The cryptocurrency investment scheme Fintoch collapsed on May 23rd after approximately $31.6 million was withdrawn from its associated smart contract. Withdrawals were halted abruptly, with the company initially citing "network congestions" as the cause. This explanation proved false as the platform’s operations ceased, following a securities fraud warning issued by Singapore authorities on May 4th.

Fintoch operated as a simple multi-level marketing crypto Ponzi scheme. Investors were promised daily returns ranging from 1% to 2.5% on investments made in tether (USDT). The scheme utilized Western figures to mask the identity of its operators, believed to be Chinese scammers possibly based in Singapore or Hong Kong, with potential Russian involvement.

Initially, Fintoch was fronted by Mike Provenzano under the alias “Bobby Joe Lambert.” Provenzano disappeared around March 2023. He was succeeded by “William Thompson,” who served as Chairman of the Board and appeared in numerous Fintoch marketing videos.

Investigations have revealed that “William Thompson” is an actor named Joel Fry. Fry, a U.S. expatriate, was living in Sihanoukville, Cambodia, where he owned the Ten103 Treehouse Bay resort. He placed the resort for sale in August 2021, and was last located in Sihanoukville in October 2022. Sometime after this, Fry was hired to portray “William Thompson” for Fintoch.

Fry has a documented history with Russian organized crime in Cambodia. This connection may shed light on his involvement in fronting a scheme allegedly led by a “Boris CEO.” Fry’s final public appearance as “William Thompson” occurred at a Fintoch marketing event in Dubai shortly before the scheme’s collapse. The choice of Dubai, often referred to as the "MLM crime capital of the world," suggests the operators may have relocated from Asia.

Twitter user ZachXBT tracked the significant $31.6 million transfer out of Fintoch’s smart contract within 24 hours of withdrawal suspension. While the total invested amount remains unknown, this outflow is a critical indicator of the scheme’s imminent failure.

Fintoch's operators are now attempting to salvage the situation by promoting the upcoming launch of their own FTC public chain on June 1, 2023, promising a "new round of explosive growth." This appears to be a pre-planned reboot strategy, though it is unclear if Fintoch will materialize again or simply disappear entirely. Such tactics have been observed in previous exit-scams orchestrated by Chinese scammers.