Binance has played a pivotal role in assisting Thai authorities in stopping a cryptocurrency scam that has drained $277 million from victims in Thailand.
In an announcement shared today, Binance explained its role in a collaboration with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and the US Department of Homeland Security.
Dubbed Operation Trust No One, the exchange offered vital intelligence leading to the apprehension of five key individuals behind this criminal operation.
This group operated a deceptive crypto investment scheme referred to as a “pig butchering scam.”
Scammers meticulously built trust with victims by showcasing counterfeit investment accounts with impressive returns.
This tactic is akin to a farmer fattening up his pigs before sending them to slaughter.
Authorities seized assets valued at approximately $277 million from the scammers, including luxury cars, real estate, and other extravagant possessions.
The scale of this scam is estimated to have affected thousands of victims in Thailand alone, with more than 3,200 individuals coming forward following the arrests.
Binance also played a pivotal role in uncovering another extensive cryptocurrency scam orchestrated by a network of transnational criminal entities.
This investigation led to the apprehension of suspects in 30 locations across Bangkok, Samut Prakan, and Udon Thani provinces.
Binance not only supplied crucial intelligence to facilitate these arrests but also sent an investigator to Thailand to assist in obtaining arrest warrants.
This other operation empowered the Royal Thai Police to seize illicit assets, including 16 luxury residences, 12 high-end vehicles, and THB 16 million ($440,000) in cash.