Police Lieutenant Colonel Thanatus Kangruambutr, Inspector of the Cyber Support Unit in the High-Tech Crime Division at Thailand's Cyber Crime Investigation Bureau, recently thanked Binance for its assistance in dismantling a group of criminal scammers who preyed on thousands of victims. This operation was the second recent instance in which Binance, the largest cryptocurrency exchange in the world, assisted Thai law enforcement in disrupting organized criminal networks.
In July, Thai officials launched an initiative to crack down on a surge in cybercrime after 800 new cybercrimes were being reported every day, the Thai Examiner reported.
Binance said it has been working extensively with Thai law enforcement and is proud to have assisted in two recent investigations into major crypto scams, according to an Oct. 2 blog post. In one investigation, Binance partnered with the Cyber Crime Investigation Bureau (CCIB) of the Royal Thai Police, providing intelligence that led to the arrests of five key members of a criminal group that had been perpetrating "pig butchering" scams. Thai officials confiscated approximately $277 million USD worth of assets from the criminals, and since their arrest, more than 3,000 victims have come forward.
A pig butchering scam refers to a scheme in which a scammer develops a relationship with a victim in order to build trust, typically through social media platforms or dating sites. The scammer then persuades the victim to download an app or visit a website to make a crypto investment with the promise that the victim will make money, but the app or website is fraudulent, and the victim is eventually unable to withdraw his funds, according to TechTarget.
Akbar A., Binance's Head of Investigations for APAC, attended a press conference and award ceremony hosted by CCIB on Sept. 18, where Thai officials thanked Binance for assisting in the operation, according to the blog post.
“We appreciate Binance’s significant contribution to the disruption of this criminal group,” Kangruambutr said at the ceremony, according to the blog post. “The rise of crypto scams in recent years has resulted in financial damage of hundreds of millions in Thailand. Yet, through prompt information exchange with key partners, including the Binance Investigations team, this successful operation resulted in the arrests of the criminals. Binance remains an essential ally in our combat against scams and cybercrimes. We value this partnership and look forward to continuing it.”
In a separate operation, Binance assisted Thai law enforcement with dismantling a criminal group that was operating in more than 30 locations across Bangkok, Samut Prakan, and Udon Thani provinces, per the blog post. Binance supplied Thai officials with "crucial intelligence" that led to the arrests, and Binance also sent an investigator to Thailand to help obtain arrest warrants for the suspects. Thai law enforcement was able to seize illicit assets, including approximately $440,000 USD, 16 luxury residences, and 12 luxury vehicles.
Tigran Gambaryan, Binance’s Head of Financial Crime Compliance, said in a statement that Binance has "immense pride" that its partnership with Thai law enforcement has brought "tangible results," demonstrating that "genuine security" is not limited by geography. "Our team-up with Thai law enforcement champions our mutual commitment to the protection of users and the advancement of cybersecurity," Gambaryan said. "We will persist in partnering with authorities across the globe, ensuring we do our part to restore trust in the digital-asset ecosystem.”
In 2022, Binance’s Investigations team responded to more than 47,000 requests from law enforcement agencies and contributed to the disruption of crimes including hacking, intellectual property theft, terrorist financing, drug smuggling, investment scams, and child abuse material distribution, according to a separate blog post.