- The FINTOCH platform falsely claimed ties to Morgan Stanley and promised daily returns of 1%.
- Investigators found that $31.6 million in USDT had been moved across Binance Smart Chain, Tron, and Ethereum.
- Liang lived alone in a luxury Bangkok home where police discovered an illegal firearm.
Thai and Chinese authorities have arrested a Chinese national in Bangkok connected to one of the largest decentralized finance (DeFi) scams of 2023.
The suspect, identified as Liang Ai-Bing, was detained for his alleged role in a cryptocurrency Ponzi scheme that defrauded nearly 100 investors of more than $31 million.
The case, which centers on the FINTOCH platform, highlights how cross-border coordination and blockchain analysis are reshaping global efforts to tackle crypto-related crime.
Inside the FINTOCH scheme
Liang Ai-Bing was arrested on a Wednesday in an upscale Bangkok neighborhood following an intelligence operation coordinated between Thai and Chinese authorities.
FINTOCH, also marketed as Morgan DF Fintoch, operated from December 2022 until May 2023, presenting itself as a legitimate DeFi project while engaging in fraudulent activity.
The platform falsely claimed affiliation with global investment bank Morgan Stanley, a connection Morgan Stanley publicly denied in 2023.
FINTOCH promised investors daily returns of 1% and used a fabricated CEO named “Bob Lambert,” whose image was later revealed to be that of American actor Mike Provenzano.
Singapore’s Monetary Authority had already issued a warning about the platform in early May 2023, weeks before the operators disappeared with millions in investor funds.
Investigators later determined that the scam was orchestrated by a group of five individuals, including Liang.
The 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 May 2023 exit scam.
Blockchain tracing and digital evidence
On-chain investigator ZachXBT first exposed the scam in May 2023 by tracing suspicious fund movements across multiple blockchains.
His analysis showed that the FINTOCH team withdrew $31.6 million in USDT from the Binance Smart Chain and then moved funds through the Tron and Ethereum networks.
Investors soon discovered they could no longer access their accounts or withdraw funds.
Data from Immunefi, a crypto bug bounty platform, indicated that the FINTOCH incident contributed to a 63% increase in crypto-related losses in Q2 2023 compared with the same period the previous year.
When Liang was arrested, authorities found he had been living alone in a rented three-story property in Bangkok’s Wang Thonglang district since late 2023.
The monthly rent for the residence was approximately $4,645.
During a search, police also seized an illegal firearm, resulting in additional charges related to illegal entry and weapons possession.
Cross-border enforcement and potential extradition
The FINTOCH investigation underscores the growing complexity of pursuing crypto crimes that cross national borders.
Thai police worked closely with Chinese authorities to track Liang’s movements after he fled mainland China, as he frequently changed 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 DeFi platforms. Unlike traditional financial institutions, many DeFi projects operate across multiple jurisdictions without clear oversight, allowing bad actors to exploit legal loopholes and avoid accountability.
Authorities in other countries have also stepped up enforcement against similar scams. For example, in October 2025 U.S. officials announced efforts to seize 127,271 BTC—valued at more than $14.2 billion—from Chen Zhi, founder of the Prince Holding Group based in Cambodia, in a case involving coercive “pig-butchering” crypto scams where victims were pressured into fraudulent investments.
The FINTOCH case highlights both the strengths and limitations of blockchain transparency. Transaction records helped investigators trace stolen assets, but the speed of illicit fund movements and the lack of immediate regulation continue to make recovery difficult.
The nearly two-year gap between the May 2023 exit scam and Liang’s arrest in October 2025 demonstrates how international cooperation and blockchain forensic analysis have become essential tools in combating DeFi-related crime.