Key Takeaways:
- Binance aids Thai police in busting a $277 million crypto scam ring.
- Five scammers got arrested under Operation “Trust No One.”
- Over 3,000 victims have come forward to file compensation claims.
LUCKNOW (CoinChapter.com) — Crypto exchange giant Binance has joined forces with the Royal Thai Police to dismantle a crypto scam that defrauded thousands of victims.
The collaboration, codenamed “Trust No One,” led to the apprehension of five key syndicate members. It resulted in the seizure of $277 million worth of assets. Over 3,000 victims of the alleged scam have come forward to claim compensation.
The Binance investigation team joined forces with the Cyber Crime Investigation Bureau (CCIB) and the US Homeland Security Investigation (HSI) to crack down on the scam. Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, patted Binance for its support during the investigation.
“Through prompt information exchange with key partners, including the Binance investigations team, this successful operation resulted in the arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrime,”
Inspector Kangruambutr stated.
A Commitment to Combatting Crypto Crime
Tigran Gambaryan, Binance’s head of financial crime compliance, said that Binance will continue to aid authorities worldwide in restoring people’s trust in the digital-asset ecosystem.
Binance continues to demonstrate its dedication to combating cryptocurrency-related crime.
Their proactive approach has not only led to the recovery and freezing of $450,000 in stolen assets linked to the Curve Finance hack in 2022 but also played a pivotal role in dismantling this massive scam operation in Thailand.
Recently, Binance was in the news due to the thirteen charges filed by the U.S. Securities and Exchange Commission (SEC) against Binance entities and its founder, Changpeng Zhao. These charges include allegations of operating unregistered exchanges, broker-dealers, and clearing agencies.
Additionally, the SEC accuses Binance of misrepresenting trading controls and oversight on the Binance US platform. It also lays charges against Binance for engaging in the unregistered offer and sale of securities.
