The Arrest and Extradition of Zhang: A Breakthrough in Crypto Fraud Case
Back in November 2020, the Chongqing Municipal Public Security Bureau took legal action against Zhang, and by March 2021, the Interpol China National Central Bureau issued a red notice for his arrest.
- Zhang’s capture by Thai authorities on July 21, 2022, was a significant development in the investigation.
- The extradition process, however, proved to be intricate and time-consuming.
- China formally requested Zhang’s extradition based on the mutual treaty with Thailand, which led to the Thai Court of Appeal’s ultimate decision supporting extradition on May 21, 2024.
- With the Thai government confirming the ruling on August 14, Zhang’s repatriation to China was imminent.
The Fight Against Illicit Crypto Transactions in 2024
According to a recent Chainalysis report, illicit cryptocurrency transactions saw a decrease overall in 2024, despite a rise in specific types of fraudulent activities in the industry.
- The mid-year crypto crime update, released on August 15, highlighted the growing prevalence of hacking and ransomware incidents within the crypto space.
- Specifically, theft through hacking and ransomware attacks experienced a surge, with the cumulative value of stolen digital assets hitting $1.58 billion by the end of July – an 84% escalation from 2023.
- Although the number of hacking incidents showed a slight increase (2.8% year-over-year), the average amount stolen per hack saw a significant rise.
- In July alone, hackers pilfered around $266 million through 16 separate breaches, causing substantial financial harm to the crypto industry.
- The attack on Indian exchange WazirX on July 18 accounted for a significant portion of the monthly losses, totaling over $230 million.
Hot Take: Upholding Legal Integrity in Crypto Transactions
As the crypto landscape evolves, ensuring the integrity of transactions and combating illicit activities remains a priority for regulatory bodies worldwide. While legal protections are in place for investors, the industry must continue to adapt to emerging threats and safeguard against potential risks.
Sources:
– BITWU.ETH Twitter
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