Binance and Law Enforcement Collaborate to Dismantle a $277 Million 'Pig Butchering” Swindle

Binance's partnership with Thai law enforcement and U.S. Homeland Security has resulted in a significant breakthrough in the fight against cybercrime.

Binance, the world's largest cryptocurrency exchange, has announced a major breakthrough in the fight against cybercrime, thanks to its partnership with Thai law enforcement and U.S. Homeland Security. Together, these forces have dismantled a significant $277 million “pig butchering” swindle.

This hybrid investment-romance fraud has become increasingly common, targeting inexperienced investors with a variety of tactics to gain trust and persuade victims to deposit their money on bogus investment platforms. Once hooked, scammers often display bogus gains on the platform interface to entice further investments.

Furthermore, they may trick victims into paying additional sums by falsely claiming that these funds are needed to cover “taxes” for withdrawal, ultimately absconding with all of the invested funds.

Binance's Proactive Approach to Countering Cybercrime

Binance’s Investigations team played a crucial role in the operation, partnering with the Royal Thai Police's Anti-Trafficking in Persons Division and U.S. Homeland Security Investigations to uncover the scam's vast network. This joint effort led to the arrest of five suspects and the confiscation of several assets connected to the conspiracy.

The scam, which operated across multiple countries, defrauded victims of an estimated total of 9.5 billion baht ($277 million). Following a victim report and subsequent investigation, Thai authorities identified and apprehended the suspects.

Binance's participation in the investigation demonstrates the company's dedication to improving the security of the Web3 ecosystem and maintaining global regulatory compliance.

The company’s collaboration with law enforcement authorities highlights the importance of such measures in protecting people from devious internet scams. This action is part of Binance's broader plan to combat criminality and protect the integrity of the cryptocurrency sector.

“We draw immense pride from the collaborative actions of the Binance Investigations team and the Royal Thai Police,” said Tigran Gambaryan, Binance's Head of Financial Crime Compliance.

“Our sustained effort brought tangible results, reiterating how genuine security is not hemmed in by geographical limitations. Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity. We will persist in partnering with authorities across the globe, ensuring we do our part to restore trust in the digital-asset ecosystem.”

Meanwhile, Binance Labs has invested in Solayer, a fast-growing initiative in the Solana ecosystem. The proceeds from this investment will be used to help Solayer expand its team, adopt new protocols, and enhance its standing.

This decision showcases Binance's continuous effort to support new projects and foster growth in the blockchain ecosystem.

From the other hand, Binance's July proof-of-reserves report shows a 1.29% gain in Bitcoin holdings, while Ethereum assets fell 0.21%. Shiba Inu (SHIB) token reserves fell by 0.27% in July, continuing a downward trend that began in June with a 3% drop in two months.

At the time of writing, the price of Binance Coin (BNB) was about $517.41, reflecting a 2.26% increase over the last 24 hours. Additionally, its market cap has increased to around $75.50 billion.

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