Binance and Thai Police Bust Crypto Scams: $277M Worth of Assets Seized

Summary

• Binance has collaborated with the Royal Thai Police to bust two major crypto scams, seizing assets valued at around THB 10 billion ($277 million).

Cracking Down Large-Scale Crypto Scam Networks

Binance has recently played a significant role in helping the Royal Thai Police crack down on criminal networks using digital assets for illegal activities. In two recent operations, Binance's Investigations team collaborated closely with Thai law enforcement to successfully arrest criminals involved in major crypto scams.

One of these operations targeted a major "pig butchering" scam that preyed on novice investors. Thanks to intelligence from Binance and the U.S. Homeland Security Investigation, the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police arrested five key members of the criminal group and seized assets valued at around THB 10 billion ($277 million). Over 3,200 victims have come forward seeking compensation.

During a press conference and award ceremony in September, Binance's Head of Investigations for APAC, Akbar A., expressed gratitude to the partners involved. Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit, praised Binance's significant contribution in disrupting criminal groups, emphasizing their ongoing partnership in combatting scams and cybercrimes.

In another operation, Binance helped dismantle a large-scale crypto scam involving transnational criminal entities. Multiple suspects were arrested across 30 sites in Thailand, and illicit assets, including luxury residences, vehicles, and cash, were confiscated.

“Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity,” said Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, emphasizing their dedication to protecting users.