Thai Police Arrest Chinese National in $14M Crypto Scam
- Liang Ai-Bing, a Chinese national, was arrested in Bangkok for allegedly running a $14 million crypto Ponzi scheme.
- The fraudulent platform, FINTOCH, promised investors a daily return of 1% and falsely claimed ties to Morgan Stanley.
- On-chain analyst ZachXBT traced the scam to $31.6 million in USDT across Tron and Ethereum, marking it as the largest DeFi exit scam of the year.
- Liang was part of a five-person operation that operated between December and May before an exit scam occurred.
- Authorities are coordinating Liang’s extradition to China where he faces additional charges.
The arrest follows intelligence cooperation between Thai and Chinese police, leading to a raid on Liang’s residence in Bangkok. The FINTOCH platform used deceptive tactics including a fake CEO and false claims of corporate backing to defraud investors.
This incident highlights ongoing risks within the DeFi sector as fraudulent schemes continue to exploit unsuspecting investors, resulting in significant financial losses like those seen with FINTOCH’s collapse (Source).
