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In a dramatic raid on October 29, 2025, Thai police stormed a luxury Bangkok residence, arresting Chinese national Liang Ai-Bing, the alleged ringleader of the infamous $31.6 million FINTOCH crypto Ponzi scheme. The operation, in Wang Thonglang district, netted an unlicensed Beretta pistol and 20 rounds of ammo, leading to immediate charges for illegal firearm possession and unlawful entry into Thailand. Authorities are now fast-tracking extradition to China, where Liang faces fraud charges alongside four accomplices: Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun.
Launched in December 2022 as a “DeFi lending powerhouse,” FINTOCH lured nearly 100 victims—mostly Chinese—with promises of 1% daily returns and bogus ties to Morgan Stanley. The platform’s “CEO,” Bob Lambert, was exposed as actor Mike Provenzano using a stolen photo. Despite warnings from Singapore’s Monetary Authority and Morgan Stanley, investors poured in over $31 million in USDT.
The May 2023 exit scam was ruthless: Operators bridged $31.6 million USDT from Binance Smart Chain to Tron and Ethereum addresses, then ghosted users unable to withdraw. On-chain sleuth ZachXBT flagged it as 2023’s largest DeFi rug pull, fueling a 63% Q2 spike in crypto losses per Immunefi. The crew later rebranded to FinSoul, scamming another $1.6 million via token pumps.
This bust, born from Thai-Chinese intel sharing, highlights blockchain forensics’ power against anonymity tools like mixers. Digital teams are tracing laundered funds through shell accounts and offshore exchanges, eyeing partial recovery. Accomplices remain at large in Malaysia and the UAE, per reports.
The FINTOCH saga echoes global crackdowns, from U.S. $14B Bitcoin forfeitures to Europol’s deepfake busts. Regulators in Singapore, Hong Kong, and the U.S. now probe high-yield DeFi harder, urging audits and transparency.
