Thai Authorities Arrest $14M Crypto asset Ponzi Scheme Architect in Bangkok
The Thai police conducted a raid on an opulent three‑story residence in Bangkok’s Wang Thonglang district, apprehending Chinese citizen Liang Ai‑Bing. Authorities suspect he orchestrated a large crypto Ponzi scheme. The operation is said to have impacted nearly 100 investors, primarily from China, who were attracted by offers that seemed too appealing to be legitimate.
The Platform Promising Great Returns and Deceptive Promises
Central to the investigation is a Decentralized finance platform named FINTOCH, operational from December 2022 up until May 2023. The protocol gained attention by advertising an unreasonably high return of 1 percent daily while falsely claiming connections to Morgan Stanley.
This connection was entirely fabricated, and Morgan Stanley swiftly issued a denial of any association.
Following the Financial Footprints
On-chain experts examined the data and discovered that the network transferred about 31.6 million USDT through ETH and Tron bridges. Although reports in Thailand stated the fraud was approximately 14 million dollars, distributed database insights indicate a considerably higher amount may have been involved.
DISCOVER: 9+ Best High-Risk, High-Reward Crypto to Buy in October2025
From Phony CEO to High Rent
To enhance the illusion of legitimacy, the scheme created a made-up CEO named “Bob Lambert” and even utilized a photograph of actor Michael Provenzano to sell this facade. Liang leased the Bangkok residence for around 4,645 dollars monthly, using it as the operational base for the scam.
The platform enticed users with audacious claims, deceptive links, and fraudulent assurances, persuading many to place their trust in what seemed like a trustworthy operation.
Facing Consequences in Two Nations
Liang is confronted with various charges, including unlawful firearm possession and unauthorized entry into Thailand. Authorities from both China and Thailand collaborated covertly, exchanging intelligence and establishing the groundwork for Liang’s extradition to China for further judicial processes.
DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025
What Makes This Case Noteworthy
This specific scam ranks among the most notable crypto fraud incidents of 2023. It garnered the attention of regulators throughout Asia. In May 2023, Singapore’s Monetary Authority issued a warning regarding the risks associated with similar schemes, emphasizing the severity of potential outcomes from such platforms.
A Cautionary Tale for the Crypto Community
Incidents like this serve as a critical reminder. For the average investor, it underscores the necessity of thoroughly reviewing the specifics before entrusting a protocol with one’s finances. High daily returns and flashy branding often mask far more dangerous realities. For regulatory bodies, it highlights the persistent need for global strategic alliance and stricter regulations in the crypto sector to intercept scams before they escalate.
DISCOVER: 20+ Next Crypto to Explode in 2025
Join The 99Bitcoins Update Discord Here For The Latest Crypto market Updates
Key Takeaways
- Thai authorities detained Chinese national Liang Ai-Bing in Bangkok for reportedly operating a significant crypto Ponzi scheme through the FINTOCH protocol.
- FINTOCH promised 1 percent daily returns and falsely asserted connections to Morgan Stanley, which publicly denied any involvement.
- Investigations traced approximately 31.6 million USDT moved through Ethereum and Tron, indicating the scam’s magnitude exceeded initial estimates of 14 million USD.
- The network operated under the guise of “Bob Lambert” using a stolen image, while Liang managed it from an upscale residence in Bangkok.
- Liang faces several charges and potential extradition as China and Thailand cooperate in one of Asia’s largest crypto fraud cases of 2023.
The post Thai Police Bust $14M Crypto Ponzi Mastermind in Bangkok appeared first on 99Bitcoins.
