The FINTOCH platform falsely claimed ties to Morgan Stanley and promised 1% each day returns.
Investigators discovered $31.6 million in USDT moved throughout Binance Sensible Chain, Tron, and Ethereum.
Liang lived alone in a luxurious Bangkok residence, the place police discovered an unlawful firearm.
Thai and Chinese language authorities have arrested a Chinese language nationwide in Bangkok linked to one of many largest decentralised finance scams of 2023.
The suspect, recognized as Liang Ai-Bing, was detained over his alleged function in a cryptocurrency Ponzi scheme that defrauded practically 100 buyers of greater than $31 million.
The case, involving the FINTOCH platform, as per a BeInCrypto report, exposes how cross-border coordination and blockchain evaluation are reshaping international efforts to fight crypto-related crimes.
Contained in the FINTOCH rip-off
Liang Ai-Bing was arrested on Wednesday in an upscale Bangkok neighbourhood after a coordinated intelligence operation between Thai and Chinese language authorities.
The FINTOCH platform, often known as Morgan DF Fintoch, operated between December 2022 and Might 2023, falsely advertising itself as a reliable decentralised finance venture.
It claimed to be affiliated with international funding financial institution Morgan Stanley — an affiliation that Morgan Stanley publicly denied in 2023.
The fraudulent platform promised buyers each day returns of 1% and offered a fictional chief govt named Bob Lambert, whose photograph turned out to be that of an American actor, Mike Provenzano.
The Financial Authority of Singapore had already issued a warning concerning the platform in early Might 2023, weeks earlier than it vanished with tens of millions in investor funds.
Investigators later revealed the rip-off was orchestrated by 5 people, together with Liang.
The opposite suspects had been recognized as Ai Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun.
Whereas Zuo was detained in China and later launched on bail, the remaining suspects fled throughout borders after the exit rip-off in Might 2023.
Blockchain path and digital proof
On-chain investigator ZachXBT first uncovered the rip-off in Might 2023, monitoring suspicious fund actions throughout a number of blockchains.
His analysis discovered that the FINTOCH group withdrew $31.6 million in USDT from Binance Sensible Chain and later transferred it by the Tron and Ethereum networks.
Victims quickly found they may not entry their accounts or withdraw funds.
Knowledge from Immunefi, a crypto bug bounty platform, confirmed that the FINTOCH case contributed to a 63% rise in cryptocurrency-related losses within the second quarter of 2023 in comparison with the identical interval the earlier 12 months.
When Liang was arrested, authorities discovered he had been dwelling alone in a rented three-storey property in Bangkok’s Wang Thonglang district since late 2023.
The month-to-month hire for the residence was roughly $4,645.
In the course of the search, police additionally seized an unlawful firearm, resulting in extra expenses for illegal entry and possession of a weapon.
Cross-border enforcement and extradition
The FINTOCH investigation has highlighted the rising complexity of prosecuting cryptocurrency crimes that transcend nationwide borders.
Thai police labored intently with Chinese language authorities to hint Liang’s actions after he fled mainland China, steadily shifting places to keep away from seize.
Discussions are underway to extradite him to China, the place he’ll face fraud expenses.
The case has additionally renewed consideration on regulatory gaps surrounding decentralised finance platforms.
Not like conventional monetary establishments, DeFi initiatives usually function throughout a number of jurisdictions with out clear oversight.
This allows unhealthy actors to take advantage of authorized loopholes and evade accountability.
Authorities in different international locations are additionally cracking down on related scams.
In October 2025, US officers introduced they had been in search of to grab 127,271 BTC — valued at over $14.2 billion — from Chen Zhi, founding father of Cambodia-based Prince Holding Group.
The case concerned “pig butchering” scams, the place victims had been coerced into fraudulent crypto investments underneath risk or manipulation.
The FINTOCH case underscores each the potential and the restrictions of blockchain transparency.
Whereas transaction information helped investigators observe stolen property, the pace of execution and lack of fast regulation proceed to make restoration troublesome.
The practically two-year hole between the Might 2023 rip-off and Liang’s October 2025 arrest illustrates how worldwide cooperation and forensic blockchain evaluation have gotten important in tackling DeFi-related crimes.
