TechFlow, Oct 30 — According to Decrypt, Thai police have arrested a Chinese national named Liang Ai-Bing, who is suspected of involvement in a $14 million cryptocurrency Ponzi scheme. The case is linked to the now-defunct platform FINTOCH, which promised daily returns of 1% and falsely claimed backing from Morgan Stanley.
FINTOCH operated between December 2022 and May 2023, run by a five-member team. The platform even used a photo of actor Mike Provenzano as the profile picture for its fake CEO "Bob Lambert." On-chain analyst ZachXBT tracked that the project drained 31.6 million USDT via the Tron and Ethereum networks before exiting in May 2023.
Police arrested Liang at a luxury residence in Bangkok's Wang Thonglang district and discovered illegal firearms. Thai authorities are currently coordinating his extradition to China for trial.
