In a press release provided to Cointelegraph, Binance has revealed its collaboration with law enforcement agencies in a joint effort to disrupt a criminal syndicate. This operation, codenamed “Trust No One,” resulted in the apprehension of five alleged key members of the syndicate and the confiscation of assets valued at $277 million. To date, over 3,200 victims have reached out to authorities seeking compensation.
The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB) joined forces with Binance, a prominent cryptocurrency exchange, and the United States Homeland Security Investigation (HSI) to dismantle a criminal ring responsible for orchestrating a fraudulent cryptocurrency scheme involving pig butchering in Thailand.
Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed gratitude for Binance’s invaluable assistance during the investigation. The inspector noted that the surge in cryptocurrency scams had inflicted financial harm on Thai residents. The inspector said:
“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.”
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, affirmed their commitment to collaborating with authorities worldwide as part of their ongoing efforts to restore trust in the digital asset ecosystem.
Binance, a leading cryptocurrency exchange, has consistently worked in partnership with various stakeholders within the industry to combat cryptocurrency-related criminal activities. In 2022, the exchange successfully recovered and froze stolen assets valued at $450,000, which were linked to the Curve Finance hack that occurred that year.