More than 3,000 victims of an alleged crypto scam have stepped forward to seek compensation, marking a significant development in the ongoing battle against cryptocurrency fraud.
In a statement shared with Cointelegraph, Binance, one of the leading cryptocurrency exchanges, revealed its collaborative efforts with law enforcement agencies in dismantling the criminal group behind the scam. This operation, cryptically named “Trust No One,” resulted in the arrest of five key syndicate members and the confiscation of assets valued at a staggering $277 million. The astounding response saw over 3,200 victims reaching out to authorities to file compensation claims.
The Royal Thai Police’s Cyber Crime Investigation Bureau (CCIB), in conjunction with Binance and the United States Homeland Security Investigation (HSI), orchestrated a takedown of a crime ring responsible for a crypto scam involving pig butchering in Thailand.
Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed gratitude for Binance’s invaluable contributions to the investigation. He highlighted the devastating financial toll inflicted on Thai residents by the surge in crypto scams. Inspector Kangruambutr stated, “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 the exchange’s commitment to partnering with authorities worldwide in their mission to “restore trust in the digital-asset ecosystem.”
Binance’s unwavering dedication to combating crypto-related crime is evident in its history of collaboration with various sectors of the industry. In 2022, the exchange successfully recovered and froze assets worth $450,000 linked to the Curve Finance hack, demonstrating its determination to protect users and uphold the integrity of the crypto space.