Binance and Thai Police Bust $277 Million Pig Butchering Crypto Scam

Updated: 04 October 2023

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Binance has helped the Royal Thai Police crack a crypto pig butchering scam group and seize more than $277 million worth of stolen assets.

Pig butchering scams, also known as hybrid investment-romance fraud, occur when fraudsters win victims’ trust and persuade them to invest in a phony platform. The scammers then continue the fraud by showing them fictitious gains and pressuring them to pay more money.

Binance said in a blog post that it worked closely with law enforcement agencies in Thailand to investigate and stop a criminal group that had carried out the scam that affected several thousand people.

Binance’s ‘Trust No One’ Operation

Through an operation dubbed ‘Trust No One,’ Binance partnered with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and U.S. Homeland Security Investigation (HSI) to carry out investigations and capture the culprits.

“Armed with intelligence from Binance and HSI, the CCIB arrested five principal members of this group and confiscated assets valued at around THB $10 billion ($277 million USD), which included luxury cars, homes, land, and other upscale items,” the exchange said.

Since the successful operation, Binance stated that over 3,200 victims have reached out to the authorities seeking compensation.

We’re proud to support the Royal Thai Police in cracking down on digital asset crimes in Thailand.

Our recent support helped them to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.

More below.https://t.co/SSG9EV80Ha

— Binance (@binance) October 3, 2023

Speaking at a press conference about the operation, Police Inspector of the CCIB Lieutenant Colonel Thanatus Kangruambutr expressed gratitude for the assistance provided by the cryptocurrency exchange in the case.

The inspector claims that the residents of Thailand have suffered financial harm as a result of the growth in cryptocurrency scams. However, this operation has enabled the authorities to get control of the situation by arresting the criminals.

Binance An ”Essential Ally”

“Yet, through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it,” Inspector Kangruambutr said.

Binance through its head of financial crime compliance Tigran Gambaryan stated that the exchange will continue to collaborate with numerous international regulatory bodies as they work toward “restoring the trust in the digital-asset ecosystem.”

Binance Sent Investigator To Thailand

Binance has committed itself to aiding in securing the crypto ecosystem. The exchange also played a role in revealing and dismantling another big cryptocurrency fraud that was carried out by a vast network of international criminal organizations.

The operation which involved over 200 Central Investigation Bureau (CIB) officers led to the arrest of suspects at 30 different locations in the provinces of Bangkok, Samut Prakan, and Udon Thani. Binance played two crucial roles in this operation.

First, the exchange supplied the police with the intelligence that led to the arrests. Binance also dispatched an investigator to Thailand to aid in securing the arrest warrant.

Following the apprehensions, the Royal Thai Police seized illegal assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16 million ($440,000) in cash.

Binance has made significant progress in strengthening its compliance skills, boasting an industry-leading worldwide compliance and investigations team made up of regulators, senior investigators from prestigious blockchain analysis businesses, and law enforcement officers.

The exchange claims that over the last three years, it has complied with and helped with over 103,000 requests from law authorities, demonstrating its dedication to fostering a reliable and secure digital asset ecosystem.

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