- Binance, Tokocrypto, and Bareskrim disrupted a major crypto scam, seizing $200,000.
- The joint operation revealed a pig butchering scam network with multiple suspects identified.
- Binance’s Financial Intelligence Unit played a crucial role in analyzing and freezing illicit assets.
Indonesian cryptocurrency exchange Tokocrypto and Binance teamed up with the country’s Criminal Investigation Agency (Bareskrim) and took down a major cryptocurrency scam. The operation led to the arrest of several suspects and the recovery of $200,000 in stolen funds.
Bareskrim started looking into a trading fraud case in early November 2023. The case involved an alleged crypto trading website that turned out to be a pig butchering scam syndicate. Several people were arrested, including those involved in managing the accounts that received the stolen funds.
During the operation, authorities found around 50 mobile phones, along with local bank cards and banking apps on the suspects’ devices. Even though the suspects wouldn’t cooperate, Bareskrim was able to identify the wallet addresses of the cryptocurrency funds received through forensic analysis. They also traced some key wallet addresses used in the scam through communication records on Telegram.
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Binance’s Key Role in the Operation
Tokocrypto brought the case to Binance’s Financial Intelligence Unit (FIU), which provided crucial assistance. Binance’s FIU team offered thorough analysis and helped freeze the assets. Their expertise was essential in recovering $200,000 from the suspects’ accounts. One account holder was also arrested.
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Nils Andersen Röed, Head of Binance FIU, stressed the importance of working together to fight financial crimes. Binance’s open communication with global law enforcement agencies made this successful operation possible.
Ongoing Investigation and Commitment to Security
The case is still ongoing, with authorities pursuing additional leads. Tokocrypto’s VP of Legal, Compliance, and Government Relations, Azizah Mutia Karim, highlighted the importance of this public-private partnership in combating financial fraud. Tokocrypto remains dedicated to cooperating with law enforcement to protect the cryptocurrency ecosystem. In 2023, Binance processed 58,000 law enforcement requests, further demonstrating the company’s ability to help in such operations.
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Source: https://coinedition.com/indonesian-authorities-bust-crypto-scam-with-binance-and-tokocryptos-help/