Binance helped to freeze scammers of $ 47 million

Law enforcement officers of the Asia-Pacific region froze almost $ 50 million illegal funds with the support of Binance, Chainalysis and other crypto industry participants.

Proud of OUR Team’s work in a major International Operation. By collaboration with @Chainalysis And Apac Authorities, We Helped Freeze ~ $ 50m, Protecting Vulnerable Victims from Sophisticated Scams.

This is What it means to buy a safer ecosystem for all.

– Richard Teng (@_richardteng) August 29, 2025

The collective investigation ended in June 2024, they shared its details in Binance only now.

The arrested assets are associated with the fraudulent scheme “Pig cuts”. The term means that the attackers “scold” the victim for a long time before deceiving. Criminals build trusting relationships, after which they encourage investing in fake projects and disappear with money.

Chainalysis specialists using blockchain analysts tracked the transactions of dozens of victims from the scheme from November 2022 to July 2023. Ultimately, experts associated operations with purse of attackers, on which there were $ 47 million in USDT.

Analysts were transferred to law enforcement agencies that demanded that the Steabelcoin issued the received information freeze the funds. The operational blocking of assets prevented the converting of fraudsters in fiat.

The company noted that “spigo cutting” is a global problem that goes far beyond the scope of the crypto industry, but it is the blockchain technology that offers effective tools to combat fraudulent schemes.

Recall, in August, Binance, Coinbase, Kraken and other exchanges founded Beacon Network – the first system of response to cryptoprection in real time.

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