Binance Joins Thai Law Enforcement in $277 Million Crypto Scam Bust

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In recent times, Binance, the global blockchain juggernaut, has just saved innocent victims from crypto scammers. The Binance Investigations team has relentlessly pursued crypto-fraud criminal networks in two operations. These efforts demonstrate Binance’s commitment to user security and its vital role in protecting the digital asset ecosystem. We all think the SEC should acknowledge the industry efforts for combating cyber crimes and bring clear crypto rules to safeguard user assets. 

Binance’s Two Massive Operations Showed They Combat Scammers

In the first operation, hailed to target the pig butchering scam, five principal members were arrested, and assets valued at around THB 10 billion (approximately $277 million) were seized. These assets included luxury cars, homes, land, and other high-value items. This operation exposed a prevalent scam that primarily preys on novice investors. 

In the second operation, Binance collaborated with Thai law enforcement to unravel a large-scale crypto scam orchestrated by a transnational criminal network. It is one of the most massive operations ever as the scammers were spread across 30 locations, including Bangkok, Samut Prakan, and Udon Thani provinces.

Binance’s provision of crucial intelligence, including dispatching an investigator to aid in securing an arrest warrant, empowered the Royal Thai Police to confiscate illicit assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16 million (around $440,000) in cash. This operation further highlights the importance of collaborative efforts in combating cybercrime. 

The impact was Noteworthy!

CCIB Inspector of the Cyber Support Unit, High-Tech Crime Division Lieutenant Colonel Thanatus Kangruambutr said: “We appreciate Binance’s significant contribution to the disruption of this criminal group. Thailand has lost hundreds of millions to crypto scammers. 

Notably, these successful operations not only resulted in significant arrests but also led to the confiscating of substantial assets, delivering a decisive blow to criminal networks engaged in crypto scams. Binance’s active involvement and provision of crucial intelligence were instrumental in the success of these operations, showcasing the company’s commitment to enhancing user security and upholding regulatory compliance in the digital asset ecosystem.