FINTOCH Crypto Scam Organizer Arrested in Thailand
Date: 2025-10-31 Author: Henry Casey Categories: IN WORLD
Thai authorities have arrested Liang Ai-Bin, accused of organizing the FINTOCH crypto-financial scheme, which defrauded investors of over $31 million. The arrest was the result of a joint operation by Thai and Chinese law enforcement agencies and is considered one of the largest digital fraud cases in Asia.
Since December 2024, Liang had been living alone in an office building in the Wang Tonglang district, paying rent of approximately $4,645 per month. During a search, police found an unregistered Beretta pistol with 20 rounds of ammunition, adding to the charges of illegal possession of a weapon. According to reports, nearly 100 victims suffered losses totaling approximately $14 million, and if international investors are included, the total amount lost exceeds $31 million.
The FINTOCH scheme was organized by Liang and four accomplices: Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun. From December 2022 to May 2023, they offered investors a daily return of 1%, claiming to manage funds for the investment giant Morgan Stanley. Each team member performed separate tasks: Liang and Tang handled technical development, Zuo oversaw marketing, and Al and Wu were responsible for PR and promotion. This division of roles created the appearance of a professional company and allowed them to systematically mislead investors.
In May 2023, the scammers conducted promotional campaigns in Dubai, attracting participants from 19 countries under the guise of blockchain experts. In October of that year, they launched the FinSoul gaming platform with a token of the same name listed on the BNB Smart Chain. The token's price rose from $0.39 to $17.57, before plummeting to near zero when the team withdrew $1.6 million from the liquidity pool.
The investigation into the fraud attracted the attention of blockchain expert ZachXBT, who in May 2023 discovered the withdrawal of 31.6 million USDT from Binance Smart Chain to addresses on the Tron and Ethereum networks. This incident alerted investors to the scale of the scam.
Similar law enforcement operations have demonstrated the effectiveness of collaborative efforts: recently, Thai police, with support from South Korea, arrested 25 participants in the Lungo Company fraud network, which stole over $15.1 million from nearly 900 South Korean citizens.
The arrest of Liang Ai-Bin demonstrates the authorities' determination to combat cryptocurrency fraud and serves as a reminder of the high level of financial responsibility when investing in digital assets.
