Binance Joins Forces with Thai Police to Nab Crypto Scammers, Seize $277M

Binance Joins Forces with Thai Police to Nab Crypto Scammers, Seize $277M

In a recent development that highlights the power of collaboration in the world of digital assets, Binance, one of the leading cryptocurrency exchanges, has teamed up with the Royal Thai Police and United States Homeland Security Investigations (HSI) to take down a sophisticated crypto scam operation.

Over 3,000 victims had fallen prey to the alleged crypto scammers, and they courageously stepped forward to report their losses and file for compensation claims. The operation, aptly named "Trust No One," led to the arrest of five key syndicate members and the seizure of assets totalling an astonishing $277 million.

The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police worked hand-in-hand with Binance and HSI to dismantle a crime ring responsible for a crypto scam involving, believe it or not, pig butchering.  The scam had wreaked financial havoc in Thailand, leaving residents in distress.

Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed heartfelt appreciation for Binance's crucial contributions to the investigation. He highlighted the growing menace of crypto scams and the devastating financial consequences they bring to innocent individuals.

Prompt information exchange and cooperation with key partners, such as Binance, played a pivotal role in bringing the criminals to justice. Tigran Gambaryan, Binance's Head of Financial Crime Compliance, emphasised the exchange's commitment to working alongside global authorities in the fight against scams and cybercrimes.

This remarkable collaborative effort underscores the industry's dedication to upholding trust within the digital asset ecosystem. It's heartening to see leading players like Binance actively contributing to the security and integrity of the crypto space.

This isn't the first time Binance has taken a proactive stance against crypto-related crime. In 2022, the exchange successfully recovered and froze $450,000 of stolen assets linked to the Curve Finance hack.

Stay tuned for more updates as the crypto community continues to unite against fraudulent activities, making the digital asset world a safer place for all.

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