Today, Binance, a cryptocurrency exchange, announced its significant role in assisting Thai authorities in dismantling a massive crypto scam that siphoned off more than $277 million from victims in Thailand.
In cooperation with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and the US Department of Homeland Security, Binance provided vital intelligence leading to the apprehension of five key members of this criminal operation.
The group operated a deceptive crypto investment scheme referred to as a “pig butchering scam.” This scam involved gaining the trust of victims by showcasing fake investment accounts with impressive returns before swindling them, similar to fattening pigs before slaughter.
Authorities seized approximately $277 million worth of assets from the scammers, including luxury cars, residences, land, and other extravagant items. Thousands of victims in Thailand, totaling over 3,200 individuals, have reported being impacted by this scam since the arrests occurred.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, expressed, “Our collaboration with Thai law enforcement underscores our joint commitment to user protection and cybersecurity advancement. We remain dedicated to partnering with authorities worldwide to restore trust in the digital asset ecosystem.”
Binance has established itself as a crucial partner for law enforcement in combating cryptocurrency-related crimes. In 2020, the exchange collaborated with Ukrainian police to dismantle a $42 million ransomware money laundering operation. Just a year later, Binance Security played a pivotal role in an international investigation that led to the dismantling of the notorious FANCYCAT hacking group, linked to over $500 million in damages from ransomware and cyberattacks.
By FCCT Editorial Team
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