Binance has helped the Royal Thai Police crack a crypto pig butchering scam group and seize more than $277 million worth of stolen assets.<\/p>\n
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.<\/p>\n
Binance said in a blog post<\/a> 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.<\/p>\n 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.<\/p>\n “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.<\/p>\n Since the successful operation, Binance stated that over 3,200 victims have reached out to the authorities seeking compensation.<\/p>\n We’re proud to support the Royal Thai Police in cracking down on digital asset crimes in Thailand.<\/p>\n Our recent support helped them to conclude two separate investigations, leading to the arrests of criminals behind major crypto scams.<\/p>\n More below.https:\/\/t.co\/SSG9EV80Ha<\/a><\/p>\n — Binance (@binance) October 3, 2023<\/a><\/p><\/blockquote>\nBinance’s ‘Trust No One’ Operation<\/h2>\n
\n