- The FINTOCH platform falsely claimed ties to Morgan Stanley and promised a daily return of 1%.
- Investigators traced $31.6 million in USDT moving across Binance Smart Chain, Tron and Ethereum.
- Liang was living alone in a luxury Bangkok residence, where police found illegal firearms.
Thai and Chinese authorities have arrested a Chinese national in Bangkok who is linked to one of the largest decentralized finance (DeFi) frauds of 2023.
The suspect, identified as Liang Ai-Bing, was detained for his alleged role in a crypto Ponzi scheme that defrauded nearly 100 investors of more than $31 million.
The case, involving the platform FINTOCH, revealed how cross-border coordination and blockchain analysis reshaped international efforts to combat crypto-related crime.
Inside the FINTOCH Scam
Liang Ai-Bing was arrested on Wednesday in an upscale Bangkok neighborhood following an intelligence operation coordinated between Thai and Chinese authorities.
FINTOCH, also known as Morgan DF Fintoch, operated between December 2022 and May 2023, falsely marketing itself as a legitimate DeFi financial project.
The platform claimed an affiliation with global investment bank Morgan Stanley — an association Morgan Stanley publicly denied in 2023.
FINTOCH promised investors a daily return of 1% and presented a fictional CEO named Bob Lambert; the photo used for this figure was actually of an American actor, Mike Provenzano.
Singapore’s Monetary Authority had already issued a warning about the platform in early May 2023, several weeks before FINTOCH disappeared with millions in investor funds.
Investigators later revealed the scheme was orchestrated by five individuals, including Liang.
Other suspects were identified as Ai Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun.
While Zuo was detained in China and later released on bail, the remaining suspects fled across borders after the scam unraveled in May 2023.
Blockchain Trail and Digital Evidence
Blockchain researchers at ZachXBT first exposed the scam in May 2023, tracing suspicious fund movements across multiple chains.
Their work showed that the FINTOCH team withdrew $31.6 million in USDT from Binance Smart Chain and then routed it through the Tron and Ethereum networks.
Victims soon discovered they could no longer access their accounts or withdraw funds.
Data from Immunefi, a bug bounty and crypto security platform, indicated that the FINTOCH case contributed to a 63% increase in crypto-related losses in Q2 2023 compared with the same period the prior year.
When Liang was arrested, authorities found he had been living alone in a three-story rented property in Bangkok’s Wang Thonglang district since late 2023.
The monthly rent for the residence was roughly $4,645.
During the search of the property, police also seized illegal firearms, resulting in additional charges for illegal importation and possession of weapons.
Cross-Border Enforcement and Extradition
The FINTOCH investigation highlighted the growing complexity of prosecuting crypto crimes that span multiple jurisdictions.
Thai police worked closely with Chinese authorities to track Liang’s movements after he fled mainland China, frequently changing locations to evade capture.
Discussions are underway to extradite him to China, where he is expected to face fraud charges.
The case has renewed attention on regulatory gaps surrounding decentralized finance platforms.
Unlike traditional financial institutions, many DeFi projects operate across jurisdictions without clear oversight, creating opportunities for bad actors to exploit legal loopholes and avoid accountability.
Authorities in other countries have also pursued similar scams. In a separate high-profile case, U.S. officials announced efforts in October 2025 to seize 127,271 BTC — worth more than $14.2 billion — from Chen Zhi, founder of Prince Holding Group, in a scheme involving so-called “pig-butchering” fraud, where victims are coerced or manipulated into making crypto investments.
The FINTOCH case underscores both the strengths and limitations of blockchain transparency. Transaction records enabled investigators to trace stolen assets, but the speed at which funds move and the lack of timely regulation continue to impede recovery efforts.
The nearly two-year gap between the May 2023 scam and Liang’s arrest in October 2025 illustrates how international cooperation and forensic blockchain analysis have become essential tools in tackling DeFi-related crime.