October 18, 2024
Binance collaborates with Royal Thai Police to seize 7M from scammers

In an announcement sent to Cointelegraph, Binance stated that they cooperate with law enforcement agencies to provide intelligence to disrupt criminal groups.Operation, there is code in it “Do not trust anyone” Five alleged key members of the criminal group were arrested and various assets valued at $277 million were seized. More than 3,200 victims have contacted authorities to apply for compensation.

The Royal Thai Police’s Cyber ​​Crime Investigation Bureau (CCIB) teamed up with cryptocurrency exchange Binance and the U.S. Homeland Security Investigations (HSI) to dismantle a criminal gang responsible for running a pig-killing crypto scam in Thailand.

CCIB Inspector, Police Lieutenant Colonel Thanatus Kangruambutr, expressed his appreciation for the cryptocurrency exchange’s contribution to the investigation. The rise of cryptocurrency scams is causing financial harm to Thai residents, according to inspectors. The inspector explained:

“Through a timely exchange of information with key partners, including Binance’s investigative team, this successful operation resulted in the arrest of the criminal. Binance remains an important ally in our fight against fraud and cybercrime.”

Tigran Gambaryan, Binance’s head of financial crime compliance, said they will continue to work with relevant authorities around the world to make their own contribution to “restoring trust in the digital asset ecosystem.”

related: The report pointed out that the third quarter of 2023 was the most “severe” quarter for cryptocurrency losses, with losses reaching US$700 million.

Cryptocurrency exchange Binance has been continuously working with various sectors of the industry to combat cryptocurrency-related crimes. In 2022, the cryptocurrency exchange recovered and froze $450,000 worth of stolen assets related to the Curve Finance hack that year.

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