The investigation team of Binance, the world’s largest cryptocurrency exchange, continues to assist the Thai police in their efforts to combat cybercrime, prosecutions, and asset seizures through extensive cooperation. Recently, Binance announced that it had helped the Thai authorities in the arrest of five key members of a fraud gang and the seizure of approximately $277 million worth of funds.
Details of the Operation Supported by Binance
Describing itself as more than just a cryptocurrency exchange, Binance is a provider of blockchain ecosystem and digital asset infrastructure. It continues to contribute to dismantling criminal networks that use digital assets to move funds in Thailand. In this regard, Binance’s investigation team played a crucial role in assisting the Royal Thai Police in the successful arrest of the criminals behind major cryptocurrency frauds in two operations in Thailand.
In a notable case, Binance collaborated with the Thai Royal Police’s Cyber Crime Investigation Bureau (CCIB) and the U.S. Homeland Security Investigations (HSI) to dismantle the criminal network behind the pig butchering fraud, which affected thousands of people in Thailand. CCIB, with intelligence provided by Binance and HSI, apprehended the five main members of this group in the operation.
Numerous assets, including luxury cars, houses, land, and other luxury items worth approximately 10 billion Thai baht ($277 million), belonging to the criminal network, were seized during the operation.
“Pig butchering” fraud is a term commonly used to describe financial or investment scams. These types of scams are perpetrated by fraudsters who deceive people with promises of investment or involving their money in a scheme. “Pig butchering” refers to the expression used by scammers to describe their actions of cutting or financially damaging their victims. These types of fraud schemes often attempt to entice victims by offering highly attractive returns or financial products. However, the promised returns are usually unrealistic, and fraudsters present these investment opportunities to seize and abscond with victims’ money.
Pig butchering fraud is a type of financial fraud where fraudsters can employ various tactics to collect money from their victims. These tactics may include fake investment funds, Ponzi schemes, fake cryptocurrency projects, and other types of fraud plans. To protect themselves, investors should conduct thorough research before making any investments, seek advice from reliable financial advisors, and avoid rushing their investment decisions. They should also be cautious of overly ambitious claims such as “guaranteed returns” and thoroughly scrutinize any investment offers before considering them credible.
Binance’s Close Collaboration with Law Enforcement
The collaboration with law enforcement agencies continues to be an integral part of Binance’s efforts to combat cybercrime, enhance the security of the Web3 ecosystem, and ensure compliance with global regulations.
Tigran Gambaryan, Binance’s Head of Anti-Money Laundering, stated, “We are proud of the joint efforts of Binance’s investigation team and the Royal Thai Police. Our sustainable efforts have yielded tangible results and once again demonstrated that real security cannot be hindered by geographical limitations. Our collaboration with the Thai authorities supports our commitment to protect users and advance cybersecurity. We will continue to collaborate with authorities worldwide, ensuring that we do our part to restore confidence in the digital asset ecosystem.”
Binance has made significant investments in enhancing its compliance capabilities, processes, and technology in recent years. The company has a leading global compliance and investigation team, which includes professionals with regulatory backgrounds, senior researchers from reputable blockchain analysis firms, and law enforcement officers who have managed some of the largest cybercrime investigations. Over the past three years, Binance has responded to more than 103,000 law enforcement requests, with an average response time of three days, faster than most traditional financial institutions.
