Bangkok Arrest Exposes $31M Crypto Ponzi Scheme

Thai authorities, acting on joint intelligence with Chinese law enforcement, arrested Liang Ai-Bing, one of five suspects behind the FINTOCH cryptocurrency Ponzi scheme, at an upscale residence in Bangkok. The FINTOCH platform, which operated between December 2022 and May 2023 under the guise of "Morgan DF Fintoch" and falsely claimed affiliation with Morgan Stanley, defrauded nearly 100 investors of over $31 million by promising 1% daily returns. The exit scam was exposed in May 2023 by investigator ZachXBT, who tracked $31.6 million in USDT being moved from Binance Smart Chain across Tron and Ethereum networks. During the arrest, an illegal firearm was found, leading to additional charges for Liang. The case highlights the complex jurisdictional challenges in pursuing cross-border crypto fraud, as Thai authorities are now coordinating Liang's extradition to China.

(Source：BeInCrypto)