Binance Assists in Arresting Alleged Crime Ring
Crypto exchange Binance has partnered with law enforcement agencies to bring down a criminal organization responsible for a cryptocurrency scam in Thailand. The operation, codenamed "Trust No One," resulted in the arrest of five key members of the syndicate and the seizure of assets worth $277 million. Over 3,200 victims have come forward to seek compensation.
Royal Thai Police and Homeland Security Investigations Join Forces
The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police collaborated with Binance and United States Homeland Security Investigations (HSI) to dismantle the crime ring. The collaboration involved sharing intelligence and information to disrupt the activities of the syndicate. Binance's involvement in the investigation has been praised by authorities.
Appreciation for Binance's Contributions
Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed gratitude for Binance's efforts in combating crypto scams. He emphasized the financial damage caused by such scams in Thailand and recognized Binance as a valuable ally in the fight against cybercrimes.
Binance's Commitment to Combating Cybercrimes
Tigran Gambaryan, the head of financial crime compliance at Binance, stated that the company will continue to work with authorities worldwide to restore trust in the digital asset ecosystem. Binance has collaborated with various industry players in the past to combat crypto-related crimes.
Previous Success in Asset Recovery
This is not the first time Binance has played a role in recovering stolen assets. In 2022, the crypto exchange successfully froze and recovered $450,000 related to the Curve Finance hack.
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