Chinese Man Arrested in Bangkok Over Alleged $14M Crypto Ponzi Scheme

Thai police have arrested Liang Ai-Bing, a Chinese national, in Bangkok over an alleged $14 million crypto scam linked to the fraudulent platform FINTOCH. Promising daily returns of 1%, FINTOCH claimed connections to Morgan Stanley and employed an actor as a fake CEO. The operation, which spanned from December 2022 to May 2023, is considered one of the largest exit scams in decentralized finance (DeFi) with losses totaling $31.6 million in USDT. Authorities executed a raid on Liang's rented upscale apartment due to collaborative intelligence from Thai and Chinese police, resulting in his arrest and the discovery of an illegal firearm. Other suspected members of this operation include Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun, with Zuo arrested in China. Liang faces extradition to China and charges related to illegal firearm possession and unlawful entry. The case highlights ongoing concerns in the crypto sector over scams and fraud, as reflected in an increase in reported losses since the collapse of FINTOCH.

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