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Security

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 Over 3,000 victims of the alleged crypto scammers have come forward to the authorities to file for compensation claims. 
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 In an announcement sent to Cointelegraph, Binance said that they worked alongside law enforcement agencies, providing intelligence to disrupt the criminal group. The operation, which had the code “Trust No One,” led to the arrest of five alleged key syndicate members and the seizure of various assets worth $277 million. Over 3,200 victims have already contacted the authorities to file for compensation. 
 The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police has collaborated with crypto exchange Binance and the United States Homeland Security Investigation (HSI) to take down a crime ring responsible for conducting a pig butchering crypto scam in Thailand.&nbsp; 
 <blockquote class="twitter-tweet"> 
 #Binance Aids Royal Thai Police in Crackdown on Criminal Networks | @Binance Blog https://t.co/GzMGjTlzmI— CZ Binance (@cz_binance) October 3, 2023 
 </blockquote> 
 Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed appreciation for the crypto exchange’s contributions to the investigation. According to the inspector, the rise of crypto scams led to financial damage for residents in Thailand. The inspector explained:&nbsp; 
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 “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.” 
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 Binance’s head of financial crime compliance Tigran Gambaryan said they will continue their partnership with various authorities across the globe as they do their part in “restoring the trust in the digital-asset ecosystem." 
 Related: Q3 2023 crowned most ‘damaging’ quarter for crypto amid $700M losses: Report 
 Crypto exchange Binance has been constantly collaborating with various parts of the industry to combat crypto-related crime. In 2022, the crypto exchange recovered and froze $450,000 worth of stolen assets related to the Curve Finance hack during that year. 
 Magazine: Tencent’s AI leviathan, $83M scam busted, China’s influencer ban: Asia Express 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-collaborates-with-royal-thai-police-to-seize-277m-from-scammers-tbt64948.html">https://thebittimes.com/binance-collaborates-with-royal-thai-police-to-seize-277m-from-scammers-tbt64948.html</a>

Binance collaborates with Royal Thai Police to seize $277M from scammers

TheBitTimes

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