The US government, Thai police, and the world’s largest crypto exchange platform by volume just toppled a multi-million dollar crypto scam.
In a new blog post from the company, crypto exchange Binance says it helped take down the criminal network that ran an elaborate scheme targeting novice traders with fake investment platforms.
“The Royal Thai Police Cyber Crime Investigation Bureau (CCIB) worked with Binance and the US Homeland Security Investigation (HSI) to dismantle a criminal gang behind a significant pig slaughterhouse that had affected thousands of people in Thailand.
Armed with information from Binance and HSI, the CCIB arrested five key members of this group and seized assets worth approximately THB$10 billion ($277 million USD), including luxury cars, houses, land and other luxury items. Since these events, more than 3,200 victims have come forward to claim compensation.”
So-called pig slaughter takes place when criminals continually gain the trust of their victims, encourage them to deposit money on fake investment platforms, and then keep the fraud going by displaying false profits and enticing them to pay even more amounts, including fake tax assessments.
As stated by Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit of the High-Tech Crime Division of the Thai Cyber Crime Investigation Bureau,
“We appreciate Binance’s important contribution to disrupting this criminal group. The rise of crypto fraud in recent years has led to financial damage worth hundreds of millions in Thailand.
But thanks to rapid information sharing with key partners, including the Binance Investigations team, this successful operation resulted in the arrest of the criminals.
Binance remains an essential ally in our fight against scams and cybercrime. We appreciate this collaboration and look forward to continuing it.”
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