Binance partners with Royal Thai Police to seize $277M from fraudsters

In an announcement sent to Cointelegraph, Binance said it would work with law enforcement agencies to provide information to disrupt the criminal group. The operation, code-named “Trust No One,” led to the arrest of five key members of the syndicate and the seizure of various assets worth $277 million. More than 3,200 victims have contacted authorities to seek compensation.

The Royal Thai Police's Cyber ​​Crime Investigation Bureau (CCIB) has teamed up with crypto exchange Binance and the United States' Homeland Security Investigations (HSI) to take down a crime ring that perpetrated a pork butchering scam in Thailand.

#Binance Aids Royal Thai Police Crack Down on Criminal Networks | @Binance blog https://t.co/GzMGjTlzmI

— CZ Binance (@cz_binance) October 3, 2023

Police lieutenant colonel Thanatus Kangruambuter, an inspector in the CCIB, expressed his appreciation for the contribution to the investigation of the crypto exchange. According to the regulator, the rise of crypto scams has caused financial losses to residents in Thailand. The detective explained.

This successful operation resulted in the arrest of the perpetrators through rapid intelligence sharing with key partners, including Binance's investigative team. Binance is a critical partner in our fight against fraud and cybercrime.

According to Binance's head of financial crime compliance, Tigran Gambarian, the company will continue to cooperate with various authorities around the world as they do their part to “restore trust in the digital-asset ecosystem.”

Related: Q3 2023 wins crown as most ‘disruptive' quarter for crypto amid $700M losses

Crypto exchange Binance has partnered with various industry players to fight crypto-related crime. In the year In 2022, the crypto exchange found and suspended $450,000 in stolen assets related to the Curve Financial hack.

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