solicit investors to join the clubs, gained investors’ confidence in group chats, and lured them to open and fund accounts on the platforms.

It alleges that the clubs and platforms then offered “Security Token Offerings” that in fact did not exist and misappropriated at least $14 million from U.S.-based investors.

The regulator’s complaint charges the defendants with violating anti-fraud laws, seeks permanent injunctions and civil penalties against all the defendants, and seeks disgorgement with prejudgment interest against the three platforms.

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“This matter highlights an all-too-common form of investment scam that is being used to target U.S. retail investors with devastating consequences,” Laura D’Allaird, chief of the Cyber and Emerging Technologies Unit at the SEC, said in the release.

The SEC’s Office of Investor Education and Assistance issued an investor alert about this form of fraud on Tuesday.

The FBI’s Internet Crime Complaint Center (IC3) said in April that cryptocurrency fraud led to at least $9.3 billion in losses reported in 2024, a 66% increase over the previous year. These losses stemmed from investment scams, extortion, sextortion and fraudulent activity involving cryptocurrency ATMs and kiosks.

The Federal Trade Commission (FTC) said in March that consumers reported losing more money to investment scams than any other category of fraud in 2024. Consumers reported losing $5.7 billion to investment scams last year, a 24% increase over 2023.

Digital risk protection platform CTM360 said in July that it identified more than 17,000 fake news sites used by scammers to promote investment fraud. These sites are promoted through fake news articles posted through ad platforms or social media, are designed to look like legitimate news outlets, and publish fabricated stories designed to lure readers into scams.

The Justice Department said in June that it filed a civil forfeiture complaint targeting $225.3 million in cryptocurrency that it said was connected to the theft and laundering of funds from victims of cryptocurrency investment fraud schemes.

Crypto

Bitwise Turns ‘Really Bullish’ on Ethereum and Solana as Stablecoins Drive Structural Demand Shift

Published

16 hours ago

December 23, 2025

Press Room

Bitwise Turns ‘Really Bullish’ on Ethereum and Solana as Stablecoins Drive Structural Demand Shift

Bitwise says shifting crypto narratives are really bullish for Ethereum, Solana, and stablecoins, citing structural demand, ETF accumulation exceeding issuance, and regulatory momentum that could drive the market’s next growth phase into 2026 and beyond.

Crypto

Summit County Sheriff’s Office recovers over $100,000 in cryptocurrency investigation

Published

1 day ago

December 23, 2025

Press Room

Summit County Sheriff’s Office recovers over 0,000 in cryptocurrency investigation

SUMMIT COUNTY, Ohio (WOIO) – A City of Green resident reported being the victim of a cryptocurrency investment fraud in early October, resulting in a significant financial loss and opening an investigation.

The Summit County Sheriff’s Office Detective Bureau initiated an investigation utilizing detailed information and financial records provided by the victim.

According to a release from the sheriff’s office, there was assistance from Jackson Township Police Department’s cryptocurrency recovery “Trace Team” and detectives were able to successfully trace and recover $110,000 of stolen funds.

The sheriff’s office reminds the public to remain alert regarding cryptocurrency investment scams and fake investment platforms.

These schemes often begin by encouraging small initial investments that appear to generate returns, creating a false sense of credibility.

The sheriff’s office said once trust is established and larger investments are made, the funds are frequently transferred and become inaccessible.

For public safety, people are encouraged to thoroughly search any investment opportunity and exercise caution when dealing with unsolicited or online investment platforms.

The release from the sheriff’s office says that if anyone believes they may be a victim of cryptocurrency or investment fraud, they should immediately contact their local law enforcement agency and file an online complaint with the FBI’s Internet Crime Complaint Center at www.ic3.gov.

The Summit County Sheriff’s Office said it remains committed to protecting the community and working with partner agencies to investigate and combat financial crimes.