Binance cooperates with the Royal Thai Police to confiscate $277 million in fraud ScrgruppEn
In an announcement sent to Cointelegraph, Binance said they worked alongside law enforcement agencies and provided intelligence to disrupt the criminal group. The process that had the code “Do not trust one” This led to the arrest of five alleged key members of the syndicate and the seizure of various assets worth $277 million. More than 3,200 victims have already contacted the authorities to apply for compensation.
The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) teamed up with cryptocurrency exchange Binance and US Homeland Security Investigations (HSI) to crack down on a criminal gang responsible for conducting a pig slaughter cryptocurrency scam in Thailand.
#Binance Royal Thai Police assists in crackdown on criminal networks | @binance Blog https://t.co/GzMGjTlzmI
— Czechoslovakia Binance (@cz_binance) October 3, 2023
Police Lieutenant Colonel Thanatos Kangroampooter, a CCIB inspector, expressed his appreciation for the cryptocurrency exchange’s contributions to the investigation. According to the inspector, the emergence of cryptocurrency-related scams has resulted in financial damage to residents of Thailand. The inspector explained:
“Through the immediate exchange of information with key partners, including the Binance investigations team, this successful operation led to the arrest of the criminals. Binance remains a key ally in our fight against fraud and cybercrime.
Tigran Gambaryan, Head of Financial Crimes Compliance at Binance, said they will continue their partnership with various authorities around the world as they do their part in “restoring trust in the digital asset ecosystem.”
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Cryptocurrency exchange Binance is constantly cooperating with various industry sectors to combat cryptocurrency-related crimes. In 2022, the cryptocurrency exchange recovered and froze $450,000 worth of stolen assets related to the Curve Finance hack during that year.
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