Binance Helps Break $3.75 Million Crypto Ransom Network

Binance has played a key role in shutting down a $3.75 million cross-border crypto laundering scheme that disguised ransom payments through casino junket networks. The operation involved Philippine law enforcement and targeted a sophisticated kidnapping-for-crypto network that used digital wallets and casino operators to hide financial trails.

Good to know

• Binance froze more than $3.5 million in crypto tied to the case.
• The ransom scheme used junket operators to blur fund movement.
• The case highlights how blockchain tracking can support criminal investigations.

On June 13, Binance announced that its Financial Intelligence Unit assisted Philippine authorities in tracing and breaking up a crypto laundering network tied to a kidnapping-for-ransom case. Criminals funneled ransom money through casino junket operators, who typically manage trips and bets for high-roller gamblers, before transferring funds into cryptocurrency.

Law enforcement found it difficult to track the ransom trail because the junket operators added layers of financial obfuscation. However, Binance’s support proved critical. Its blockchain analysis tools helped investigators trace the digital trail and pinpoint those involved.

A representative from the Philippine National Police’s Anti-Cybercrime Group explained how Binance’s cooperation helped the investigation move forward. “The ransom funds were fragmented across several addresses before ultimately reaching crypto wallets. Binance’s prompt assistance was crucial in helping us advance the investigation.”

Binance Freezes Assets and Tracks Suspects

In addition to identifying blockchain activity, Binance froze over $3.5 million in connected crypto assets. The exchange said this move was aimed at stopping the group’s ability to access and move their funds.

Binance CEO Richard Teng shared the company’s involvement publicly on June 13. “When crypto is misused, we step up. Our team worked with Philippine authorities to trace a $3.75M crypto ransom, identifying suspects and flows via our intelligence tools,” he wrote on social platform X.

While the laundering activity relied on a mix of physical casinos and digital assets, the transparency of blockchain led to key breakthroughs. One of the suspects in the wider operation, Lin, was arrested and later pleaded guilty in a U.S. federal court to narcotics conspiracy, money laundering, and distributing misbranded drugs.

Broader Pattern of Binance Involvement

Binance noted that similar operations had already been supported in Thailand and Malaysia, reinforcing how blockchain tracking can help law enforcement crack multi-country financial networks. Though cryptocurrencies are often seen as difficult to trace, the blockchain’s public ledger offers a way to uncover hidden activity when paired with proper investigative tools.