Binance collaborates with Royal Thai Police to seize $277M from scammers

In an announcement sent to Cointelegraph, Binance said it worked alongside law enforcement agencies, providing intelligence to disrupt the criminal group. The operation, which had the code “Trust No One,” led to the arrest of five alleged key syndicate members and the seizure of various assets worth $277 million. Over 3,200 victims have already contacted the authorities to file for compensation.

The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police collaborated with crypto exchange Binance and United States Homeland Security Investigations (HSI) to take down a crime ring responsible for conducting a pig butchering crypto scam in Thailand. 

#Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI

— CZ Binance (@cz_binance) October 3, 2023

Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed appreciation for the crypto exchange’s contributions to the investigation. According to the inspector, the rise of crypto scams led to financial damage for residents in Thailand. The inspector explained: 

“Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes.”

Binance’s head of financial crime compliance, Tigran Gambaryan, said the company will continue its partnership with various authorities worldwide as they do their part in “restoring the trust in the digital-asset ecosystem.“

Related: Q3 2023 crowned most ‘damaging’ quarter for crypto amid $700M losses: Report

Crypto exchange Binance has collaborated with various industry actors to combat crypto-related crime. In 2022, the crypto exchange recovered and froze $450,000 of stolen assets related to the Curve Finance hack.

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