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

Thai police have arrested Liang Ai-Bing, a Chinese national, over an alleged $14 million Ponzi scheme involving the now-defunct platform FINTOCH. The operation promised investors daily returns of 1% and falsely claimed backing from Morgan Stanley, ultimately leading to an exit scam in May 2023 which has been identified as one of the largest of the year. Liang was arrested at a luxury residence in Bangkok, where he had been evading Chinese law enforcement since December 2022. Authorities are coordinating his extradition to China as he faces charges related not only to the scam but also to illegal firearm possession. FINTOCH had attracted nearly 100 investors, amassing around $31 million before it collapsed, with allegations that it used a staged CEO and misrepresented its affiliations. This case exemplifies the broader issues of crypto fraud that have increasingly victimized individuals globally, culminating in significant financial losses.

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