Binance, in partnership with the Royal Thai Police and U.S. Homeland Security, has successfully dismantled a multi-million dollar crypto scam that targeted novice traders. The operation resulted in the arrest of five key members and the confiscation of assets worth THB $10 billion ($277 million USD).

In a recent development, Binance has joined forces with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police and U.S. Homeland Security Investigation (HSI) to take down a sophisticated crypto scam operation. This criminal network had been luring novice traders into fake investment platforms, employing tactics known as “pig butchering scams.”

The scheme involved gaining victims’ trust, convincing them to deposit money, and then showing fake profits while demanding further payments, including fake tax bills. Thanks to intelligence shared by Binance and HSI, the CCIB successfully arrested five principal members of the group and seized assets valued at THB $10 billion ($277 million USD). These assets included luxury cars, properties, and other high-end items.

Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in Thailand’s Cyber Crime Investigation Bureau, praised Binance for its vital role in disrupting the criminal group. This collaborative effort highlights the importance of partnerships in combating crypto scams and cybercrimes.