Thai Authorities Arrest Chinese National in $31.6 Million Crypto Ponzi Scheme

Thai law enforcement has apprehended a Chinese citizen, Liang Aibing, in connection with a major cryptocurrency Ponzi scheme estimated to have defrauded investors of over $31.6 million. The case originated from Fintoch, a blockchain-based financial platform operated by a team of five individuals between December 2022 and May 2023. Liang, along with an accomplice, Tang Zhenque, was responsible for the platform’s technology and overall framework. Meanwhile, Al Qinghua and Wu Jiangyan focused on marketing and promotional efforts, while Zuo Laijun was in charge of sales. Notably, Zuo has been granted bail pending trial.