Binance’s Investigations Team Partners with Global Authorities to Dismantle Crypto Scams

• Binance’s collaboration with Thai authorities led to the arrest of five suspects in a $277M pig butchering scam.
• Binance supplied crucial intelligence, aiding the seizure of luxury assets linked to crypto scams in Thailand.
• Thai police recognized Binance’s support in international cybercrime investigations, awarding their investigators.

Binance’s Investigations team has played a pivotal role in dismantling a large-scale $277 million crypto scam, in collaboration with Thai law enforcement and U.S. Homeland Security.

The crackdown, which led to the arrest of five individuals and the seizure of luxury assets, marks a significant step in combating cybercrime within the digital asset space.

Major Crackdown on $277 Million Pig Butchering Scam

Recently, Binance’s Investigations team, in cooperation with the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) and U.S. Homeland Security, successfully dismantled a major crypto scam targeting thousands of victims. The operation, which involved the arrest of five key suspects and the confiscation of assets valued at approximately $277 million, was a response to a sophisticated “pig butchering” scam. 

This hybrid investment-romance fraud lured novice investors into depositing funds into fraudulent platforms, only to later abscond with their investments. This coordinated effort showcases the growing importance of international cooperation in tackling cybercrime, as Binance provided the intelligence that facilitated the operation.

Expanding Efforts to Combat Crypto Scams

Beyond the high-profile pig butchering case, Binance has been instrumental in assisting Thai authorities in two additional operations aimed at disrupting criminal networks involved in large-scale crypto scams. These operations spanned multiple provinces in Thailand, resulting in the arrest of suspects across 30 locations. 

The seizures included luxury residences, vehicles, and cash totaling THB 16 million ($440,000). Notably, Binance not only supplied crucial intelligence but also deployed an investigator to Thailand to support the police in securing arrest warrants. These collaborative efforts underscore Binance’s commitment to bolstering cybersecurity and ensuring regulatory compliance within the digital-asset ecosystem.

Recognizing the Role of International Collaboration

At a press conference and award ceremony, Thai law enforcement officials acknowledged the contribution of Binance in their fight against cybercrime. Police Lieutenant Colonel Thanatus Kangruambutr of the Cyber Crime Investigation Bureau expressed appreciation for Binance’s prompt information exchange, which played a crucial role in the success of these operations. 

The CIB awarded a commemorative plaque to Binance’s investigators, recognizing their invaluable support. These developments highlight the effectiveness of cross-border cooperation in combating cybercrime, with Binance continuing to partner with global authorities to enhance user security in the Web3 ecosystem.