The Thailand CIB and Binance partnership dismantled a major crime syndicate, showcasing effective teamwork and technology to combat cybercrime.
Thailand’s Central Investigation Bureau (CIB), supported by Binance’s Investigations team, recently took down a major crime syndicate. This operation, named Cyber Guardian, showcased the power of teamwork, modern technology, and dedication to justice. This news was shared through Binance X account on November 30.
It began with social media advertisements that encouraged people to invest with high returns on their money. Some of them were defrauded into transferring money to work accounts of mules. These accounts assisted in a way to hide where the money was coming from.
In the end, it accumulated 3.8 million baht (approximately $110,000) for the scam. The criminals saw it fit to use blockchain in order to cover their tracks. This they proceeded to change the proceeds from the theft into such things as cars, real estate, and gold bars.
The case was under the investigation of Pol. Col. Chitsanupong Waidee of the Technology Crime Suppression Division (TCSD). His team was able to identify a huge syndicate operation. That was not just an elaborate con; it was a transnational fraud with mule account brokers. These brokers hired individuals mostly from the low standard of living to open several accounts for a mere charge.
Some even went across Cambodia Thailand border to open digital wallets and receive remittances. The stolen money was swapped for USDT, transferred from one wallet to another, and then used to purchase assets of value.
Binance and Thai CIB Set New Standard for Cybercrime Prevention
Even though it is challenging to monitor transactions that occur in the digital economy, Binance’s FIU played a crucial role. They collaborated with the TCSD to study information about blockchain. This partnership helped them track the rather shady accounts and determine the who’s who. This was the major reason why this collaboration was important in building the case.
When the Thais had enough proof, they were able to get warrants of arrest. The operations took place in Bangkok, Nakhon Ratchasima, Tak, as well as Songkhla. The raids also saw seven suspects arrested. This comprised of two mule account operators, two brokers, and three other higher members of the team engaged in money laundering. Police confiscated property valued more than 80 million baht ($2.3 million). This is comprised of houses, cars, gold bars, and any other valuable property.
Binance’s Nils Andersen-Röed described the cooperation as positive. He noted that the high level of decentralization of the blockchain was crucial in revealing the syndicate. For its part, Binance will continue to work to help make the world’s digital landscape less risky. This case highlights the importance of partnerships between law enforcement and the private sector. It sets a new standard for tackling cybercrime effectively.
On the same note, the Royal Malaysia Police (RMP) seized 7 million Malaysian ringgit (about $1.6 million) in a kidnapping incident. The total amount of money paid as ransom was 20 million ringgit ($4.5 million). This operation was also made in cooperation with Binance, which proves that the public-private partnership is successful. This partnership illustrated how cooperation can help solve digital criminality. It showed that it is possible to use police work in conjunction with the business approach.
