Huge crypto scam in Bangkok: $31 million stolen!

Huge crypto scam in Bangkok: $31 million stolen!

In a notable case of crypto fraud, Thai authorities have arrested a Chinese national, Liang Ai-Bing, in Bangkok. Liang is accused of being part of a Ponzi scheme that bilked a significant sum of over $31 million from nearly 100 investors. This represents one of the biggest DeFi exit scams of 2025 and shines a spotlight on the challenges of regulating cryptocurrencies. That reports Yahoo Finance.

Liang was arrested at a luxury residence in Wang Thonglang district after Thai and Chinese investigators successfully cooperated. His arrest comes after months of investigation targeting the FINTOCH platform. This platform, which was active between December 2022 and May 2025, had purported to be a legitimate DeFi investment and even falsely claimed to be affiliated with Morgan Stanley - a claim that was clearly denied by Morgan Stanley itself in 2025.

The complex fraud

FINTOCH's fraudulent concept included the promise of daily returns of 1 percent. These misleading offers, which were already classified as suspicious by the Singapore financial regulator in May 2025, were part of a complex system. Investigators like ZachXBT were able to uncover the fraud in May 2025 by tracking the movement of funds across blockchain networks. It became clear that $31.6 million in USDT was withdrawn from the Binance Smart Chain and moved across various blockchain networks.

Liang's case is not just an isolated incident. In general, cryptocurrencies attract many fraudsters who make a name for themselves through fake trading platforms, Ponzi schemes and phishing attacks. Dr. Marco Rogert, a specialist lawyer in banking and capital markets law, points out the variety of fraud methods that make it difficult for victims to get their investments back. The warning signs of dubious crypto offers are often subtle and difficult to recognize.

The dark side of the crypto world

On a global scale, the damage caused by crypto fraud amounts to around 70 billion euros. What is particularly alarming is that the perpetrators are often themselves victims of systematic attacks on largely unregulated markets. Interpol reports on so-called “pig butchering” methods in which cybercriminals specifically build relationships with their victims in order to lure them into fraudulent crypto investments. This complexity of the fraud schemes and the psychologically sophisticated methods of criminal offenses put investigators under pressure. Every case of fraud shows how important education and quick action are in order not to endanger trust in digital currencies.

Liang's arrest not only opens a chapter in the fight against crypto fraud, but also raises important questions about the regulatory framework for DeFi platforms, which often operate internationally. Cooperation between authorities is crucial to dismantling such networks and strengthening the accountability of platforms.

In summary, this incident impressively shows how multifaceted and challenging the requirements for security in the crypto sector are. Complete monitoring and the development of clear guidelines could help prevent future cases of fraud and set completely new security standards.