Binance, the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, and the United States Homeland Security Investigation (HSI) have collaborated to take down a crime ring responsible for conducting a pig butchering crypto scam in Thailand. The operation, code-named “Trust No One,” led to the arrest of five alleged key syndicate members and the seizure of various assets worth $277 million. Over 3,200 victims have already contacted the authorities to file for compensation.

Police Lieutenant Colonel Thanatus Kangruambutr, an inspector at the CCIB, expressed appreciation for the crypto exchange’s contributions to the investigation. He noted that the rise of crypto scams has caused financial damage for residents in Thailand.

Binance’s head of financial crime compliance Tigran Gambaryan said they will continue their partnership with various authorities across the globe as they do their part in “restoring the trust in the digital-asset ecosystem.” In 2022, the crypto exchange recovered and froze $450,000 worth of stolen assets related to the Curve Finance hack.

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Information	Details
Geography	Asia
Countries	🇹🇭 🇺🇸
Sentiment	positive
Relevance Score	8
People	Thanatus Kangruambutr, Tigran Gambaryan
Companies	United States Homeland Security Investigation (HSI), Cyber Crime Investigation Bureau (CCIB), Royal Thai Police, Binance, Tencent
Currencies	None
Securities	None