Thailand has extradited Malaysian businessman Tedy Teow, also known as Zhang Yufa, to China over a massive cryptocurrency scam amounting to more than 100 billion yuan (US$14 billion). This marks the first extradition under the Thailand-China treaty since 1999. Teow, the founder of MBI Group, is accused of running a pyramid scheme that defrauded over 10 million investors, primarily Chinese nationals, through unlicensed cryptocurrencies. Arrested in Thailand in 2022 after fleeing Malaysia, Teow’s extradition was finalized by a Thai court in May 2024, despite Malaysia also seeking his return for fraud charges. China lauded the extradition as a significant step in cross-border crime cooperation. The move aligns with China’s broader efforts to enhance international collaboration against transnational crimes like online gambling and telecom fraud.

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