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.

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.

Binance supports $ 47 million freezing in the framework of investigating pork cutting in the Asia -Pacific region Binance Blog - Google Chrome

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.

“Our cooperation with these organizations emphasizes the most important role of public-private partnership in the suppression of criminal actions and the work on the payment of compensation to the victims,” said Erin Fracoli, head of the Binance intelligence and investigation department.

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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Source: Cryptocurrency

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