A Chinese man arrested in Bangkok for allegedly running a $14 million cryptocurrency Ponzi scheme
Jinse Finance reported that Thai police arrested Chinese national Liang Ai-Bing (transliteration) on Wednesday for allegedly participating in a $14 million cryptocurrency scam related to the now-defunct platform FINTOCH. FINTOCH had promised a daily return rate of 1%, falsely claimed to be backed by Morgan Stanley, and even hired actors to play a fake CEO, ultimately conducting an exit scam in May 2023. On-chain analyst ZachXBT tracked that in this exit scam, the fraudsters transferred 31.6 million USDT via the Tron and Ethereum networks, calling it the largest DeFi exit scam of 2023.
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