Million

<p>The post <a rel="nofollow" href="https://coinpedia.org/news/binance-joins-thai-law-enforcement-in-277-million-crypto-scam-bust/">Binance Helps Thai Law Enforcement in $277 Million Crypto Scam Bust</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In recent times, <a href="https://coinpedia.org/news/class-action-lawsuit-targets-binance-and-cz-for-market-manipulation-that-affected-ftx/">Binance</a>, the global blockchain giant, has emerged as a savior for innocent victims targeted by crypto scammers. The <a href="https://www.binance.com/en/blog/ecosystem/binance-aids-royal-thai-police-in-crackdown-on-criminal-networks-9108477038245506340">Binance Investigations team</a> has begun two relentless operations to combat crypto-fraud criminal networks. </p> 
<p>These efforts showcase Binance’s dedication to user security and its pivotal role in safeguarding the digital asset ecosystem. Here’s what went down. </p> 
<h2 class="wp-block-heading" id="h-binance-s-operations">Binance’s Operations</h2> 
<p>In the first operation, hailed to target the pig butchering scam, five principal members were arrested, and assets valued at around THB 10 billion (approximately $277 million) were seized. These assets included luxury cars, homes, land, and other high-value items. This operation exposed a massive scam that primarily preys on novice investors.&nbsp;</p> 
<p>In the second operation, Binance collaborated with <a href="https://coinpedia.org/crypto-live-news/binance-assists-thai-law-enforcement-with-dismantling-major-crypto-scams/">Thai law enforcement</a> to unravel a large-scale crypto scam orchestrated by a transnational criminal network. It is one of the most massive operations ever as the scammers were spread across 30 locations, including Bangkok, Samut Prakan, and Udon Thani provinces. </p> 
<p>Binance shared important intelligence, including dispatching an investigator to aid in securing an arrest warrant. This empowered the Royal Thai Police to confiscate illicit assets, including 16 luxury residences, 12 top-tier vehicles, and THB 16 million (around $440,000) in cash.</p> 
<p>Read More: <a href="https://coinpedia.org/crypto-live-news/paradigm-accuses-sec-of-overstepping-in-binance-lawsuit-report/">Paradigm Accuses SEC of Overstepping in Binance Lawsuit: Report</a></p> 
<h2 class="wp-block-heading" id="ccib-inspector-speaks-out">CCIB Inspector Speaks Out</h2> 
<p>The impact was noteworthy, indeed.</p> 
<blockquote class="wp-block-quote"> 
 <p>CCIB Inspector of the Cyber Support Unit, High-Tech Crime Division Lieutenant Colonel Thanatus Kangruambutr said:<strong><em> </em></strong><em>“We appreciate Binance’s significant contribution to the disruption of this criminal group. Thailand has lost hundreds of millions to crypto scammers.&nbsp;</em></p> 
</blockquote> 
<h2 class="wp-block-heading" id="a-victory-for-binance">A Victory for Binance!</h2> 
<p>These successful operations not only resulted in significant arrests but also led to the confiscating of substantial assets, delivering a decisive blow to criminal networks engaged in crypto scams. Binance’s active involvement and provision of crucial intelligence were instrumental in the success of these operations.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/why-is-the-crypto-market-down-today-here-are-the-key-factors/">Why Is The Crypto Market Down Today? 3 Factors You Should Know</a></p>

Binance Helps Thai Law Enforcement in $277 Million Crypto Scam Bust

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