Organizer of FINTOCH crypto scam arrested in Thailand

Key points:

• Chinese citizen Liang Ai-Bing, accused of organizing the large crypto Ponzi scheme FINTOCH, has been arrested in Thailand
• The fraudulent scheme brought the perpetrators more than $31 million and affected investors from various countries.
• The arrest was the result of a joint operation by Thai and Chinese law enforcement agencies.

Thai authorities have arrested Liang Ai-Bing, a Chinese citizen accused of organizing a crypto Ponzi scheme and carrying out a $31 million fraud.

The arrest was the result of a coordinated intelligence operation by Thai and Chinese law enforcement agencies. According to the investigation, this is one of the most high-profile cases of digital currency fraud in Asia.

Since December 2024, Liang had been living alone in a three-story office building in the Wang Tonglang area, paying a monthly rent of about $4645. During a search, police found an unregistered Beretta pistol and 20 rounds of ammunition, adding illegal possession of a firearm to the fraud charges.

The suspect may face charges of fraud against nearly 100 victims totaling approximately $14 million. However, according to blockchain data, the total amount, including victims from other countries, exceeds $31 million.

FINTOCH scam: a multi-million dollar fraudulent network

Chinese authorities claim that Liang collaborated with four accomplices in creating FINTOCH: Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun between December 2022 and May 2023.

The fraudulent platform promised investors a 1% daily return, falsely claiming to be owned by investment giant Morgan Stanley. The scam was well organized: Liang and Tang were in charge of development, Zuo oversaw marketing operations, and Al and Wu handled public relations and promotion. The division of responsibilities allowed the team to maintain a professional appearance while systematically deceiving investors.

In May 2023, the scammers held promotional events in Dubai, attracting representatives from 19 countries and purporting to speak on behalf of blockchain experts.

In October 2023, the same team launched the FinSoul gaming platform with a token of the same name.

The FinSoul token was listed on the BNB Smart Chain and traded at $0,39, after which it rose to $17,57. It then plummeted to almost zero within a few hours as the team withdrew $1,6 million from the liquidity pool.

Who exposed the scam?

Blockchain expert ZachXBT uncovered the scheme in May 2023, when the team withdrew $31,6 million USDT from Binance Smart Chain. The stolen funds were redirected to several addresses on the Tron and Ethereum networks, as investors simultaneously reported problems with withdrawing funds.

Source: x.com

Recently, Thai police, in collaboration with South Korean law enforcement, arrested 25 members of the Lungo Company fraud ring, which stole more than $15,1 million from nearly 900 South Korean citizens.