Binance Collaborates with Law Enforcement to Stop $277 Million Crypto Scam in Thailand
Binance, one of the largest cryptocurrency exchanges, has teamed up with law enforcement agencies to dismantle a massive scam operation in Thailand worth nearly $277 million. The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) and the U.S. Homeland Security Investigation (HSI) were involved in the operation, which saw luxury assets seized. So far, almost 3,000 victims have filed claims seeking compensation for their losses.
Praising Binance’s Role in Combating Crypto Scams
Police Lieutenant Colonel Thanatus Kangruambutr from the CCIB commended Binance as a crucial partner in their fight against crypto scams and cybercrimes. Tigran Gambaryan, Binance’s head of financial crime compliance, emphasized the exchange’s commitment to collaborating with global authorities to combat fraudulent activities. The objective is to restore trust in the digital asset ecosystem and establish Binance as a key ally against such scams.
The Growing Threat of Crypto Scams and Cybercrimes
Crypto scammers, hackers, and cybercriminals are constantly evolving their techniques to exploit unsuspecting individuals. According to Statista, the average cost of a data breach in the United States rose slightly from $9.44 million to $9.48 million compared to the previous year. Globally, the average cost per data breach in 2023 was $4.45 million. In September alone, an estimated $332 million was lost due to various crypto exploits, hacks, and scams.
Targeting Projects Like CoinEx
Throughout the year, hackers and scammers have specifically targeted cryptocurrency projects like CoinEx, highlighting the ongoing need for increased security measures within the industry.
Hot Take: Collaborative Efforts Crucial in Combating Crypto Scams
The collaboration between Binance, law enforcement agencies, and global authorities is a significant step in the fight against crypto scams. By working together, they can dismantle fraudulent operations, protect victims, and restore trust in the digital asset ecosystem. However, as cybercriminals continue to adapt their strategies, it is crucial for individuals and businesses to remain vigilant and prioritize security measures to safeguard their crypto assets.
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