Thai Police Arrest Chinese Man in $14M FINTOCH Crypto Ponzi Crackdown
Thai authorities have arrested Chinese national Liang Ai-Bing, accused of orchestrating a $14 million crypto Ponzi scheme connected...
Quick overview
- Thai authorities arrested Chinese national Liang Ai-Bing for orchestrating a $14 million crypto Ponzi scheme linked to the fraudulent platform FINTOCH.
- Liang was part of a five-member team that promoted FINTOCH, which falsely claimed to be backed by Morgan Stanley and promised investors 1% daily returns.
- The investigation revealed nearly 100 victims in China, and Liang faces extradition to China for financial fraud and illegal firearm possession.
- The FINTOCH scam contributed to a 63% increase in crypto-related thefts in Q2 2023, highlighting the growing complexity of digital asset fraud.
Thai authorities have arrested Chinese national Liang Ai-Bing, accused of orchestrating a $14 million crypto Ponzi scheme connected to the defunct platform FINTOCH. The arrest took place during a raid on a luxury three-story residence in Bangkok’s Wang Thonglang district, where officers also seized an illegal firearm.
According to Thailand’s Crime Suppression Division, Liang was part of a five-member team that developed and promoted FINTOCH, a fraudulent decentralized finance (DeFi) platform that lured investors with promises of 1% daily returns. The platform falsely claimed backing from Morgan Stanley, which the investment bank later publicly denied.
Liang had reportedly rented the property for about $4,645 per month while evading Chinese authorities. His arrest followed joint intelligence cooperation between Thai and Chinese police, leading to a Criminal Court-issued search warrant.
Key details from the investigation:
- Arrested: Liang Ai-Bing, Chinese national
- Charges: Illegal firearm possession, unlawful entry, crypto fraud
- Scam size: Approximately $14 million stolen
- Victims: Nearly 100 investors in China
FINTOCH: A Fake CEO, False Promises, and Exit Scam
FINTOCH, marketed as “Morgan DF Fintoch,” gained notoriety in 2023 after its founders disappeared with investors’ funds. The platform used fabricated executive profiles, including a supposed CEO “Bob Lambert,” who was later identified as actor Mike Provenzano, known for small film appearances.
The scam’s unraveling was first traced by on-chain analyst ZachXBT, who reported in May 2023 that 31.6 million USDT had been bridged from Binance Smart Chain to Tron and Ethereum, rendering users unable to withdraw. ZachXBT described it as “2023’s largest DeFi exit scam.”
The Monetary Authority of Singapore had warned users about FINTOCH weeks before its collapse, but the founders still managed to drain investor funds. Chinese police identified additional suspects—Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun—with one, Zuo, later arrested and released on bail.
Global Impact of Rising Crypto Fraud
According to Immunefi, the FINTOCH rug pull was among two major incidents that caused a 63% year-over-year increase in crypto-related thefts in Q2 2023. The scam highlights the growing complexity of cross-border digital asset fraud and the challenges law enforcement faces in tracking decentralized financial crimes.
Liang now faces extradition to China to stand trial for financial fraud and firearm possession, marking a major international effort against crypto-related crime.
Earlier this month, U.S. prosecutors announced the forfeiture of 127,271 BTC (worth $14.2 billion) linked to another massive Southeast Asian crypto scam involving human trafficking and coerced “pig-butchering” operations—underscoring how crypto fraud continues to evolve into a global security concern.
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