Thai Authorities Arrest Chinese National in $31.6M Crypto Ponzi Scheme Linked to Fintoch

In a major crackdown on crypto-related fraud, Thai authorities have arrested Chinese national Liang Aibing, accused of orchestrating a $31.6 million cryptocurrency Ponzi scheme tied to the blockchain financial platform Fintoch.

According to Foresight News, the fraudulent platform operated between December 2022 and May 2023, attracting thousands of unsuspecting investors through promises of high returns. The operation was reportedly managed by a five-member team:

Liang Aibing and Tang Zhenque handled Fintoch’s technology and project architecture.

Al Qinghua and Wu Jiangyan were responsible for promotion and marketing.

Zuo Laijun, who managed sales, has since been granted bail pending trial.

Authorities revealed that the team used aggressive marketing tactics and fabricated blockchain credentials to lure investors before abruptly shutting down operations — leaving investors with heavy losses.

The Royal Thai Police’s Cyber Crime Investigation Bureau confirmed that investigations are ongoing, with international cooperation underway to track remaining suspects and recover stolen assets.

My Take:

The Fintoch case is yet another reminder that transparency and verification matter more than flashy returns in the crypto space. Investors should always confirm a project’s legitimacy through on-chain activity, verified audits, and team transparency before committing funds.

As global enforcement intensifies, scams like Fintoch are finding fewer places to hide — a step in the right direction for crypto’s long-term trust and adoption.