Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
Share
Thai authorities arrested Liang Ai-Bing, a Chinese national accused of orchestrating a $31 million crypto Ponzi scheme, at a luxury Bangkok residence on October 29, 2025.
According to a local report, the arrest follows a coordinated intelligence operation between Thai and Chinese law enforcement targeting one of Asia’s most notorious digital currency fraud cases.
Liang had been living alone in a three-story home office in Wang Thonglang district since December 2024, paying approximately $4,645 monthly in rent.
Police discovered an unlicensed Beretta pistol and 20 rounds of ammunition during the raid, adding weapons charges to his alleged fraud activities.
The FINTOCH Deception: A Multi-Million Dollar Fraud Network
Chinese authorities allege Liang worked with four accomplices, Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun, to create FINTOCH between December 2022 and May 2023.
The fraudulent platform promised investors 1% daily returns while falsely claiming ownership by investment giant Morgan Stanley.
The scheme attracted victims across multiple Asian countries before collapsing spectacularly.
The operation was methodically organized with distinct roles. Liang and Tang handled platform development while Al and Wu managed public relations and promotion.
Zuo oversaw marketing operations before being arrested by Chinese authorities and released on bail, making him the only suspect who did not flee the country.
The division of labor allowed the team to maintain a professional facade while systematically defrauding investors.
On-chain investigator ZachXBT exposed the scheme’s collapse in May 2023, when the team exit-scammed, withdrawing 31.6 million USDT from Binance Smart Chain.
The stolen funds were bridged across multiple addresses on Tron and Ethereum networks as investors simultaneously reported withdrawal failures.
Both Singapore’s Monetary Authority and Morgan Stanley had issued public warnings about the scheme before its collapse, with Morgan Stanley explicitly stating it had no affiliation with FINTOCH and does not conduct business through social media or mobile applications.
From Actors to Assets
The FINTOCH operation employed sophisticated deception tactics that extended beyond traditional fraud methods.
The website featured “Bobby Lambert” as CEO, though he was actually a paid actor with no connection to financial services.
The fraudulent team even obtained a CertiK audit to lend legitimacy to their operation, exploiting investors’ trust in third-party security assessments.
The scheme held promotional events in Dubai in May 2023, attracting representatives from 19 countries and featuring purported blockchain experts lending false credibility.
William, listed as Chairman of FINTOCH’s Board of Directors, announced plans for an FTC public chain and claimed the company would list on NASDAQ.
The event featured speeches by alleged representatives of the United Nations World Blockchain Group, which further enhanced the illusion of legitimacy.
The fraud network later attempted to continue operations through rebranded projects.
In October 2023, the same team launched FinSoul, a gaming platform that allegedly exit scammed another $1.6 million through market manipulation.
Security firm CertiK identified identical executives between FINTOCH and the rebranded Standard Cross Finance, all of whom were confirmed as entertainment industry actors rather than financial professionals.
The FinSoul token was deployed on BNB Smart Chain, trading at $0.39 before surging to $17.57, only to collapse to nearly zero within hours as the team drained $1.6 million in USDT from the liquidity pool.
Justice Across Borders
Liang now faces illegal firearm possession, ammunition charges, and illegal entry into Thailand as a foreign national.
Thai authorities are coordinating extradition proceedings with Chinese officials, during which he could face charges related to defrauding nearly 100 victims of over 100 million yuan, approximately $14 million, according to Chinese reports.
However, blockchain evidence suggests the total amount exceeded $31 million when international victims are included.
Notably, Liang’s arrest comes amid an escalating wave of crypto-related fraud cases across Asia.
Back in March, Thai authorities also apprehended Wu Di, a 27-year-old Chinese woman accused of stealing over $17.7 million through Facebook-based investment scams over two months.
In fact, most recently, Zhimin Qian, another Chinese national in the UK, pleaded guilty to her role in the world’s largest crypto seizure, totaling more than $6.7 billion.
Qian masterminded an investment scam in China between 2014 and 2017, targeting over 128,000 victims before UK authorities seized 61,000 BTC.
Credit: Source link
