Binance Assists Thai and U.S. Officials to Bust $277M Crypto Scam Operation
Summary:
Crypto exchange Binance collaborates with the Royal Thai Police's Cyber Crime Investigation Bureau and the U.S. Homeland Security Investigation to take down a criminal group involved in a pig butchering crypto scam in Thailand. This operation, named "Trust No One", resulted in the arrest of five key suspects and the seizure of assets valued at $277 million. Over 3,200 victims have reached out for compensation. Binance reaffirms its commitment to continue its global partnerships in a bid to restore trust in the digital-asset ecosystem.
Binance, a popular cryptocurrency exchange, revealed in a statement sent to Cointelegraph its productive collaboration with law enforcement authorities to help dismantle an illicit group. The coordinated operation named "Trust No One" resulted in the apprehension of five key suspects and a whopping seizure of assets worth $277 million. More than 3,200 aggrieved parties have reached out to the law enforcement agencies for reimbursement.
The Royal Thai Police's Cyber Crime Investigation Bureau (CCIB), together with Binance and the United States Homeland Security Investigation (HSI), succeeded in dismantling a seedy operation that revolved around a crypto scam related to pig butchering in Thailand. The news of this successful operation was announced by CZ Binance, the leading figure of the crypto exchange, on October 3, 2023.
Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, lauded Binance's crucial role in the investigation. He pointed out the surge in crypto scams had led to substantial financial hardship for Thai citizens. Inspector Kangruambutr explained the quick sharing of information with vital collaborators, including Binance's investigation unit, paved the way for a successful operation resulting in the arrest of the culprits. He further highlighted Binance's significant role in the fight against scams and cybercrimes.
Binance's head of financial crime compliance, Tigran Gambaryan, reaffirmed their commitment to continue collaborations with different authorities worldwide. This is part of their ongoing efforts to "restore trust in the digital-asset ecosystem." The recent success came during a challenging period for the crypto industry – Q3 2023 was notably one of the 'most damaging' quarters for crypto, reporting losses of $700M.
Binance has been actively working with various industry stakeholders to tackle crime related to cryptocurrencies. In the previous year, 2022, Binance managed to retrieve and freeze assets worth $450,000 in connection with the Curve Finance hack incident. Notable occurrences in the industry also include the dismantling of Tencent's AI leviathan and an $83M scam, amid China's ban on influencers through Asia Express.
Published At
10/3/2023 1:12:30 PM
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