Binance and Partners Freeze $50 Million in Illicit Funds from Scams

Binance Blog published a new article, highlighting a significant collaboration between Binance, Chainalysis, stablecoin issuers, and law enforcement agencies in the Asia-Pacific (APAC) region to combat financial scams. This joint effort led to the freezing of nearly $50 million in illicit funds linked to 'pig butchering' scams, a form of investment and romance fraud that has been increasingly involving cryptocurrencies. In June 2024, APAC-based law enforcement successfully froze these funds following a comprehensive investigation supported by Binance, Chainalysis, and other industry partners. The term 'pig butchering' describes a scam where victims are gradually 'fattened' through trust-building before being defrauded source: https://www.binance.com/en/square/post/28921980163242?utm_source=BinanceNewsRSS