The post Binance Helps Philippines Track Crypto Ransom Funds appeared on BitcoinEthereumNews.com.

Binance helps Philippine police trace $3.75M crypto ransom through blockchain. Kidnappers used junket operators, crypto wallets to launder ransom payments. Swift Binance support reveals wallet activity linked to global gambling networks. Binance’s Financial Intelligence Unit (FIU) recently supported the Philippine government in solving a complex kidnapping-for-ransom case. The investigating concerned the tracing of a well-masked ransom transaction, which went through multiple layers of monetary systems, and resulted in cryptocurrency wallets. In collaboration with the tools and knowledge of Binance, the law enforcement got to know what happened to the money, and who was behind it. This is one of the cases in which governments and the private companies can collaborate in combating digital crime. Binance Blockchain Tools Help Police Uncover Wallet Trail The ransom was 3.75 million dollars. It initially went through the hands of the private gambling junket operators, who generally organize travel and gambling packages to the higher ends of the clients. These operators were turned into a vehicle through which the ransom can be laundered. Money was then divided, concealed and transacted across accounts. This method complicated the task of the authorities to discover to where the money ended up. Nevertheless, Binance became a part of the effort swiftly. Binance FIU collaborated with Philippine police by tracking the money using the blockchain analysis tools. They monitored the movement of moneys in questionable wallets and tracked to where one wallet received and transferred to another. This was confirmed later by Binance CEO Richard Teng on the social media platform X, when he tweeted, “When crypto is misused we step up.” The fact that Binance acted swiftly to investigate leads to the investigation, according to the Philippine National Police, which has an Anti-Cybercrime Group. Subdivision of money into small fractions and transportation between numerous wallets prior to their receiving…

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Filed under: News - @ June 14, 2025 11:18 pm