Binance Helps Thai Police Crack Crypto Scam Group and Seize $277 Million Worth of Assets
In a collaborative effort with the Royal Thai Police, Binance has assisted in dismantling a crypto pig butchering scam group and recovering over $277 million in stolen assets. These scams involve fraudsters gaining victims’ trust and convincing them to invest in a fake platform. The scammers then manipulate the victims by showing false gains and pressuring them to invest more money.
‘Trust No One’ Operation
Through an operation called ‘Trust No One,’ Binance partnered with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and U.S. Homeland Security Investigation (HSI) to investigate and apprehend the culprits. With intelligence from Binance and HSI, the CCIB arrested five principal members of the group and seized assets worth approximately $277 million, including luxury cars, homes, land, and other valuable items.
Victims Seeking Compensation
Since the successful operation, over 3,200 victims have come forward seeking compensation for their losses. Binance continues to support the Royal Thai Police in cracking down on digital asset crimes in Thailand.
We’re proud to support the Royal Thai Police in cracking down on digital asset crimes in Thailand.
Our recent support helped them to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.
More below.https://t.co/SSG9EV80Ha
— Binance (@binance) October 3, 2023
Thai Police Express Gratitude to Binance
At a press conference, Police Inspector Lieutenant Colonel Thanatus Kangruambutr expressed gratitude to Binance for their assistance in the case. The inspector acknowledged the financial harm caused by cryptocurrency scams in Thailand but emphasized that this operation helped regain control by apprehending the criminals.
Binance an “Essential Ally”
Inspector Kangruambutr stated that Binance remains an essential ally in combating scams and cybercrimes. The prompt information exchange and collaboration with key partners, including Binance, led to the successful arrests of the criminals. Binance’s head of financial crime compliance, Tigran Gambaryan, reiterated the exchange’s commitment to restoring trust in the digital asset ecosystem and collaborating with international regulatory bodies.
Binance’s Role in Dismantling Another Cryptocurrency Fraud
Binance also played a crucial role in exposing and dismantling a large-scale cryptocurrency fraud perpetrated by international criminal organizations. The operation involved over 200 officers from the Central Investigation Bureau (CIB) and resulted in arrests at 30 different locations across Bangkok, Samut Prakan, and Udon Thani provinces.
Binance Strengthens Compliance Efforts
Binance has made significant progress in strengthening its compliance skills and boasts a worldwide compliance and investigations team consisting of regulators, senior investigators from renowned blockchain analysis firms, and law enforcement officers. Over the past three years, Binance has complied with and assisted over 103,000 requests from law enforcement authorities, demonstrating its dedication to fostering a reliable and secure digital asset ecosystem.
Hot Take: Binance Collaborates with Thai Police to Bust Crypto Scam Group
Binance’s partnership with the Royal Thai Police has resulted in the dismantling of a crypto pig butchering scam group and the recovery of stolen assets worth $277 million. Through their ‘Trust No One’ operation, Binance worked closely with law enforcement agencies to arrest five principal members of the group and seize luxury assets. The successful operation has led to over 3,200 victims seeking compensation for their losses. The Thai Police have expressed gratitude to Binance for their assistance and consider them an essential ally in fighting scams and cybercrimes. Additionally, Binance has played a crucial role in exposing and dismantling another major cryptocurrency fraud. With their compliance efforts and collaboration with international regulatory bodies, Binance aims to restore trust in the digital asset ecosystem.
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