Alleged Mastermind of $31 Million FINTOCH Exit Scam Arrested in Thailand

Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

Thai law enforcement has arrested Liang Ai-Bing, a Chinese national, accused of masterminding a $31 million cryptocurrency Ponzi scheme. He was taken into custody on October 29, 2025, at a luxury residence in Bangkok.

This arrest is the result of a collaborative intelligence effort between Thai and Chinese authorities, aimed at dismantling one of Asia's most infamous digital currency fraud networks.

Liang had been renting a three-story residence in the Wang Thonglang district since December 2024, at a monthly cost of around $4,645, and was living in isolation.

Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

During the raid, police uncovered an unlicensed Beretta pistol along with 20 rounds of ammunition, adding more serious charges to his fraud allegations.

Key Takeaways

Liang Ai-Bing has been arrested for allegedly orchestrating a $31 million Ponzi scheme called FINTOCH.
The scheme promised investors unrealistic daily returns and falsely claimed affiliation with Morgan Stanley.
Liang's network included four accomplices and utilized a sophisticated range of deception tactics.
The FINTOCH team is linked to subsequent fraudulent schemes, including a project named FinSoul.
Liang faces multiple charges and may be extradited to China, where he could face further legal consequences.

The FINTOCH Deception: A Multi-Million Dollar Fraud Operation

Authorities in China claim that Liang collaborated with four accomplices—Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun—to establish FINTOCH from December 2022 until May 2023.

The fraudulent platform lured investors by promising a 1% daily return while falsely asserting ownership by the investment giant Morgan Stanley. This scheme attracted victims from numerous Asian countries before its dramatic collapse.

The operation was carefully structured, with specific roles assigned to each member. Liang and Tang focused on developing the platform, while Al and Wu handled public relations and promotions. Zuo managed marketing and was later arrested by Chinese authorities but was released on bail, making him the only accomplice not to flee the country.

The organized approach allowed the group to maintain a professional image while systematically defrauding their investors.

On-chain investigator ZachXBT exposed the scheme's failure in May 2023 when the team executed an exit scam, withdrawing 31.6 million USDT from Binance Smart Chain. They later moved the stolen funds through various addresses on the Tron and Ethereum networks as investors began reporting failed withdrawals.

Both the Monetary Authority of Singapore and Morgan Stanley had publicly warned against the scheme prior to its collapse, with Morgan Stanley specifically stating that they had no connection to FINTOCH and do not engage in business through social media or mobile applications.

From Actors to Assets

The FINTOCH operation utilized advanced deception strategies that surpassed typical fraud techniques.

The website falsely featured “Bobby Lambert” as the supposed CEO; however, he was merely a hired actor and had no actual ties to financial services.

Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

To further deceive investors, the fraudulent team even acquired a CertiK audit, taking advantage of investors' trust in third-party security evaluations.

In May 2023, the scheme hosted promotional events in Dubai that attracted representatives from 19 different countries, featuring individuals who falsely claimed to be blockchain experts to bolster credibility.

William, who was listed as the Chairman of FINTOCH’s Board of Directors, announced ambitions for an FTC public chain, suggesting plans for the company to go public on NASDAQ.

Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

The event also featured speakers who were purported representatives of the United Nations World Blockchain Group, further enhancing the illusion of legitimacy.

Subsequently, the fraud network attempted to launch new operations with rebranded projects. In October 2023, the same team introduced FinSoul, a gaming platform that allegedly exit-scammed another $1.6 million through market manipulation.

According to security firm CertiK, the executives involved in FINTOCH were the same individuals linked to the rebranded Standard Cross Finance, all identified as actors from the entertainment industry rather than certified financial professionals.

The FinSoul token was released on the BNB Smart Chain, debuting at $0.39 before skyrocketing to $17.57, only to crash to nearly zero within hours as the team siphoned off $1.6 million in USDT from the liquidity pool.

Justice Across Borders

Liang now faces charges including illegal possession of firearms, ammunition, and unauthorized entry into Thailand as a foreign national.

Thai authorities are working in tandem with Chinese officials to facilitate extradition, where Liang could face additional charges for defrauding nearly 100 victims out of over 100 million yuan (approximately $14 million), according to reports from China.

However, blockchain evidence indicates that the total amount defrauded could exceed $31 million when factoring in international victims.

Liang’s arrest comes amidst a rising trend of crypto-related fraud cases throughout Asia. In March, Thai authorities arrested Wu Di, a 27-year-old Chinese woman, for stealing over $17.7 million through investment scams on Facebook within just two months.

Recently, Zhimin Qian, another Chinese national residing in the UK, pleaded guilty to participating in the world's largest crypto seizure, valued at over $6.7 billion. Qian orchestrated an investment scam in China from 2014 to 2017, targeting over 128,000 victims before UK authorities seized 61,000 BTC.