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

Thai police arrested Liang Ai-Bing, a Chinese national, over his alleged involvement in a $14 million Ponzi scheme linked to the fraudulent DeFi platform FINTOCH. Liang, part of a five-person operation, allegedly promised investors 1% daily returns and falsely claimed affiliation with Morgan Stanley. The platform collapsed in May 2023 after reportedly scamming users, with on-chain analysts tracing $31.6 million in withdrawals as the largest exit scam of that year. Authorities acted upon intelligence collaboration between Thai and Chinese law enforcement, leading to a raid in an upscale Bangkok residence where an illegal firearm was also discovered. Liang faces charges of illegal firearm possession and unlawful entry into Thailand, with efforts underway for his extradition to China. Other implicated individuals in the operation have been identified, with some fleeing or previously arrested. This case is part of broader concerns regarding cryptocurrency fraud, affecting countless victims internationally.

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