Binance X Thailand | Combating Cybercrime, Assisting Police in Solving Multiple "Pump-and-Dump" Fraud Cases

Binance has assisted law enforcement in Thailand by aiding in the crackdown on cryptocurrency scams, leading to the arrest of key members and the seizure of significant assets.

Binance and Thai Police Rescue Large-Scale Scam Proceeds

According to an announcement by Binance, the Thai police, Binance, and the U.S. Homeland Security Investigations (HSI) collaborated to crack down on a "pig slaughter" scam involving thousands of Thai victims. The Thai police arrested five key members and seized high-value assets worth $27.7 million, with over 3,200 victims affected.

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Binance also provided crucial evidence in another major fraud case in Thailand, assisting the Thai police in arresting perpetrators at over thirty locations, including Bangkok, confiscating 16 luxury residences, 12 high-end vehicles, and 16 million Thai Baht ($440,000) in cash.

Beware of Hybrid Investment Scams - Pig Slaughter Scam!

Hybrid investment scams, often referred to as "pig slaughter" scams, primarily target novice investors. Criminals employ a series of strategies to build trust, enticing victims to deposit assets into fraudulent investment platforms. Once victims fall for the scam, fraudsters display false profits on the platform interface to encourage further investment. They may also deceive victims into paying additional fees, claiming that withdrawing funds requires "taxes," and then abscond with the money.

Binance Assists Law Enforcement Agencies Worldwide in Combating New Types of Crime

In recent years, Binance has heavily invested in establishing compliant talent, processes, and technologies, boasting an industry-leading global compliance and investigation team, including regulatory professionals, blockchain investigators, and cybercrime investigators.

According to Binance, over the past three years, Binance has completed and assisted in handling over 103,000 law enforcement requests, with an average response time of just three days, faster than most traditional financial institutions.