Binance Assists Thai Authorities in Major Cyber Crime Crackdown
The post Binance Assists Thai Authorities in Major Cyber Crime Crackdown appeared on BitcoinEthereumNews.com.
Thailand’s Central Investigation Bureau (CIB) has successfully taken down a major crime syndicate in Operation Cyber Guardian. This initiative was supported by Binance’s Investigations team and demonstrated the power of collaboration and technology. #Binance collaborated with the Central Investigation Bureau (CIB) and the Technology Crime Suppression Division (TCSD) of Thailand in dismantling a transnational online investment fraud network. Read more 👇https://t.co/tpyqi6m1IJ — Binance (@binance) November 30, 2024 Thailand Unveils Major Cyber Scam Involving Social Media Phishing As described in the blog post, the scheme started with a social media phishing. The criminals used a variety of scams telling their targets they could make a lot of money quickly through investments. The victims make payments to mule accounts, which made the sources of the funds to be almost impossible to track. The total amount of money collected through the scam was 3.8 million baht (about $110K). The syndicate was also able to change the stolen money to $USDT through the blockchain system and transfer it from one digital wallet to another to conceal its trail. Pleading that the investigation conducted by Pol. Col. Chitsanupong Waidee from the Technology Crime Suppression Division (TCSD) would show that the syndicate was international. The actual theft of the money was facilitated by the recruitment of Mule account brokers. A few mules also fled to Cambodia-Thailand border to develop digital wallets with which they would receive the money. These brokers were paid small fees, ranging from a minimum of 5,000 THB (approximately $145). Binance Supports Thai Police in Cybercrime Investigation Leading to Arrests Binance’s Financial Intelligence Unit (FIU) played a vital role. The team was able to study blockchain transactions and link them to suspicious accounts which was very informative. This cooperation made it possible to track the money and find out who was behind the…
Filed under: News - @ December 1, 2024 2:25 pm