Crypto exchange Binance collaborated with Thai and US authorities on "Operation Trust No One," resulting in the arrest of five individuals behind a $277 million pig butchering crypto scam.
Binance Has Worked With The Royal Thai Police To Stop A $277 Million Cryptocurrency Scam
Crypto exchange Binance collaborated with Thai and US authorities on "Operation Trust No One," resulting in the arrest of five individuals behind a $277 million pig butchering crypto scam.
A pig butchering scam involves scammers luring victims on social media or dating sites and building a relationship before convincing the target to invest in a high returns investment scheme, usually using crypto.
Binance supplied intelligence to the Royal Thai Police Cyber Crime Investigation Bureau and the United States Homeland Security Investigations, allowing for coordinated operations. Over 3,200 victims in Thailand have filed claims for compensation after falling victim to the fraud.
Thai police Inspector Thanatus Kangruambutr emphasized the need of such collaborations in tackling escalating crypto-related financial damage, and said:
“Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it.”
Tigran Gambaryan, Binance's Head of Compliance, highlighted the company's commitment to working with law authorities throughout the world to rebuild trust in the digital asset industry.
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