{"id":43564,"date":"2025-08-31T12:55:29","date_gmt":"2025-08-31T09:55:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43564"},"modified":"2025-08-31T13:00:14","modified_gmt":"2025-08-31T10:00:14","slug":"binance-aids-in-freezing-47-million-in-fraudulent-assets","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-aids-in-freezing-47-million-in-fraudulent-assets\/","title":{"rendered":"Binance Aids in Freezing $47 Million in Fraudulent Assets"},"content":{"rendered":"<p>Law enforcement agencies in the Asia-Pacific region have frozen nearly $50 million in illicit funds with the assistance of Binance, Chainalysis, and other crypto industry participants.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Proud of our team&#8217;s work in a major international operation. By collaborating with <a href=\"https:\/\/twitter.com\/chainalysis?ref_src=twsrc%5Etfw\">@Chainalysis<\/a> and APAC authorities, we helped freeze ~$50M, protecting vulnerable victims from sophisticated scams.<\/p>\n<p>This is what it means to build a safer ecosystem for all.<\/p>\n<p>\u2014 Richard Teng (@_RichardTeng) <a href=\"https:\/\/twitter.com\/_RichardTeng\/status\/1961407382904607153?ref_src=twsrc%5Etfw\">August 29, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The collaborative investigation concluded in June 2024, with Binance sharing its details only now.<\/p>\n<p>The seized assets are linked to a fraudulent scheme known as &#8220;pig butchering.&#8221; This term refers to scammers &#8220;fattening up&#8221; their victims over time before defrauding them. The criminals build trustful relationships, then persuade the victims to invest in fake projects and disappear with the funds.<\/p>\n<p>Chainalysis experts, using blockchain analytics tools, tracked transactions from dozens of victims of the scheme from November 2022 to July 2023. Ultimately, the experts linked the operations to the scammers&#8217; wallets, which held $47 million in USDT.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Binance-podderzhivaet-zamorozku-47-mln-v-ramkah-rassledovaniya-moshennichestva-s-razdelkoj-svininy-v-Aziatsko-Tihookeanskom-regione-Blog-Binance-Google-Chrome.webp\" alt=\"Binance supports freezing $47 million as part of a pig butchering fraud investigation in the Asia-Pacific region Blog Binance - Google Chrome\" class=\"wp-image-264783\"\/><figcaption class=\"wp-element-caption\">Source: Chainalysis.<\/figcaption><\/figure>\n<p>The analysts provided the information to law enforcement, who requested the stablecoin issuer to freeze the funds. The swift asset freeze prevented the scammers from converting their proceeds into fiat.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOur collaboration with these organizations underscores the critical role of public-private partnerships in curbing criminal activities and working towards compensating victims,\u201d said Erin Fracolli, Head of Intelligence and Investigations at Binance.<\/p>\n<\/blockquote>\n<p>The company noted that &#8220;pig butchering&#8221; is a global issue extending far beyond the crypto industry, but blockchain technology offers effective tools to combat such fraudulent schemes.<\/p>\n<p>In August, Binance, Coinbase, Kraken, and other exchanges <a href=\"https:\/\/forklog.com\/en\/news\/binance-and-other-exchanges-launch-real-time-crypto-crime-response-network\">established<\/a> the Beacon Network\u2014the first real-time crypto crime response system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Law enforcement agencies in the Asia-Pacific region have frozen nearly $50 million in illicit funds with the assistance of Binance, Chainalysis, and other crypto industry participants.<\/p>\n","protected":false},"author":1,"featured_media":43565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Binance aids in freezing $47 million in fraudulent assets.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,274,1153,1154,1246],"class_list":["post-43564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-chainalysis","tag-confiscation","tag-crimes","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"265","promo_type":"1","layout_type":"1","short_excerpt":"Binance aids in freezing $47 million in fraudulent assets.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43564","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=43564"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43564\/revisions"}],"predecessor-version":[{"id":43566,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43564\/revisions\/43566"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/43565"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=43564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=43564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=43564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}