Chinese authorities said on Friday that they have extradited from Thailand a suspected leader of a crypto pyramid scheme that generated nearly $14 billion in illegal profits.

China identified the suspect only as Zhang, but news reports said he is Tedy Teow, a Malaysian businessman arrested by Thai authorities in 2022. According to the Chinese government, this is the first time in 25 years that a financial crime suspect has been extradited from Thailand to China.

The South China Morning Post noted that Teow — full name Tedy Teow Wooi Huat — is also known as Zhang Yufa. He founded the MBI Group conglomerate in 2012.

As part of the pyramid scheme, participants were required to pay fees ranging from 700 yuan ($98) to 245,000 yuan ($34,300) to obtain platform membership, authorities said. In exchange, they were issued a virtual digital currency.

The scheme attracted participants by offering high returns on their investments. The rebate system was based on two factors: the number of new members each participant could recruit and the amount of money invested by these new recruits.

Over the years, the network attracted more than 10 million members and investments of 100 billion yuan ($14 billion), authorities said.

The Chinese Ministry of Public Security stated that the extradition is “a major achievement in China-Thailand law enforcement and judicial cooperation” and will serve as a positive example for future extradition cooperation between China and other countries.

Teow’s extradition follows a nearly four-year investigation by Chinese police, initiated in November 2020.

Cryptocurrency pyramid schemes — such as the OneCoin and Bitconnect operations — have drawn attention from governments around the globe.