Binance: It helped the Asia-Pacific region freeze $47 million in related pig killing scams last year

According to ChainCatcher, Binance disclosed that in June 2024, law enforcement in Asia-Pacific frozen nearly $50 million in illegal funds after a multi-stakeholder investigation supported by Binance, Chainalysis and other industry partners. In the case that year, the Chainalysis investigation team used blockchain analysis technology to track the flow of funds related to another active fraud network in Southeast Asia. They tracked transactions from dozens of victims between November 2022 and July 2023, locking in a series of integrated wallets controlled by scammers. The criminals concentrated the funds into the main wallet and distributed them to the five final wallets via the intermediate address, holding a total of nearly $47 million USDT. To extend the scam, the scammers will also return a small amount of funds. After obtaining intelligence, Asia-Pacific law enforcement instructed stablecoin issuers to freeze funds in June, and investigators acted quickly to prevent the exchange of illegal proceeds.