Crypto Giants Binance and Thai Police Join Forces Against Scammers
The collaboration between the Royal Thai Police's Cyber Crime Investigation Bureau (CCIB), the U.S. Homeland Security Investigation (HSI), and the world's largest cryptocurrency exchange, Binance, has successfully dismantled a sophisticated multi-million-dollar cryptocurrency scam.
In a recent blog post by Binance, the exchange reported its involvement in the disruption of a criminal network that executed an intricate scheme designed to deceive inexperienced traders through fraudulent investment platforms.
The CCIB, in cooperation with Binance and HSI, orchestrated the takedown of a criminal operation responsible for a significant financial fraud known as the “pig butchering scam.” This deceitful scheme had adversely affected thousands of individuals in Thailand.
Leveraging intelligence provided by Binance and HSI, the CCIB apprehended five key members of the criminal group and seized assets valued at approximately THB $10 billion ($277 million USD). These assets included luxury automobiles, real estate properties, land holdings, and other high-end possessions. Following these developments, more than 3,200 victims have come forward seeking restitution.
The “pig butchering scam” is a type of confidence trick where perpetrators gain the trust of their victims, convincing them to deposit funds into counterfeit investment platforms. They maintain the illusion of profitability by fabricating earnings and pressuring victims to make additional payments, including fictitious tax obligations.
Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit within Thailand’s High-Tech Crime Division, expressed gratitude for Binance’s significant contribution to disrupting this criminal organization.
He emphasized that the surge in cryptocurrency scams in recent years has inflicted substantial financial losses in Thailand. However, the swift exchange of information with key partners, including Binance’s Investigations team, led to the successful apprehension of the perpetrators.
Binance remains a crucial ally in the fight against scams and cybercrimes, and the collaboration is highly valued and anticipated to continue.