Crypto exchange giant Binance has reportedly partnered with Royal Thai Police and the U.S. Homeland Security Investigations to stop a fraudulent operation with a staggering $277 million worth of assets, claimed to have affected over three thousand individuals who have gone on to file for compensation. In a revelation shared with Cointelegraph, Binance explained that through this collaboration, they were able to bring down five key figures in this organized scam and freeze a significant amount of assets.
The initiative was dubbed “Trust No One.” The operation involved the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and was intended to crack down on a cryptocoin scam in Thailand known as ‘pig butchering’. The CCIB has been working steadfast to combat surges in crypto-focused scams that have had detrimental financial consequences for Thai residents.
Gaining high praises from police officers involved, Police Lieutenant Colonel Thanatus Kangruambutr of CCIB commended the assistance Binance provided in the investigation. He noted that the exchange was a key player in the successful arrest of the criminals involved in the swindle.
Elaborating on Binance’s pivotal role in the incident, the firm’s Head of Financial Crime Compliance, Tigran Gambaryan, affirmed that Binance will persist in its collaborations with authorities around the world to bolster trust in the digital-asset landscape.
Binance’s endeavours to address fraud aren’t new. In 2022, the exchange successfully recovered and froze approximately $450,000 worth of assets, which were stolen as part of the Curve Finance hack. Binance’s determined commitment to tackling crypto fraud is a testament to its mission to make the crypto space safer for everyone involved.