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Binance collaborates with Royal Thai Police to engage $277M from scammers

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Over 3,000 victims of the alleged crypto scammers private reach forward to the authorities to file for compensation claims.

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In an announcement sent to Cointelegraph, Binance acknowledged it worked alongside law enforcement companies, providing intelligence to disrupt the legal neighborhood. The operation, which had the code “Belief No One,” led to the arrest of 5 alleged key syndicate individuals and the seizure of diverse resources worth $277 million. Over 3,200 victims private already contacted the authorities to file for compensation.

The Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police collaborated with crypto replace Binance and United States Enlighten of initiating Security Investigations (HSI) to lift down against the law ring accountable for conducting a pig butchering crypto scam in Thailand. 

#Binance Aids Royal Thai Police in Crackdown on Prison Networks | @Binance Weblog https://t.co/GzMGjTlzmI

— CZ Binance (@cz_binance) October 3, 2023

Police Lieutenant Colonel Thanatus Kangruambutr, an inspector on the CCIB, expressed appreciation for the crypto replace’s contributions to the investigation. In step with the inspector, the rise of crypto scams led to monetary wound for residents in Thailand. The inspector defined: 

“By urged details replace with key companions, including the Binance investigations crew, this winning operation resulted in arrests of the criminals. Binance stays an main ally in our fight in opposition to scams and cybercrimes.”Binance’s head of monetary crime compliance, Tigran Gambaryan, acknowledged the firm will continue its partnership with hundreds of authorities worldwide as they private their section in “restoring the belief within the digital-asset ecosystem.“

Associated: Q3 2023 topped most ‘negative’ quarter for crypto amid $700M losses: File

Crypto replace Binance has collaborated with hundreds of replace actors to fight crypto-associated crime. In 2022, the crypto replace recovered and iced up $450,000 of stolen resources associated to the Curve Finance hack.

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