Binance и партнёры вытянули $47 млн из рук мошенников с помощью блокчейн-технологий English Translation: Binance and Partners Recovered $47 Million from Fraudsters Using Blockchain Technology

Law enforcement agencies in the Asia-Pacific region have seized nearly $50 million in illicit funds with the assistance of Binance, Chainalysis, and other players in the cryptocurrency sector.

The collaborative investigation concluded in June 2024, but Binance has only now disclosed the details.

The confiscated assets are linked to a fraudulent scheme known as «pig butchering.» This term describes how perpetrators «fatten up» their victims over an extended period before deceiving them. Criminals build trust with their targets and then encourage them to invest in fake projects, ultimately disappearing with their funds.

Chainalysis experts utilized blockchain analytics tools to trace transactions involving dozens of victims from November 2022 to July 2023. Eventually, they connected the operations to the perpetrators’ wallets, which held $47 million in USDT.

The information gathered by the analysts was relayed to law enforcement, leading to a request for the stablecoin issuer to freeze the assets. This swift action prevented the criminals from converting their proceeds into fiat currency.

«Our collaboration with these organizations highlights the crucial role of public-private partnerships in combating criminal activities and facilitating compensation for victims,» stated Erin Fracolli, head of intelligence and investigations at Binance.

The company noted that «pig butchering» is a global issue that extends far beyond the cryptocurrency space, yet blockchain technology provides effective tools to combat fraudulent schemes.

Additionally, it is worth mentioning that in August, Binance, Coinbase, Kraken, and other exchanges established the Beacon Network—the first real-time response system for cryptocurrency crimes.