- The FINTOCH platform falsely claimed ties to Morgan Stanley and promised 1% daily returns.
- Investigators discovered that $31.6 million in USDT was moved through Binance Smart Chain, Tron, and Ethereum.
- Liang lived alone in a luxury Bangkok residence where police found an illegal firearm.
Thai and Chinese authorities arrested a Chinese national in Bangkok who is linked to one of the largest financial scams of 2023.
The suspect, identified as Liang Ai-Bing, was detained over his alleged role in a cryptocurrency Ponzi scheme that defrauded nearly 100 investors of more than $31 million.
The case, involving the FINTOCH platform, highlights how cross-border cooperation and blockchain analysis are reshaping global efforts to combat crypto-related crime.
Inside the FINTOCH scam
Liang Ai-Bing was arrested on a Wednesday in an upscale Bangkok neighborhood following a coordinated intelligence operation between Thai and Chinese authorities.
FINTOCH, also known as Morgan DF Fintoch, operated from December 2022 through May 2023, presenting itself as a legitimate decentralized finance project.
The platform falsely claimed affiliation with global investment bank Morgan Stanley — a link the bank publicly denied in 2023.
FINTOCH lured investors with promises of 1% daily returns and promoted a fabricated CEO named “Bob Lambert,” whose image turned out to be that of American actor Mike Provenzano.
Monetary authorities in Singapore issued a warning about the platform in early May 2023, weeks before the service vanished along with millions of investor funds.
Investigators later disclosed that five individuals, including Liang, organized the scheme.
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 abroad after the platform collapsed in May 2023.
Blockchain trail and digital evidence
On-chain researcher ZachXBT first exposed the scam in May 2023 by tracking suspicious fund movements across multiple blockchains.
His analysis revealed that the FINTOCH team withdrew $31.6 million in USDT via Binance Smart Chain and then routed funds through Tron and Ethereum.
Investors quickly found they could no longer access their accounts or withdraw funds.
Data from the crypto bug bounty platform Immunefi showed the FINTOCH incident contributed to a 63% increase in reported crypto losses in Q2 2023 compared with the same quarter the previous year.
When Liang was arrested, authorities found he had been living alone since late 2023 in a rented three-story residence in Bangkok’s Wang Thonglang district.
The monthly rent for the property was approximately $4,645.
During a search of the residence, police also seized an illegal firearm, prompting additional charges related to unlawful entry and weapons possession.
Cross-border enforcement and extradition
The FINTOCH investigation underscores the growing complexity of prosecuting crypto crimes that cross national borders.
Thai police worked closely with Chinese counterparts to trace Liang’s movements after he fled mainland China, frequently changing locations to evade capture.
Discussions are ongoing about extraditing him to China, where fraud charges are expected to be filed.
The case also highlights regulatory gaps tied to decentralized finance platforms. Unlike traditional financial institutions, many DeFi projects operate across multiple jurisdictions with limited oversight.
Those regulatory blind spots can be exploited by bad actors to avoid accountability.
Authorities in other countries continue to address similar frauds. In October 2025, U.S. officials sought to seize 127,271 BTC — valued at more than $14.2 billion — linked to Chen Zhi, founder of Prince Holding Group, in a case involving coercive crypto investment scams.
The FINTOCH affair demonstrates both the potential and the limits of blockchain transparency. Transaction records aided investigators in tracing stolen assets, but the speed of asset movement and the absence of immediate regulatory mechanisms complicate recovery.
The nearly two-year gap between the May 2023 scam and Liang’s arrest in October 2025 illustrates how international collaboration and forensic blockchain analysis have become essential tools for combating DeFi-related crime.