- The FINTOCH platform falsely claimed ties to Morgan Stanley and promised 1% daily returns.
- Investigators found $31.6 million in USDT moved across Binance Smart Chain, Tron, and Ethereum.
- Liang lived alone in a luxury Bangkok home, where police found an illegal firearm.
Thai and Chinese authorities have arrested a Chinese national in Bangkok linked to one of the largest decentralised finance 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, as per a BeInCrypto report , exposes how cross-border coordination and blockchain analysis are reshaping global efforts to combat crypto-related crimes.
Inside the FINTOCH scam
Liang Ai-Bing was arrested on Wednesday in an upscale Bangkok neighbourhood after a coordinated intelligence operation between Thai and Chinese authorities.
The FINTOCH platform, also known as Morgan DF Fintoch, operated between December 2022 and May 2023, falsely marketing itself as a legitimate decentralised finance project.
It claimed to be affiliated with global investment bank Morgan Stanley — an association that Morgan Stanley publicly denied in 2023.
The fraudulent platform promised investors daily returns of 1% and presented a fictional chief executive named Bob Lambert, whose photo turned out to be that of an American actor, Mike Provenzano.
The Monetary Authority of Singapore had already issued a warning about the platform in early May 2023, weeks before it vanished with millions in investor funds.
Investigators later revealed the scam was orchestrated by 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 exit scam in May 2023.
Blockchain trail and digital evidence
On-chain investigator ZachXBT first exposed the scam in May 2023, tracking suspicious fund movements across multiple blockchains.
His research found that the FINTOCH team withdrew $31.6 million in USDT from Binance Smart Chain and later transferred it through the Tron and Ethereum networks.
Victims soon discovered they could no longer access their accounts or withdraw funds.
Data from Immunefi, a crypto bug bounty platform, showed that the FINTOCH case contributed to a 63% rise in cryptocurrency-related losses in the second quarter of 2023 compared to the same period the previous year.
When Liang was arrested, authorities found he had been living alone in a rented three-storey property in Bangkok’s Wang Thonglang district since late 2023.
The monthly rent for the residence was approximately $4,645.
During the search, police also seized an illegal firearm, leading to additional charges for unlawful entry and possession of a weapon.
Cross-border enforcement and extradition
The FINTOCH investigation has highlighted the growing complexity of prosecuting cryptocurrency crimes that transcend national borders.
Thai police worked closely with Chinese authorities to trace Liang’s movements after he fled mainland China, frequently shifting locations to avoid capture.
Discussions are underway to extradite him to China, where he will face fraud charges.
The case has also renewed attention on regulatory gaps surrounding decentralised finance platforms.
Unlike traditional financial institutions, DeFi projects often operate across multiple jurisdictions without clear oversight.
This enables bad actors to exploit legal loopholes and evade accountability.
Authorities in other countries are also cracking down on similar scams.
In October 2025, US officials announced they were seeking to seize 127,271 BTC — valued at over $14.2 billion — from Chen Zhi, founder of Cambodia-based Prince Holding Group.
The case involved “pig butchering” scams, where victims were coerced into fraudulent crypto investments under threat or manipulation.
The FINTOCH case underscores both the potential and the limitations of blockchain transparency.
While transaction records helped investigators track stolen assets, the speed of execution and lack of immediate regulation continue to make recovery difficult.
The nearly two-year gap between the May 2023 scam and Liang’s October 2025 arrest illustrates how international cooperation and forensic blockchain analysis are becoming essential in tackling DeFi-related crimes.
