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July 19, 2024
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Binance and Royal Thai Police unite to dismantle crypto scam and recover over $270 million

Binance, the world’s leading cryptocurrency exchange, recently assisted the Royal Thai Police to dismantle an extensive criminal network, leading to the recovery of over $270 million, which marks one of the largest victories against cryptocurrency-related crime.

According to a Binance blog post, the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police teamed up with Binance and U.S. Homeland Security Investigation (HSI) to dismantle a criminal ring behind a significant pig butchering scam that had impacted thousands of people in Thailand. Armed with intelligence from Binance and HSI, the CCIB arrested five principal members of this group and confiscated assets valued at around THB 10 billion ($277M), which included luxury cars, homes, land, and other upscale items. Since these events, over 3,200 victims have come forward seeking compensation.

The successful crackdown and subsequent recovery of substantial funds underscore a pivotal moment in the ongoing global effort to establish regulatory norms and enforce legal boundaries within the expansive and decentralized realm of cryptocurrency.

As the world continues to grapple with the integration of cryptocurrency into conventional financial systems, collaborations such as this between technology platforms and law enforcement agencies could pave the way for establishing a secure and trustworthy digital asset environment.

The post Binance and Royal Thai Police unite to dismantle crypto scam and recover over $270 million appeared first on Crypto Reporter.

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