Binance: Assisted in freezing 47 million dollars related to pig-butchering scams in the Asia-Pacific region last year

ChainCatcher news, Binance disclosed that in June 2024, following a multi-stakeholder investigation supported by Binance, Chainalysis, and other industry partners, law enforcement in the Asia-Pacific region froze nearly $50 million in illegal funds.

In the case, the Chainalysis investigation team utilized blockchain analysis technology to trace the flow of funds related to another active scam network in Southeast Asia. They tracked transactions of dozens of victims from November 2022 to July 2023, identifying a series of integrated wallets controlled by the scammers. The criminals concentrated the funds into a main wallet, which were then distributed to five final wallets via intermediary addresses, collectively holding nearly $47 million USDT. To prolong the scam, the scammers would also return a small amount of funds. After receiving intelligence, the Asia-Pacific law enforcement instructed the stablecoin issuer to freeze the funds in June, and investigators acted swiftly to prevent the conversion of the illegal proceeds.