Binance, a leading crypto exchange, has collaborated with law enforcement agencies and other industry actors to disrupt a criminal group responsible for conducting a pig butchering crypto scam in Thailand. The joint investigation, code-named “Trust No One”, resulted in the arrest of five alleged key syndicate members and the seizure of various assets worth $277 million. Over 3,200 victims have already filed for compensation.
The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police expressed appreciation for Binance’s contributions to the operation. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, noted that crypto scams have caused financial damage to Thai residents. He said: “Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes.”
Tigran Gambaryan, Binance’s head of financial crime compliance, stated that the company will continue to partner with various authorities worldwide in order to “restore the trust in the digital-asset ecosystem.”
In 2022, the crypto exchange recovered and froze $450,000 of stolen assets related to the Curve Finance hack. This is just one of the many initiatives taken by Binance to battle crypto-related crime.
