Binance helps Thai police recover $277 million from crypto scammers

abdelaziz Fathi

Binance, the world’s largest cryptocurrency exchange by volume, has played a role in dismantling a multi-million-dollar crypto scam.

The criminal network operated a complex scheme targeting inexperienced traders through fake investment platforms. The collaboration between the US government, Thai police, and Binance resulted in the takedown of this fraudulent operation.

Based on the information provided by Binance and HSI, the Cyber Crime Investigation Bureau (CCIB) apprehended five key members of the criminal organization and seized assets estimated at around THB 10 billion ($277 million). Since then, more than 3,200 victims have come forward seeking compensation for their losses.

“We appreciate Binance’s significant contribution to the disruption of this criminal group. The rise of crypto scams in recent years has resulted in financial damage of hundreds of millions in Thailand. 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,” Thailand’s Cyber Crime Investigation Bureau said.

Additionally, Binance played a crucial role in another operation that targeted a large-scale cryptocurrency scam operated by transnational criminal networks. The join effort resulted in the arrest of suspects across 30 locations in Bangkok, Samut Prakan, and Udon Thani provinces, with the participation of over 200 officers from the Central Investigation Bureau (CIB).

Binance not only provided crucial intelligence to the police but also dispatched an investigator to Thailand to assist in obtaining arrest warrants. This mission led to the seizure of illicit assets, including 16 luxury residences, 12 high-end vehicles, and THB 16 million ($440,000) in cash.

Thailand warned last month that it could ban Facebook if the social network doesn’t get its act together regarding alleged investment and cryptocurrency scam ads popping up on its platform.

According to MDES, more than 200,000 people have fallen victim to Facebook ads promoting various crypto scams and fake investment opportunities. These fraudulent ads even posed as government agencies like the nation’s Securities and Exchange Commission.

These scams were all about luring people into crypto investment and trading schemes, with some ads using images of celebrities and well-known financial figures. The tactics included promising unrealistically high daily returns, going as high as 30%.

In addition, the Thai Police are also gearing up to file lawsuits against the scammers operating those fraudulent crypto ads. The legal actions will span both criminal and civil courts, signaling a multi-pronged approach to tackle the issue and bring those behind the scams to justice.

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