Binance stated in a press release that they collaborated with Royal Thai Police to disrupt the criminal organization by providing intelligence, and over 3,000 victims of the alleged crypto scammers have filed for compensation claims.
The operation, which had the codename “Trust No One,” resulted in the apprehension of five alleged key syndicate members and the seizure of assets worth $277 million. Over 3,200 victims have already filed compensation claims with the authorities.
The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police collaborated with Binance and the United States Homeland Security Investigation (HSI) to dismantle a criminal organization responsible for a crypto-based pig-slaughtering scheme in Thailand.
The police The CCIB inspector, Lieutenant Colonel Thanatus Kangruambutr, appreciated the crypto exchange’s contributions to the investigation. According to the inspector, the increase in crypto schemes caused financial harm to Thai citizens. Inspector elaborated:
“Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes.”
Tigran Gambaryan, director of financial crime compliance at Binance, stated that the company will continue to work with authorities worldwide to “restore trust in the digital asset ecosystem.”
Bitcoin exchange Binance has continuously collaborated with various industry segments to combat crypto-related criminal activity. In 2022, the cryptocurrency exchange recovered and froze stolen assets worth $450,000 related to the Curve Finance breach that year.
