Binance, a cryptocurrency exchange, has collaborated with law enforcement agencies to disrupt a criminal group that was conducting a pig butchering crypto scam in Thailand. The operation, which was code-named “Trust No One,” led to the arrest of five alleged key syndicate members and the seizure of various assets worth $277 million. Over 3,200 victims have already contacted the authorities to file for compensation. The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and United States Homeland Security Investigations (HSI) worked alongside Binance to take down the crime ring responsible for the scam. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed appreciation for Binance’s contributions to the investigation. According to the inspector, the rise of crypto scams led to financial damage for residents in Thailand.
The collaboration between Binance and law enforcement agencies is a positive step towards curbing fraudulent activities in the crypto space. It is also a testament to Binance’s commitment to ensuring that its platform is not used for illegal activities. The company has been under investigation by the US Department of Justice since 2018 for alleged money laundering, tax evasion, and US sanctions violations. However, it has never been formally accused of any wrongdoing. It is important to note that while cryptocurrencies have many benefits, they are also vulnerable to fraudulent activities. Therefore, it is crucial that users exercise caution when investing in cryptocurrencies and only use reputable exchanges like Binance. Additionally, law enforcement agencies must continue to work with crypto exchanges to ensure that fraudulent activities are detected and prevented.
