Bangkok Arrest: Chinese Held Over $14M FINTOCH Crypto Ponzi
Thai and Chinese authorities arrested Liang Ai-Bing in Bangkok for allegedly running the FINTOCH crypto Ponzi scheme that defrauded nearly 100 investors of over ¥100 million (~$14 million) via fake mobile apps and bogus bank affiliations between December 2022 and May 2023. The crypto Ponzi scheme exit-scammed with 31.6 million USDT. Police seized the USDT, uncovered an illegal Beretta pistol and ammunition at his three-storey rented home, and charged him with illegal firearm possession and unlawful entry. Four accomplices—Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and co-founder Zuo Lai-Jun—handled platform development, promotion, and marketing; Zuo was briefly detained and released on bail, while the others fled abroad. The case underscores challenges in cross-border asset recovery and highlights the need for investor vigilance and stronger international cooperation to counter rising crypto fraud.
Neutral
The arrest of the FINTOCH operator is likely to have a neutral impact on broader crypto markets. While it may heighten short-term caution among traders—especially regarding Ponzi schemes and USDT-based exit scams—it does not directly affect the price fundamentals of major cryptocurrencies. Over the long term, increased law enforcement cooperation could improve market integrity, but immediate price movements should remain subdued.