$277 Million Crypto Scam Unraveled with Binance’s Help

The world’s largest cryptocurrency exchange by volume, Binance, has collaborated with the US government and the Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) to put an end to a significant crypto scam. This criminal network specifically targeted inexperienced traders, luring them with bogus investment platforms.

Binance played a pivotal role in providing critical intelligence to aid the CCIB’s efforts, supported by the U.S. Homeland Security Investigation (HSI). Following this collaboration, the CCIB was successful in arresting five key figures from the scam ring. They seized assets worth around THB $10 billion ($277 million USD). This impressive haul includes luxury homes, vehicles, lands, and other premium assets. Since this successful crackdown, over 3,200 individuals who fell victim to this scam have sought compensation.

These scams, often referred to as “pig butchering” scams, operate by initially gaining the trust of the victims. The victims are then persuaded to put their money into these fraudulent investment platforms. The scammers further the deceit by showcasing fake profits, urging victims to invest more money, and even presenting them with fictitious tax bills.

Police Lieutenant Colonel Thanatus Kangruambutr, an Inspector at Thailand’s Cyber Crime Investigation Bureau, commended Binance’s crucial role. He stated, “Binance’s valuable input was instrumental in dismantling this criminal ring. Unfortunately, crypto scams have caused financial setbacks amounting to hundreds of millions in Thailand over recent years. However, with timely data sharing with vital associates like the Binance Investigations team, we were able to apprehend these criminals. Binance has proven to be a significant ally in our fight against cybercrimes, and we cherish this alliance, looking ahead to its continuation.”