Binance has revealed how it assisted the Thai Police in dismantling a criminal organisation. Binance collaborated with the US Homeland Security Investigation, contributing all of their knowledge and skills. It has now come to light that con artists would lure inexperienced traders into depositing money on a site. Traders would then see fictitious earnings on the user interface, which would entice them to keep making deposits and earn higher returns. When withdrawals are requested, a notification appears informing the user that additional funds are needed because the transaction is taxed. In the end, con artists would simply disappear with the money, leaving inexperienced traders with nothing.
Five group members have now been detained along with their assets, which are estimated to be worth $277 million. Among other things, seized property includes houses, expensive vehicles, and land. The fact that 3,200 people have filed complaints to seek compensation is a benefit of this tragedy.
Of course, if victims had come out earlier, they might have been able to assist those who had also lost their money.
The US HSI and Binance collaborated with the CCIB, or Cyber Crime Investigation Bureau, of Thailand. The group engaged in a scam known as “pig butchering” or “Hybrid Investment-Romance Fraud.” In a ceremony, police lieutenant colonel Thanatus Kangruambutr thanked Binance and HSI for their efforts, stating that their involvement had a big impact on dismantling the criminal organisation.
By pointing out that these frauds have recently become more prevalent and have cost millions of dollars in financial losses, they have also served as a warning.
Additionally, Binance had sent a detective to Thailand. This aided the law enforcement agency and Binance in promptly obtaining an arrest warrant. Having said that, it’s crucial to remember that Binance takes delight in implementing every top-notch security feature on the platform. However, based on our investigation and other reviews of Binance, we can claim that it supports over a hundred cryptocurrencies and is a great platform for both expert and inexperienced users.
Binance has received a commemorative plaque from the police department in appreciation of their efforts. They have also clarified the fact that the case could only have been built so quickly because Binance was prompt in providing them with all the pertinent details and aiding in the acquisition of an arrest warrant.
The development is a result of Binance’s efforts to combat the proliferation of cybercrimes. According to Tigran Gambaryan, they are glad of the partnership between Binance and the Royal Thai Police and that it has helped the inquiry produce real outcomes.