Binance and Law Enforcement Dismantle $277M Pig Butchering Scam

August 11, 2024 Vaseline blog 0

Binance and Law Enforcement Dismantle 7M Pig Butchering Scam

  • Binance’s collaboration with Thai and US authorities led to the takedown of a $277M “pig butchering” scam.
  • Binance’s recent investments and security initiatives highlight its commitment to combating cybercrime and supporting blockchain growth.

Binance’s partnership with Thai law enforcement and US Homeland Security has resulted in a significant breakthrough in the fight against cybercrime. Together, these forces dismantle a major $277 million “pig butchering” swindle, a hybrid investment-romance fraud that is becoming increasingly common.

This effective investigation resulted in five arrests and the confiscation of several assets associated with the conspiracy.

Binance Efforts to Protect Novice Investors from Sophisticated Scams

The scam primarily targets inexperienced investors, using a variety of strategies to gain trust and encourage victims to deposit their cash on bogus investment platforms. Eleven victims are hooked, scammers frequently show bogus gains on the platform interface to attract additional investments.

Furthermore, they may deceive victims into paying further sums by falsely claiming that these funds are required to cover “taxes” for withdrawal, eventually absconding with all of the invested funds.

Binance’s proactive approach to combating cybercrime demonstrates the company’s dedication to improving the security of the Web3 ecosystem and maintaining global regulatory compliance.

The company’s collaboration with law enforcement authorities demonstrates the value of such measures in safeguarding people from sophisticated internet scams.

This action is part of Binance’s overall plan to combat crime and protect the integrity of the cryptocurrency sector. Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, stated:

“We draw immense pride from the collaborative actions of the Binance Investigations team and the Royal Thai Police. Our sustained effort brought tangible results, reiterating how genuine security is not hemmed in by geographical limitations. Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity. “We will persist in partnering with authorities across the globe, ensuring we do our part to restore trust in the digital-asset ecosystem.”

On the other hand, as we previously reportedBinance Labs has invested in Solayer, a fast-growing initiative in the Solana ecosystem. The proceeds from this investment will be used to help Solayer expand its team, adopt new protocols, and improve its reputation.

This decision demonstrates Binance’s continued commitment to supporting new projects and fostering growth in the blockchain ecosystem.

Besides that, Binance’s July proof-of-reserves reportt shows a 1.29% gain in Bitcoin holdings, while Ethereum assets fell 0.21%. Shiba Inu (SHIB) token reserves fell by 0.27% in July, following a downward trend that began in June with a 3% drop in two months.

Meanwhile, the price of Binance Coin (BNB) was about $517.41 at the time of writing, representing a 2.26% increase over the last 24 hours. Furthermore, its market cap has risen above $75.50 billion.

No spam, no lies, only insights. You can unsubscribe at any time.